Today I am doing reading 31 which focuses on financial reporting standards. It seems like a straightforward reading and it's only 30 pages long, but I still haven't finished it. I'm writing this as a way to procrastinate..
The reading basically describes the authorities responsible for setting accounting standards, and what their goals are. They are typically the same except for a few differences, and you can guess they set standards based upon making financial statements fair and full representation of the respective company.
But it is a pain to go through because it isn't very interesting. Nevertheless I'm not prepared to skip over the section because every mark counts in the exam, and it is important to understand where managers can make judgements and estimates, and how these can impact the financial statements. I have half an hour before I go out, so I'll get back to it.
100 days until the level 1 exam
3 comments:
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Good evening, dear potential CFA :)
I read your comments about CFA studies... Yes it is not easy to learn for this exam.... I am studying from CFA manuals for 2 months ago when (I have time sure, first for me second I make myself courage to enroll in this program) but I am not decided yet to enroll in CFA program although I am working in a pension fund, am have experience in a brokerage company (so models like DCF, DDM, Price multiple gross price, net price…) are basic for me.
Why? Because along with all this mention above, my opinion is that it is a huge quantity of information to learn and you need time!!!. I don't know anything about you, but a start my work at 9 and I arrive home at 7. So? When to have time to read? :.
I would like to tell me how you organize your studies and other question as it follows:
- the cost of level 1 is really 1000usd?
- the exams are on "paper" or on lap-top (for bonds problem it is useful an excel :))
- how many pages have all the CFA manuals? :)
Thank you in advance and..... go on...!
Have a easy readings from now on..
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Hey Andrea,
Yeah, you're right, it will take a lot of time to go through everything. The material is quite broad, and since you need around 70% to pass, you need to understand all sections well. So although you may understand some parts well through your job, you'll need to spend more time studying other areas, like economics..
I'm a bit lucky because I'm still at university so I study for the exam during the day. But when you work long hours like yourself, you'll feel like you only have the weekends to study right? That's what makes the exam tough, the lack of time to prepare for it.. If you decide to sit the exam next year in June, you'll have quite a while to prepare, so if you are planning to sit it, I'd enroll for that exam and start studying now.
I'll answer your questions as best I can:
1) the level 1 exam is around $1000US. There's a $390 enrollment fee (which is a one off) and the exam cost varies depending on when you enroll. The earlier the better.
2)The exam is on paper and there's only 2 types of calculator you can take in. I talked about them in an earlier post. So you can't use excel :( It's an all multi-choice exam.
3) I think there's 2000 pages all up..
Good luck with your studies.
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