CFA preparation efficiency is more important than time.
In the process of preparing for CFA, time is only a superficial number, and how much knowledge you can learn mainly depends on your understanding and learning ability. Some people can pass six examination subjects in the professional stage in one year, and some candidates have taken one examination subject for three years. Everyone's situation is different, the basic level is different, the learning state is different, and the learning efficiency is naturally different.
Under normal circumstances, learning CFA financial knowledge by enrolling in classes is more efficient than self-study, and it can also save preparation time appropriately. It takes necessary time to study this matter, and personal efforts are indispensable if you want to pass the exam smoothly.
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Common materials for cfa preparation
CFA course (about 3,500 pages), CFANotes (about 1.500 pages), CFA essentials diagrams, CFA textbooks in Chinese and English in Gao Dun, CFA Association's Handbook of Practice Standards, calendar year simulations and special calculation questions for exams.
Key contents of CFA level 2 subjects
1
Review requirements: Candidates should have a comprehensive understanding of CFA Institute's professional ethics and code of professional conduct, identify violations of norms and standards, and propose corresponding corrective measures. Review points: integrity, responsibility to customers and employees, differentiation, loyalty, caution, due attention, mosaic theory, investment policy statement.
2. Quantitative methods
Review objective: Candidates should be able to explain regression, time series analysis and simulation, and their applications and results in investment decision-making.
Review points: correlation, analysis of variance, multiple regression, confidence interval, hypothesis test, dummy variable, adjustment R2, trend, autoregressive model, ARCH model, simulation.
3. Economics
Review requirements: Candidates should be able to explain and demonstrate the economic concepts and methods used in determining and forecasting the currency exchange rate, analyzing economic growth, and analyzing the supervision of commercial and financial markets, and know how the relevant factors interact.
Review points: bid-ask spread, forward premium, international parity, balance of payments, currency.
Fiscal policy, growth relationship, growth theory, regulations and regulators, equilibrium
4. Financial and reporting analysis
Review goal: Candidates should be able to analyze the impact of the choice of financial reports on financial statements and ratios. Candidates should also be able to analyze and interpret financial statements and related disclosures, and evaluate the quality of financial reports.
Key points of review: accrual basis, international financial reporting standards, US GAAP, transnational operation, functional currency, current exchange rate method, employee compensation, defined benefit pension obligation, reporting quality, analytical framework.
5. Corporate financing
Review objective: Candidates should be able to evaluate capital budget items, capital structure policies, dividend policies, corporate governance and mergers and acquisitions, and understand how and why a company makes decisions on investment items, dividends, stock repurchase and mergers and acquisitions.
Review key points: optimal capital project, real option, modigliani-Miller proposition, target capital structure, dividend policy, stock repurchase, corporate governance, earnings per share after merger and acquisition, HHI, M.
trade records
6. Investment in property rights
Review goal: Candidates should be able to use appropriate valuation concepts and analytical techniques to evaluate stocks and securities, and have a deep understanding of various valuation models and their application in practice.
Review key points: CAPM, Fama_French model, Pastor_Stambaugh model, WACC, industry.
Company analysis, DDM, PVGO, H model, FCFF, FCFE, sensitivity analysis, standardized earnings per share, PEG, residual income, asset-based approach.
7. Fixed income
Review objective: Candidates should be able to evaluate the risks and expected returns of fixed-income instruments, analyze the term structure and spread of interest rates, and evaluate fixed-income instruments with implied options and unique characteristics. "
Review points: spot interest rate, forward interest rate, YTM, bootstrap, Z-spread, swap interest rate curve, $ term structure model, interest rate tree, embedded option and validity period.
Convexity, credit score, CDS
8. Derivatives investment
Review goal: Candidates should be able to evaluate the value of futures, forwards, options and swaps and know how they are used in various strategies.
Key points of review: valuation
Pricing of Forward, Futures and Swaps, Europe
American option, Black-Scholes-Merton model, Black model, Greeks, implied volatility, derivative strategy.
9. Alternative investments
Review objective: Candidates should be able to use appropriate valuation concepts and techniques to analyze and evaluate real estate and private equity.
Review key points: real estate subdivision, direct capitalization method, DCF method, REIT, NAVPS, FFO, AFO, acquisition, DPI, RVPI, TVPI, commodity market, futures premium, spot premium and commodity index.
10, portfolio management
Review objective: Candidates should be able to explain and demonstrate the application of portfolio theory in risk and return estimation, securities selection and other practical applications. Candidates should also be able to explain the process of portfolio management.
Review key points: IPS, APT, active risk, information ratio, advantages.
Limitation of risk value, risk measurement, yield difference, term structure of interest rate, stock risk premium, active management, HFT.