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Cfa Level 1

In: People

Submitted By holyyang
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引言 人生何其短暂,用两个月的生命去通过一项考试那绝对是种十足的浪费,但既然你已 经被骗入了 CFA 这个沼泽中,既然你已经做好了人财两空的准备,既然你已经@#¥%&, 那么请不要在查分时刻默默地留下那屈辱的眼泪。 低盛总裁王小三: “看过 3.5 的《CFA 一级那些事》 ,那绝对是屋漏偏逢不下雨,船迟只 觉背来风。 ” 摩根.华伦天奴全球高级副总裁迈克尔.贝 克 汉 姆 : “闹事呢?这不是砸 CFA 场子么?” 考试有风险,复习需谨慎 ——张三点五丰 3.5feng@gmail.com 一、本文适用范围: 1、 全文适用于准备 CFA1 的在校学生不限专业。 2、 全文适用于准备 CFA1 有 3 个月以上准备时间的在职人员。 3、 部分适用于准备 CFA1 不符合以上两条的考生 4、 CFA2、3 级考生请绕道。 二、作者背景 1. 学历:低于北京 TP 二校的理工科本科 2. 复习时间:2 个月左右的脱产复习 3. 复习方式:在南京某知名高校内与两名 candidate 一起复习 4. 复习遍数:大概 notes2.5 遍。习题 3 遍 5. 考试成绩:除 alternative investment B,其余 A 6. 考试用时:上午 1 小时 20 分钟,下午 1 小时 30 分钟 三、正文 3.1 复习资料、习题 5 星推荐必看 a) Schweser Notes 5 本(课本部分) Schweser Notes 5 本(习题部分) 5 星推荐必做 b) 5 星推荐必购 c) 某机构中文翻译(广告位招租) 负 5 星推荐(学术型人才推荐) d) 官方 Reading(课本部分) 6 星推荐必做 e) 官方 Reading(习题部分) 5 星推荐必做 f) 近两年官方 mock (俗称模拟题) g) 近两年官方 sample (俗称样题) 6 星推荐必做 4 星推荐选作 h) 某机构百题预测(广告位招租) 1 星推荐蛋疼者做之 i) Notes 练习(也就是 6、7 两本) 3 星推荐选看 j) 官方 道德手册 3 星推荐选看 k) 辅导班视频(广告位招租) 老婆一只 自己看着办吧 l) 本 3.5 没上 m) 辅导班(广告位招租) 本 3.5 没看 n) 其他 3.1.1 阅读资料 说到考试资料,那官方的 Reading 就是纯 TM 扯淡,如果在今年能够收到电子版的情

况下,还去花着 N 百刀买那自己用着都心疼的铜版纸教材,绝对是烧包的表现,一来不支 持低碳生活,二来过于支持 CFA 的宗旨——骗钱第一,考试第二。 在官网注册完,直奔万能的 Taobao,在搜索栏 baidu 一下“CFA Notes”你就能看到一 个真正的完全竞争市场。具体书的颜色每年不一样,但要用的是哪本,哥们你懂的。 同时某些机构的中文翻译教材,绝对是上佳之选,不要和我 zhuangbility 说兄弟你的 英文能力多么销魂,就是再 TM 销魂,你告诉我什么是 qualified 和 unqualified,如果告诉 我是“合格”和“不合格”的,本 3.5 告诉你,S+B 离你已经不是太远了。 此外有许多朋友会推荐官方的道德手册(网购 notes 的时候一般会送你) ,这个问题下 一章节会提及。 作为补充,辅导班的“免费”视频同样是可以用来借鉴的,3000 多块钱白给,不要白 不要。 另外某机构的百题预测也是可以用来把玩的,相当于在最后,对知识点做一个大致的 温习,不过里面有些题目的答案并不完全正确,当然已经通读 notes 的你肯定能够判断出 的。 3.1.2 习题 大家经常会烦恼要做哪些题,要么说 notes 题少而简单,要么问书后的问答题到底要 不要做。本 3.5 郑重的告诉你,官方 Reading 后面的习题是一定要做的,无论选择还是问 答,因为其中有些干脆就会在考试中重现,比如在看定量分析(quantitative)的时候,你 会发现,为什么书中大篇幅出现的 T-value 和 F-value 的题目数量和只有一句话提及的 Pvalue 一样多的时候,作者已经内牛满面的在告诉你要考什么了。有人问 Reading 这 么 厚 , 自习时候拿着多烦躁,3.5 偷偷地告诉你,Reading 是胶装的,所以题就是用来撕的嘛....... 另外官方的免费 mock 和付费 sample(每年考试前一个月)是完全接近于 CFA 考试难 度的题目,付费 sample 也不要操心要不要花钱,因为这些都会在论坛中放出,如果不做你 就完了。当然 notes 后面的习题应该是你在看 notes 的同时已经完成的,更加不要计较了。 至于其他的练习,如果以上的题目都做完的话,君已经到了无题可做,无可征服的境 界,那就去看看别的书好了。 3.1.3 复习组合 驾驭考试组合:abc,efgh,jk(为复习资料代号) 轻松通关组合:abc,efg,k 低水飘过组合:abc,fg (考试有风险,请谨慎使用)

3.2 考试难度 大家都已经是混迹江湖多年的老油条了,就是最不着调的也经历过中高考的历练,至 于狗一般的 GRE,猪一般的考研就更是去到了另一个世界,但请不要进入一个曾经本 3.5 曾经达到的误区,那就是千万别把 CFA 当作选拔性考试来准备,毕竟时间就是生命,用你 那有限的生命多去弹弹琴,说说爱,再生两个娃子多好。 CFA 是一个通过性考试,题目难度分配基本是 8.5:1:0.5,暨 85%的简单题,10%的中等 难度, 5%的难题 (多在 Alternative 和 ethics)难 度 基 本 和 sample 类似, 。 也就是说你拿到 sample 一气呵成,能达到 75%的正确率,那就完全可以说是和通过划等号了。不要和我说 sample 有多么简单,因为考试他就是这么简单。 复习时如果时间不够充裕请千万别去死扣一些计算上的难题,比如财务报表中各种递 延税的复杂算法,其他类投资中的复合题。浪费时间,这种题目在考试中的 240 题里,最多 只有 5 题左右, 除非你是蛋疼的时间过剩否则直接放弃之。 此外假如考试中碰到了 3 分钟还

没有思路的计算题,那就请直接放弃,因为如果不是脱产复习,可能时间并不会非常充裕, 毕竟 360 分钟 240 道题并不清闲。 3.3 复习顺序 这也是很多人关心的话题,按 3.5 的复习经验,无论如何复习请把道德放到最后,因为 道德是一种集大成的题目,他会涉及到很多后面章节出现的专业名词,所以放到最后,哥不 会骗你的。 课程名称 道德 定量分析 经济学 财务报表分析 公司理财 组合管理 证券投资 固定收益证券 衍生品 其他类投资 总计 数量(题) 36 28 24 48 20 12 24 28 12 8 240 难度(5 最高) 4 理工 2 文科 4 3 5 3.5 3 3.5 3.5 3.5 5 推荐顺序 10 1 9 2 3 4 5 6 7 8

这里讲一下其他类投资可以说是权重约等于 0,而题目又最难的,很多 9A8A 的朋友都是在 这项上死掉的,但无伤大雅,就是成绩低于 50%也不会伤到你任何一根毫毛,所以说没时 间没心情,这一块可以只看一遍甚至不看,因为你复习了对 4-5 题和你不复习对 8*0.33=3 题没有任何区别,甚至许多人品帝能够楞蒙到 50%。 其他的就按着 3.5 给你的次序复习就好了。 另外说一下道德,这块可以说是 CFA 的重点也是难点,初来乍到连蒙带猜也很难保证 达到 60%以上,但是其实黄毛的白毛的黑毛的也都是人类,道德的判断方式也大致相同, 只要你把 notes 上的例子搞懂并且做题数量达到 200 道以上, 基本对于 CFA 的道德范畴你就 了然于胸了,这里重点推荐下某机构的视频,里面讲的还是不错的。很多人提到道德手册, 作为鼠目寸光的本 3.5,没有选择去看,因为做练习时虽然没看也轻松 70%以上,而且甚至 保证能够达到 80%,但是长远来看,因为考 2、3 级时道德同样有不小的比重,假如有时间 看一看绝对没有坏处。 3.4 通过分数 这是大家经常会探讨的话题,有空的话大家可以翻翻官网,上面明确写到小于 50%的 等级是 low,50%—70%是 from low to average,而 70%以上才是 from average to above the average。所以说 70%才是及格线,虽说理论上这 70%是世界前 1%的 70%,但实际上你可以 理解为总分的 70%,因为考试是 3 选 1。如果你自己能确定有 50%的答案是正确的,你的期 望就会达到 67%,基本上可以通过,所以说考场上只要你能确定自己 55%的答案是正确的, 外加考试前不太败 rp 的花,你的通过就基本上是板上钉钉的事情。3.5 考试时可以确定正确 的题目上午在 80%,下午可以在 70%,所以 9A1B 到 10A 是合理的水平。 四、复习方法 4.1 宏观上 书的内容从章节大到小看有 subject、session、reading 三个大小等级, 个人建议以 reading 为单位,一定定好计划,比如大的 reading 一天一节,小的一天两节,给自己一个流程表,

每当复习完一个 session,立刻花一天把本 session 内的内容再过一遍,否则和没看没有任何 区别。 每结束一门 subject, 就可以开始做相应的真题, 做到真题与书同步进行, 因为其实 CFA 各个章节间除了 2-3 章其余的并没有十足的联系, 如果你决定一气看完, 而且又是在职的话 , 那无异于给 CFA 协会捐款。 4.2 微观上 一级的考试内容主要是考察知识的了解程度而非掌握程度,所以细节实非常重要的, 比如有一种说法叫“free rider”,按中文叫搭便车,作为一个大陆的学生你会一带而过,只 知有此物,不知出何处。但是如果你问一个学习金融的留学生他会很快的反应过来是属于 “public goods”的,同样出题人也会有等价的思维,所以我建议大家做一下笔记,把这些 细节的内容充分记住, 其他的还有比如每种指数使用的何种计算方法 (代数平均值还是几何 平均值啦) ,这些细节都会在考试中出现,而且会占题目的 40%左右。细节的笔记是本 3.5 在考试前 10 天才开始做的,起步有些晚,尽管不完备,但在考试中,3.5 觉得这项工作给了 自己非常大的帮助,所以才能造成考试总用时不到 3 小时的奇迹。 4.3 时间安排 很多朋友问过我这个问题,因为首先基础不同,英语水平不同,全职兼职不同,所以我 觉得很难回答,只能陈述下自己的情况,再有所推荐: 4.3.1 本人复习情况: 4 月初-约 5 月 1 日,只看书做 notes 后面的题(当时没做细节笔记,感觉很吃亏) ,每 天有效学习时间 6-8 个小时不等。 5 月 1 日-约 5 月 15 日,看书第二遍,同时做 reading 后面的题目。每天 8 小时 5 月 16 日-5 月 28 日,下载了近两次考试的 mock 和 sample,加上 jc 的百题预测。每天 早晨 8:30-晚上 11 点(但是期间把《明朝那些事 1-5》 看完 了。。罪孽 罪孽 ) 。 5 月 29 日至考试,细节笔记和重温 mock 和 sample 上的题。 4.3.2 脱产推荐复习进度: 总时间:60 日,平均每天 6-8 小时即可 基础阶段: 1-27 日过完除道德的第一遍 notes 加 notes 后的习题 其中定量 4 天, 财务 6.5 天 , 固定收益 3.5 天,衍生品 2.5 天,其他类投资 1 天,经济学 3.5 天,公司理财 2 天,组合管理1 天,证券投资 3 天。 熟悉阶段:28-29 日做前一次考试的 mock 和 sample,了解下考什么,好知道哪些细节是需 要做笔记的。 升华阶段:29-44 日过完第二遍,做细节笔记,同时做 reading 后面习题。 总结阶段:45-50 日看道德同时做当年的 mock 和 sample。 51-55 日看看百题,再把之前所有的 mock、sample 的题目和 reading 上不会的题 过一遍 存留时间:56-60 日每个人的执行力恐怕不同,加上中间要陪家属看电影买衣服吃大餐等等 静默时间成本,留下 5 天没啥坏处。 4.3.3 全职复习进度: 前提如果你有 4 个月准备时间,那么和脱产的准备阶段可以是一样的。 那就谈谈如果只有两个月怎么处理这个问题: 如果只有两个月的话, 那你其实就只有一遍的复习时间, 因为 mock 和 sample 上的题目 都是分块的,所以推荐你在看完每一个 subject 之后立即做题!同时做细节笔记。 从我个人经验来讲这可能是唯一通过的方法,当然版里有个猛女说是 2 周 4A5B1C,pass 的 , 但我觉得实在太危险了,而且人家同时人家有个前提就是雅思 8,在国外一年金融硕士速成 了下......

五、考场注意事项 5.1 必带的物品: a) 身份证或护照、准考证(网上打印的,可折叠,别弄脏) b) 橡皮(先在家试一试好不好用,别买 4B 以上的橡皮) c) 2B 铅笔 2 支(门口会有各个机构发的考试专用笔,非常好用) 。 d) TI 计算器、手表(别太复杂,否则会被认为是作弊工具) e) 许多 CFA 考生都会有一个担心,计算器会不会没电呢,负责任的讲如果你的计算器屏 幕没有明显变暗, 那么就不会没电, 请相信德州仪器。 CFA 考试的计算题很少(不到 15 题) ,你也没有多少机会展示你过人的计算器操作技术。 5.2 推荐带的物品 a) 自己做的笔记 b) 做过笔记的 quick sheet 5.3 不建议带的物品: a) 手机及其他贵重物品(考场有存包处,但东西极其容易丢失,好东西千万别带) b) 水。(考场内有水喝,考试时可以上厕所) c) Notes(曾经有人推荐过,按我的经验你根本没时间看,所以…) 5.4 考前准备 不建议喝处子红牛, 因为红牛在你第一次喝的 a) 考试当天早上吃早饭是一个明智的选择, 时候会把你变得烦躁而冲动……当然如果有长期饮用的经验在下午考试前来一罐还是 不错的选择。 b) 几点到考场比较何适也是一个常见的问题。我说说北京,CFA 协会说是 8 点 前 要 到 , 其实是扯淡,只要你 9 点前能进入考场就 ok 了,否则只能在座位上百无聊赖的等待。 我个人的建议是:提前一天踩考点,第二天保证 8:20 左右到就完全够用了。 c) 到达考场之后,根据准考证找到你的座位,然后立即去上洗手间。你懂的。 5.5 考试中的秘密 何时开始答卷, 如果英语听力并不灵光 a) 考试时考场会用英语提示你何时开始填写姓名, 的你又更很不幸你坐在了考场中央, 满儿回声, 那就等着大家什么时候动笔你就什么时 候动笔好了,法不责众嘛。 b) 草稿纸:考试没有草稿纸发,尽管纸卷中给你留下了最后几页的草稿纸,你也千万不能 撕下来,否则无异于撕张一千大洋的刀刀。当然请放心,对绝大多数中国考生来说,考 卷的空白处足够你打草稿。你可以在考卷上写任何东西,只要不把考卷带走就行。 ! ! c) 准考证:千万!!千万!!不要在准考证上写任何东西。否则就能提供给你一个锻炼英 文写作水平的绝佳机会。 当时主考官说一定要签英文名, 但有朋友说画乌龟也 d) 答题卡最下方签名处一定要签名。 没啥大问题……但是一定!一定!要签! 六、住宿休息问题 我是在北京国家会议中心考试的, 围着这个鸟中心的一周除了五星级酒店就是准 a) 住宿: 五星级的,当然还有一个家叫盘古的七星级,orz,想要住会实惠一点的就只剩 1.2 公里 外的如家,但是一定要提前预定,否则你只能寄望于北京那 1w 考生都是帝都人民了。 b) 休息:不要以为中午 12 点就能收卷走人,CFA 可是很标准化的,基本上都要到 12:40 才能把卷子收完,统一放人,所以说想休息,给你 20 分钟的机会,睡得着睡不着就是 兄弟你的事情了。幸运的是考场内提供午饭,至少不用到求爷爷告奶奶,所以说,带一 罐咖啡是睿智的。

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