... Guide for the CFA exam by TimePrep PREFACE Welcome to the world of the CFA program! Since you're reading this, it is likely that you are a CFA candidate, or you are considering becoming one. Either way, we hope that you will find this book helpful. The general idea behind this book is to offer CFA candidates useful advice, written by other CFA candidates and charter holders. There are several segments of the book and we recommend going through them all since it is not a heavy read, and it may prove useful for your preparation. The book starts with general information about the CFA program – the basics of the program, benefits of attending it, the complexity of the program in whole etc. In the second chapter we will provide you with some general advice in preparation – how to organize your time, what strategy elements to use, how to find time for studying and also an overview of the various prep tools that can help you. The following three chapters of the book are each related to one of the levels of the CFA Exam – here you can read various useful information regarding study materials, types of questions that appear on the exam, articles regarding the review phase etc. The sixth chapter gives you advice regarding your learning process in general, as well as handling one of the tougher periods of your life with your close ones. The book ends with our tips that will enhance your learning process and prepare you for the exam. i Guide for the CFA exam by TimePrep And who...
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...www.thetestpreps.com CRITICAL CONCEPTS FOR THE 2014 CFA® Approximation formula for nominal required rate: ExAM Exprctrd return, variance of2-S1ock portfolio: THICAL AND PROFESSIONAL ANDARDS Professionalism Knowledge of the Law, Independence and Objectiviry Misrepresentation. Misconduct. Inregrity of Capiml Markers Material Nonpublic Information. Market Manipulation. Duties to Clients Loyalty. Prudence. and Care. Fair Dealing. Suitability, Performance Presentation. Preservation of Confidenrialiry, Duties to Employers Loyalty. Additional Compensation Arrangements. Responsibilities of Supervisors. Investment Analysis, Recommendations, and Action Diligence and Reasonable Basis. Communication wirh Clients and Prospective Clients. Record Rereruion. Conflicts of Interest Disclosure of Conflicrs. Priority of Transacrions. Referral Fees, Responsibilhies as a CFA lnstirute Member Or CFA Candidate Conduct as Members and Candidates in the CFA Prograrn. Reference to CFA Institute. the CFA Designation. and the CFA Program. Performance Standards E(R) ~ RFR + fP + RP Means Arithmetic mean: sum of all observation values in sample/population. divided by II of observations. Geometri« "mill: used when calculating investment returns over multiple periods or ro measure compound growth rates. Geonmrir /liMn return: E(Rp) = w"E(RA) + wBE(Rs) I (A) (B) I (C) (D) (A) ,.ar(Rp)= wl\u!(R\)+w~u2(R8) +2w \ w8(7{RA )U(RR)P(R Normal Distributions Norma] distribution i~ completely...
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...BLAW 2210 Term Paper Career Preparation My top two career choices are corporate financial analysis in investment banking and actuary. I will be discussing the legal environment of my career choices, taxing authorities, entity structure, graduate school in order to obtain certain license, self-assessment of my chosen careers. First, I will discuss how I can work as a corporate financial analysis in investment banking. After that, I will talk about what I need prepare to be an actuary. 1.corporate financial planning and analysis The responsibility of a corporate financial planing and analysis is to support management planning and decision making by identifying, maintaining, and evaluating information,as well as recommending actions. * Legal environment * Entity structure Investment banking is concerned with the primary function of assisting the capital market in its function of capital market intermediation, i.e. the movement of financial resources from those who have them means investors, to those who need to make use of them means issuer for generating profit. Therefore, it can be inferred that investment banks are those institutions that are the counterparts of banks in the capital market in the function of intermediation in resources allocation. Investment banks carried on carious activities it helps companies and governments and their agencies to raise money by issuing and selling securities in the primary market. They assist public and private corporations...
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...University 01/2010 – Present Director Assistant, Canadian Chamber of Commerce in Shanghai 06/2009 – 08/2009 • Designed 2010 Expo Guide for Canadians in Shanghai. • Coordinated events on Canada’s Day and assisted Administrative Director with related projects • Located and entered data into several databases; made phone calls, and ensured timely mail processing. • Assisted administrative team members with clerical function. Dining Service Associate, University of Minnesota – Twin Cities 09/2009 – 12/2009 • Maintained inventory of standard dining service supplies and assists manager coordinate attendants. Member, Actuarial Club in University of Minnesota – Twin Cities 01/2009 – 12/2009 • Arranged the preparation of Casualty Actuarial Society (CAS) exam Volunteer, Students Today Leaders Forever 03/2009 – 12/2009 • Assisted the donation of food to Minnesotans at risk of hunger. Volunteer, in school for the Mute and the Deaf in Zhoushan, Zhejiang Province 2006 – 2009 • Taught disabled students Mandarin. Policy-analyst, Model United Nation in Shanghai K.J. Senior High School 2006 – 2008 • Analyzed UN policies for Model UN conferences HONORS/ AWARDS Honor Program, Awarded by Associate Dean of University of Minnesota – Twin Cities Global Excellent Scholarship, Awarded by University of Minnesota – Twin Cities Dean's List, Awarded by University of Minnesota – Twin Cities st th 1 prize, World 20 Odyssey of Mind Competition in China Area 09/2008 – 12/2009 09/2008 – 12/2009 Fall 2008, Fall 2009...
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...CFA INSTITUTE RESEARCH CHALLENGE OFFICIAL RULES 2017 1 RULE 1: INTRODUCTION AND GENERAL PROVISIONS .................................................................................................. 3 1.1 CONFLICTS OF INTEREST.................................................................................................................................................. 3 1.2 PLAGIARISM .................................................................................................................................................................... 3 1.3 THIRD PARTY INTELLECTUAL PROPERTY RIGHTS............................................................................................................... 4 1.4 USE OF REPORTS ............................................................................................................................................................ 5 RULE 2: TEAMS ..................................................................................................................................................................... 5 2.1 TEAM COMPOSITION ........................................................................................................................................................ 5 2.2 TEAM MEMBER REQUIREMENTS ....................................................................................................................................... 5 2.3 TEAM MEMBER INELIGIBILITY .......................................
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...2016 Level I Mock Exam: Afternoon Session The afternoon session of the 2016 Level I Chartered Financial Analyst (CFA®) Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes (3 hours) for this session of the exam. Topic Minutes 1-18 Ethical and Professional Standards 27 19-32 Quantitative Methods 21 33-44 Economics 18 45-68 Financial Statement Analysis 36 69-76 Corporate Finance 12 77-88 Equity Investments 18 89-94 Derivative Investments 9 95-106 Fixed Income Investments 18 107-110 Alternative Investments 6 111-120 Portfolio Management 15 Total: 180 By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currentlyregistered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose. © 2016 Copyrighted by CFA Institute. All rights reserved. 1. Richard Cardinal, CFA, is the founder of Volcano Capital Research, an investment management firm whose sole activity is short selling...
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...II Mock Exam: Afternoon Session The afternoon session of the 2012 Level II Chartered Financial Analyst (CFA®) Mock Examination has 60 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 18 minutes per item set (vignette and 6 multiple choice questions) for a total of 180 minutes (3 hours) for this session of the exam. By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than currently registered CFA candidates and copying, posting to any website, e-mailing, distributing, and/or reprinting the mock exam for any purpose. Marcus Pinto Case Scenario A struggling asset management company recently hired Marcus Pinto, CFA, as chief operating officer (COO). Pinto’s first responsibility is to recommend to the Board of Directors how they can lower costs while still retaining the firm’s client base and how to increase assets under management. Pinto analyzes the firm, its clients’ needs, and general market conditions before presenting his findings to the Board of Directors. At the presentation, he makes the following statements: Statement 1: “If the company adopts the CFA Institute Standards of Professional Conduct, the CFA Institute...
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...Syllabus FIN 330 Ethics in Finance Fall 2011 FIN 330 Section 02 Dr. Laurence E. Blose TR 10:00 – 11:15 AM Office: 474C DEV 201 D DEV Office Hours: Email: blosel@gvsu.edu T, W,TR 1:00-2 :00 Phone: (616) 331-7436 And by appointment Web Page: http://bb.gvsu.edu Textbooks: 1. Sandel, M. J. (2009). Justice what’s the right thing to do. New York: Farrar, Straus and Giroux. 2. CFA Institute. (2010). Standards of practice handbook (10th ed.). Charlottesville. (This handbook is available in an online version at no cost. You will receive instructions in class how to download it) 3. Rachels, J., & Rachels, S. (2010). The Elements of Moral Philosophy (6th ed.). Boston: McGraw Hill. (We will only be using two chapters from this book. The two chapters are available at the library e-reserve). Readings: 1. Rich, L. L. (1996). How much of someone else’s work may I use without asking permission. Retrieved from http://library.findlaw.com/1996/Apr/1/127408.html 2. Carr, A. Z. 1968). Is business bluffing ethical? Harvard Business Review, 96, 143-153. 3. Friedman, M. (1970, September 13). The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine. 4. Mackinnon, B. (2012) Ch. 4 Utilitarianism. In Ethics theory and contemporary issues 7th ed. (pp. 52-61). United States: Wadsworth Cengage Learning...
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...Valuation Self-Test - Quantitative Methods for Valuation Study Session 4 - Economics for Valuation Self-Test - Economics for Valuation Formulas ........................................ ................................................... ......................................................... .................................................................... ............................................................................................................ Appendices Index ........................................................................................................ ................................................................................................................. SCHWESERNOTES™ 2013 CFA LEVEL II BOOK 1: ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, AND ECONOMICS ©20 12 Kaplan, Inc. All rights reserved. Published in 20 12 by Kaplan Schweser. Printed in the United States of America. ISBN: 978-1-4277-4264-3 I 1-4277-4264-2 PPN: 3200-2849 If this book does not have the hologram with the Kaplan Schweser logo on the back cover, it was distributed without permission of Kaplan Schweser, a Division of Kaplan, Inc., and is in direct violation of global copyright laws. Your assistance in pursuing potential violators of...
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...INVESTMENT MANAGEMENT John Molson School of Business GIIM 618 SEMINAR IN CORPORATE FINANCE Fall 2012 Saturday 12:30pm – 3:00pm September 8 – December 8, 2012 Instructor: Loretta Hung Office: MB-12.231 Tel.: (514) 848-2424 ext. 5114 E-mail: lorethun@jmsb.concordia.ca Please contact professor to confirm appointments. COURSE OBJECTIVES The course offers an in-depth coverage of Study Session 8 and 9 in preparation for CFA Level II examination. In addition, the course is designed to develop your skills in solving various financial problems through assessment of cases. TEXTBOOKS “Corporate Finance,” CFA© Program Curriculum 2013, Level II, Volume 3 Reading 25: Capital Budgeting Reading 26: Capital Structure Reading 27: Dividends and Share Repurchases: Analysis Reading 28: Corporate Governance Reading 29: Mergers and Acquisitions Cases - binder EVALUATION PROCEDURE Two In-Class Tests Case Analysis & Presentation Written Case Report Case Rebuttal & Class Contribution Final Exam Total CLASS TESTS AND FINAL EXAM Class tests will take about 75 minutes each and the final exam will be 2-1/2 hours long. The format for testing will include multiple-choice item sets and/or multiple-choice questions. CASE ANALYSIS & PRESENTATION The classes in Montreal and Toronto will divide themselves into four and two groups, respectively. The classes themselves can decide who is in which group. The Groups are to be established by September 10, 2012 and the Group Coordinator is to send the names of the people...
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...lease option the trucking client has is to record the leases as direct financing leases. Direct financing leases are recorded when the carrying value of the lease is equal to the fair value of the leased property at inception (Standards, 1976). This lease arrangement is a sales and financing transaction. When a direct financing lease is recorded, only the interest received is recognized on the lessors books as income. The cash outflow is equal to the carrying value of the asset, and the cash inflow is equal to the lease payments (CFA, 2011). Another lease option the trucking client has is to record the leases as sales type leases. A sales type lease is similar to a direct financing lease, except upon inception of the lease; profit on a sale is recognized. The profit recorded at the beginning of the lease term is the present value of the lease payments, less the cost of the leased asset. Interest income is also recognized during the lease term (CFA, 2011). Under a sales type lease, the fair value of the property is greater than the carrying value (Standards, 1976). In order for a lessor to record a sales type lease or a direct financing lease, the lease must meet one of the following four...
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...To evaluate the Real Gross Domestic Product we must use the equation Normal Gross Domestic Product equals the quantity of products being sold multiplied by the base year's price, or NGDP=QxP. With this equation we can calculate for the base year first: 10 shirts x $20 would be $200, and 5 hamburgers x $5 would be $25. We would then combine the total price for the year which is $225. To get the real Gross Domestic Product for 2014 we would use the quantities from 2014 with the prices of 2013. This equation would be 15 shirts x $20 is $300, and 10 hamburgers at $5 is $50. The real Gross Domestic Product for 2014 would be $350. (Investopedia, 2015) In order to calculate the growth rate for the Gross Domestic Product we must use the equation: 2014 real Gross Domestic Product minus the 2013 real Gross Domestic Product divided by the 2013 real Gross Domestic Product. This would be $300-$225/$225=0.333. This would mean that the growth rate for the real Gross Domestic Product would be 0.333 percent. (Investopedia, 2015) Full employment does not actually mean every person in the country has a job. Full employment means that every member of the labor force that was actively seeking employment is now employed. This level of employment involves everyone except the chronically unemployed as well as members of the workforce that are now retired. The chronically unemployed include members of the workforce that are capable of working, but are unable to find a job due to not having the skills...
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...CFA Level I June 2010 - Mock Exam Questions 1. Which of the following least likely violates Standard VII (B): Reference to CFA Institute, the CFA Designation and the CFA Program? A. Joe Smith, C.F.A. B. Joe Smith, CFA C. Joe Smith, Chartered Financial Analyst Answer: C According to Standard VII (B), an analyst must not exaggerate the meaning or implications of membership of CFA Institute, holding the CFA designation, or candidacy in the CFA Program. A member cannot use a bold or larger font for the letters CFA. 2. Which of the following is least likely a characteristic of GIPS? A. The investment management firm must define the entity that claims compliance. B. All fee-paying discretionary portfolios are required to be included in composites defined according to a similar strategy or investment objective. C. After presenting 5 years of compliant history, a firm must add annual performance each year going forward up to a maximum of 10 years. Answer: C A firm is initially required to present at least five years of compliant history and must add annual performance each year going forward up to 10 years at a minimum. 3. A rock band plans to visit 15 cities all over the world in one year. They will visit 3 of these 15 cities in January. The number of possible combinations of venues for January is closest to: A. 455 B. 2,730 C. 45 Answer: A The order in which the three cities are visited during January is not important so we use the combinations formula. © Élan Guides...
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...Securities, Commodities, and Financial Services Sales Agents Significant Points • Most positions require a bachelor’s degree in busi- • Applicants face keen competition for jobs, especially • Turnover is high for newcomers, but those who are successful have a very strong attachment to their occupation because of high earnings and considerable investment in training. in investment banks. ness, finance, accounting, or economics; a master’s degree in business or professional certification is helpful for advancement. Nature of the Work Each day, hundreds of billions of dollars change hands on the major United States securities exchanges. This money is used to invest in securities, such as stocks, bonds, or mutual funds, which are bought and sold by large institutional investors, mutual funds, pension plans, and the general public. Most securities trades are arranged through securities, commodities, and financial services sales agents, whether they are between individuals with a few hundred dollars or large institutions with hundreds of millions of dollars. The duties of sales agents vary greatly depending on their specialty. The most common type of securities sales agent is called a broker or stock broker. Stock brokers advise everyday people, or retail investors, on appropriate investments based on their needs and financial ability. Once the client and broker agree on the best investment, the broker electronically...
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...innovative individuals We sell to 51 countries in Europe Our most popular qualification is ACCA, we sell our products in 168 countries We provide a wider range of CIMA exam material than any other publisher We sell to more than 350 institutions in the UK We sell to 37 countries in the Americas We sell our CIMA materials in 108 countries We sell to 52 countries in Asia We sell to 44 countries in Africa Our FIA products are sold in 145 countries Our global distributor network includes over 80 distributors present in every continent Welcome to BPP Learning Media At BPP Learning Media, we seek to inspire, enthuse and guide people from all walks of life on every step of their educational journey. We have a passion for imparting knowledge and improving lives through education. The fact you are reading our publications catalogue tells us you share that passion. Together, we can work to improve life and career aspirations across the world. The trusted publishing partner From our beginnings over 35 years ago, BPP Learning Media has become the benchmark for quality in professional education study materials. Today, tutors and students in more than 188 countries worldwide look to us as an essential support for success in accountancy, tax, financial services, business, management, marketing and medical exams. So trusted are our materials that...
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