hi shayna i m gurjit from mumbai i m planning to take level 1 in june 2011. when r u plnning to takr it?
I want to start early wid d prep but i have come to know that the syllabus changes for each exam. So if you could just guide me by how much the syllabus changes it would be of great help in planning my studies.You can also mail me at [email protected]
thanks & regards.
Hey Puys....
Finally , done with Level 1 exam.....after months of slogging.....But i guess all the efforts were worth it....Felt satisfied after giving the examz.....Found both the sessiond equally easy......Though ethics in the PM session was a bit tricky......Complete both sessions in exactly 2.5 hours, surprisingly though.....JUst keepinin my fingers crossed!!!
hi form where did u get this info? couldn't locate that on cfa site. can u quote the link.
Thanks
yep...138000 is a big no..isnt it?
Hey from where did u get this quote? couldn't locate this on cfa site. can u post the hyperlink.
It's there on the cfa site. India had a 39% increase in candidates. 11,000 odd took the exam in India this year.
Hey Guys!!!
Congratulations for ur june10 exam. I gone through the thread and many r optimisticand thats the gr8 sign.
Well, I will appear for Dec10. Wht wud u advice to guys like us who r appearing for the same. Please share ur experience and ur preparation journey for level 1:)
U will be a gr8 inspiration for next batch. Cheers......!!!
and thats the gr8 sign.I took the June 2010 CFA level 1 test just to show that the CFA level 1 test was not tough at all, but for all those tricks, twists and traps built into the questions. If one can spot all those tricks, twists and traps, then the test is really quite easy.
Obviously, CFA forced a non-disclosure agreement upon all test takers, so I could not discuss detailed info, but following is a sample of those tricks, twists and traps for your information.
Tricks/twists/traps (what would happen if all those tricks/twists/traps are known? Yeah, put a gag order on it)
1. Given irrelevant information in the question with the full intention of misleading and confusing test takers,
2. Create unknown terminology or non-exist doctrine or other make believe stuff, so you would think you miss it from the curriculum,
3. Given too little information in the question while hiding the key information in the answers,
4. bait and switch, for example, the natural path of solving the correlation coefficient formula may be getting a standard deviation of one of the assets, yet the question asked for the variance, so 3 was not the correct one, the 9 was.
5. The key information was not listed in the question. you have to get that info using the known info, such as you must derive the beginning inventory using the known info of purchases, cost of goods sold, etc.
6. The quesion never mentioned which accounting principle applies (IFRS or GAAP), yet you can find the clue in the financial statements.
7. The question emphasized the salvage value of an asset at the very beginning of the question, making sure you will make note of it. Yet the qeustion asks for accelerated depreciation method which makes the salvage info irrelevant.
So one and so forth,
The only way to spot all those tricks/twists/traps is thoroughly studying key concepts in each topic of test. When you see the questions, think what was the concept that the test designers want to test and the ways they could mislead you into choosing the two of the wrong answers. If you can see it from the test writers' point of view, there is nothing in it in the CFA test.
I took the June 2010 CFA level 1 test just to show that the CFA level 1 test was not tough at all, but for all those tricks, twists and traps built into the questions. If one can spot all those tricks, twists and traps, then the test is really quite easy.
Obviously, CFA forced a non-disclosure agreement upon all test takers, so I could not discuss detailed info, but following is a sample of those tricks, twists and traps for your information.
Tricks/twists/traps (what would happen if all those tricks/twists/traps are known? Yeah, put a gag order on it)
1. Given irrelevant information in the question with the full intention of misleading and confusing test takers,
2. Create unknown terminology or non-exist doctrine or other make believe stuff, so you would think you miss it from the curriculum,
3. Given too little information in the question while hiding the key information in the answers,
4. bait and switch, for example, the natural path of solving the correlation coefficient formula may be getting a standard deviation of one of the assets, yet the question asked for the variance, so 3 was not the correct one, the 9 was.
5. The key information was not listed in the question. you have to get that info using the known info, such as you must derive the beginning inventory using the known info of purchases, cost of goods sold, etc.
6. The quesion never mentioned which accounting principle applies (IFRS or GAAP), yet you can find the clue in the financial statements.
7. The question emphasized the salvage value of an asset at the very beginning of the question, making sure you will make note of it. Yet the qeustion asks for accelerated depreciation method which makes the salvage info irrelevant..
Perfect man!!! I too agree with ur points above. This is what CFA was testing us. Whenever in doubt i solved questions using al the cases possible and saw some options carefully worded by test maker. I simply marked the option which i thought reflected the actual concept. Time was no bar in the CFa exam 😃
Hi Sdad,
Currently you need to give the test from somewhere outside India as there is some pending case regarding CFA with the ICFAI CFA, so the test is not conducted here.
Hi there,
This is Akshay currently finished my graduation in Banking and Insurance (from Mumbai university)... My dream is to obtain a position of Equity research analyst in reputed investment management firm... but I'm confused whether I should go for MBA, CFA or directly go for taking experience in local broking firm...
Please help me guys...
Awaiting for your reply...
I totally agree with u...this was all dat was tested in the exam...i managed to finish it easily in 2.5 hrs.......cud nt believe it cud be dat easy...!!!
hi guys
Wanted to know how much weightage ethics has. Also how did u guys find ethics this time?
I found second paper ethics a bit tricks. Lots of confusing options. Many had No Violations as the answer (At least from my perspective !!)
the paper was damn easy, though had to guess a few... didn't complete every reading :P
confident to get through... let's hope they allow 5th year undergraduate students to sit for the 2nd level next year...
ne1 needs pointers? can pm me... will try to help...
Hey Guys!
I m appearing for L1 in Dec 10, n I have a doubt.
Source: CFA material
Book: FRA
Topic: Income statement.
Question no. 19 from Practice problems at the end of reading.
Its regarding finding Basic Earning per share(EPS). My doubt it shouldn't we subtract Dividends while finding Basic EPS. B'coz solution backside does not deduct dividends whereas, example problems n even formula for EPS subtracts dividends. May be I m interpreting wrongly
Please help:)
Thanks in advance.
Hey Guys!
I m appearing for L1 in Dec 10, n I have a doubt.
Source: CFA material
Book: FRA
Topic: Income statement.
Question no. 19 from Practice problems at the end of reading.
Its regarding finding Basic Earning per share(EPS). My doubt it shouldn't we subtract Dividends while finding Basic EPS. B'coz solution backside does not deduct dividends whereas, example problems n even formula for EPS subtracts dividends. May be I m interpreting wrongly
Please help:)
If you refer to formula carefully, the dividend that is subtracted is "Preferred Dividend"...So normal shareholders dividend is never subtracted for calculating EPS...
Also intutively if u think...EPS is what shareholders earn...so dividends are part of shareholders earnings and thus shud not be dedcucted from nt income while calculating EPS...
Hop i m able to clear ur quries... 😃
Hey,
I've just appeared for my final year exam of Economics honours from DU. I will be working as a derivatives trader & that entails on an average 12 hrs of work everyday 5 days a week. My query is that is it still feasible to target CFA L1 in december 2010 or should I play more safe & think about june 2011?
Hey guys, my personal opinion for those who are giving CFA Level Dec, 2010 would be,
First : start your preparation very early, don't wait for the right time, i think the right time has come for the Dec, 2010 CFA Level 1,
Second : Do not appear for the CFA Level 1 test before giving enough Mock Tests, this is personal suggestion practice enough papers before going for the final war.
Third : Try to finish your syllabus month before the final exam or atleast 20 days before your final exam, and just give the at lest 5 to 6 mock test during this period.
I would like to help you if you have got any queries..Wish you all the best.
Take Care.
Manish.
Hi Shreya,
See it all depends on your academic background and how smart u are in capturing the syllabus as well, but if you are planning to take this job and study for CFA Level 1 then i would say take a safer side and go for June, 2011. And if you are planning not to take this job and study for CFA Level 1 then go for December, 2010. The CFA Level 1 is not that difficult but the only point is volume, the syllabus is damn vast and interesting as well. So do not study or do not prepare for CFA Level 1 just to clear the exam but learn everything logically, it will help u in two ways, first u would be able to clear ur exam that is for sure and second u will be able to apply that theortical knowledge in practical market.
And a very important suggestion as i always say just try to finish ur syllabus a month before ur exam and try to solve as many mock paper as u can.
Just let me know in case of any doubts.
Bye and Take Care.
Manish.
Hey,
I've just appeared for my final year exam of Economics honours from DU. I will be working as a derivatives trader & that entails on an average 12 hrs of work everyday 5 days a week. My query is that is it still feasible to target CFA L1 in december 2010 or should I play more safe & think about june 2011?
Considering ur background , that u hv done graduation in economics and u will be doing job as a derivative trader, i sincerely feel u will crack cfa level 1 easily. So i would recommend to give the exam this december only. Remember , it will save your entire 1 year. You can give ur level 2 in june 11, otherwise it will waste entire 1 year.
Hi Puys and lot of thanks to dds!
Another doubt:
Source: CFA material
Book: FRA
Topic: Understanding the Balance sheet
They have given format of B/S by giveing e.g. of Sony corp. in Exhibit 8. Here, they have shown item Deferred Income Taxes in there current assets, other assets and long-term liabilities 
How can it be?
Deferred liability should come in current liabilities, n if there is any provision made for the same, then it should come in current assets. The item deferred liability in current assets indicate the same? n why it shud come in other assets again?
what is Insurance acquisition cost and subsidiary tracking stock in treasury stock?
I know too many questions, but plz help
Thanks in advance!!!
This is what this site says:
Classification of deferred tax accounts. The current or noncurrent status of a deferred tax account is based on the classification of its related asset or liability for financial reporting purposes. For example, a deferred tax asset or liability due to a temporary difference from depreciation will be noncurrent because it relates to a noncurrent asset. A deferred tax liability resulting from application of the direct write-off method for tax purposes would be classified as current. Some items could be classified as partially current and partially noncurrent, such as long-term warranty obligations. If there is no related asset or liability for financial reporting purposes--net operating loss (NOL) carryforwards, for example--the classification will be based on the expected reversal date. The valuation allowance account is allocated proportionally according to the balance of current and noncurrent deferred tax assets. Deferred taxes, net of the valuation allowance, are presented as a single current and a single noncurrent amount on the balance sheet.
Hi Puys and lot of thanks to dds!
Another doubt:
Source: CFA material
Book: FRA
Topic: Understanding the Balance sheet
They have given format of B/S by giveing e.g. of Sony corp. in Exhibit 8. Here, they have shown item Deferred Income Taxes in there current assets, other assets and long-term liabilities
Deferred liability should come in current liabilities, n if there is any provision made for the same, then it should come in current assets. The item deferred liability in current assets indicate the same? n why it shud come in other assets again?
what is Insurance acquisition cost and subsidiary tracking stock in treasury stock?
I know too many questions, but plz help
Thanks in advance!!!
This is what this site says:
Classification of deferred tax accounts. The current or noncurrent status of a deferred tax account is based on the classification of its related asset or liability for financial reporting purposes. For example, a deferred tax asset or liability due to a temporary difference from depreciation will be noncurrent because it relates to a noncurrent asset. A deferred tax liability resulting from application of the direct write-off method for tax purposes would be classified as current. Some items could be classified as partially current and partially noncurrent, such as long-term warranty obligations. If there is no related asset or liability for financial reporting purposes--net operating loss (NOL) carryforwards, for example--the classification will be based on the expected reversal date. The valuation allowance account is allocated proportionally according to the balance of current and noncurrent deferred tax assets. Deferred taxes, net of the valuation allowance, are presented as a single current and a single noncurrent amount on the balance sheet.
Hey thanks for reply!
If I m not wrong there 2 activities - current and non-current and as u treat them differently, so for tax purpose as well u need to look at them from diff. perspective, right? thats wht I understood, bit confusing though. Correct me if I m wrong.
Can u plz explain me wht is Temporary differences and valuation allowance with example?
Others also put some inputs:)
Right,so if it is differences in Net Income( from Accounting Statement) and After Tax Income( tax statement) due to
1. Depreciation ( which is from Non Current assets ie PPE) it gives you DTA/DTL in non current assets,/liab
2. Some item from current a/l (dont know any specific) it gives you a DTA/DTL in ca/cl
Temporary Differences:
They arise due to differences in accounting standards(eg: Financial accounting using straight line depreciation vis-a-vis ddb in tax accounting)
Valuation allowance needs to be made as a contra account to show for unrealized loss on DTA.
Hey thanks for reply!
If I m not wrong there 2 activities - current and non-current and ass u treat them differently, so for tax purpose as well u need to look at them from diff. perspective, right? thats wht I understood, bit confusing though. Correct me if I m wrong.
Can u plz explain me wht is Temporary differences and valuation allowance with example?
Others also put some inputs:)