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Summary of CFA examination in June 2019

 
[Education News]     25 Jun 2019
The examination in June this year still focuses on the understanding and application of the basic knowledge points. Even 70% of the questions in the first level are based on the use of simple knowledge points, and whether the examinees know this knowledge point, and will be simple and flexible.

The examination in June this year still focuses on the understanding and application of the basic knowledge points. Even 70% of the questions in the first level are based on the use of simple knowledge points, and whether the examinees know this knowledge point, and will be simple and flexible.

Although the second level increases the investigation of the calculation, it is still based on the comprehensive mastery of the knowledge points. Now the CFA Association emphasizes the average and comprehensiveness of knowledge mastery more and more, so it is particularly important to be unbiased.

Students should read more handouts when preparing for the exam, and can not let go of any important examination points.

Summary of CFA examination in June 2019


2019.6 CFA Level 1 Examination Summary.


As a whole, most of the students think the afternoon`s exam will be difficult to see in the morning, such as the morning`s title can be seen at a glance, and the afternoon`s title needs to be turned to a certain degree of flexibility.

This and 2018 examination situation is also basically consistent, belongs to the normal situation.

 

Ethics

The latest share is maintained at 15%.

In recent years, the moral examination method has been basically stable, paying more attention to the understanding of the articles and knowing how to distinguish between different articles, rather than simply reciting them.

In the way specific exams are taken, questions such as "A. violating misconduct, B. violating both Fair dealing, C." can`t be answered simply by identifying an option.

 

Quantitative

The latest share was 10%, down 2%.

This year, there have been more basic effective rate, compounding and annuity calculations than in previous sessions. Other key knowledge, such as skewness, correlation, normal distribution and especially hypothesis test, have been tested without exception.

On the whole, Quantitative`s knowledge is usually all involved, as long as you understand the content and examples of the teacher in class, you can get used to this slightly curved way of thinking.

 

Economics

The latest share is maintained at 10%.

Economic has long been considered a cost-effective course because it has a lot of content (although it`s less after the revision) and most students don`t have a economic foundation. But teachers have repeatedly stressed the importance of understanding economic data for financial analysis.

As a matter of fact, most of the students thought it would be hard to think of the economy, all of which were the ones emphasized in the class, and the focus was understood and a large part of the score could be obtained. Such as the features of the elasticity, the substitution effect, the internal goods, the shutdown zero-link, how the profit is maximized, the GDP defator, the monetary policy, the fiscal policy, and the easy-to-score points that the Exchange rate calculates, in particular, which is particularly easy to ignore, and exercises accordingly.

Students review their own, but also to pay attention to the key, do not "die matting" some incomprehensible points, save time and effort.

 

Financial reporting & analysis

The latest share was 15%, down 5%.

Although the proportion has decreased, but the financial report analysis is still the top play at the first level.

With the deletion of an reading this year, the first part of the course was much less than usual, in line with pre-test forecasts. Therefore, the proportion of reduced disciplines, mainly fell on this part of the body.

In other words, there is no significant difference in the exam for other reading priorities. For example, the calculation and comparison of EPS, OCI, various cash flow, the calculation and comparison of the various ratios, and the difference between the accounting/ value adjustment/ different criteria of the Inventory & long-lipped assets, and the calculation and understanding of Bond & release, are all without exception. Even if the tax doesn`t have much before, it`s a classic.

 

Corporate Finance

The latest share was 10%, up 3%.

The proportion of the company`s finance has increased, but the key content has not changed, and the examination point is easy to predict, and it can be a point of order for all. This year, for example, we`ve got a study of the teacher`s emphasis on and the key practice of Capital duggings, WACC, Pure play, various levels and Breakeven, as well as the calculation and understanding of some of the main ratios.

In short, the increase in the proportion of this course is a good thing for most students, because it is very easy to prepare for it according to what the teacher usually says.

 

Equity

The latest share was 11%, up 1%.

The course of equity has always been a more emphasis on the examination of the text. The key content and the real examination are not very different from the previous years. For example, Margin, different order, market index, effective market assumption, voting method, industry analysis, DDM, all belong to the content that must be reviewed.

Of course, the whole course examination is more detailed, so the understanding of small knowledge points is also more important.

 

Fixed Income

The latest share was 11%, up 1%.

In the CFA field, there has always been a saying that the fixed income course is a roadblock from the first to the third level, which is more difficult.

In fact, because knowledge is difficult, once understood, the test method is easy to predict. This year, for example, it focused on the various factors and effects of Callable/putable bond, repurchase agreements, Yield-to-maturity, and, in particular, the understanding of Duration,convexity, and interest rate risk factors.

 

Derivative Investment

The latest share was 6%, up 1%.

Although the proportion has increased, but the content of derivatives is relatively small (2018 deleted a reading), and review of the content can cover all the test points, learning is not tired, impact A level properly. The key contents are market classification, product classification (such as the basic knowledge of which rights), forward value,Option contracts are contingent, and the qualitative analysis of Put-call parity). In short, it is mainly qualitative, supplemented by simple calculation.

 

Alternative Investment

Up to 6%, up 2%

Alternative investment also belongs to the score rise, the test point has not changed the type, belongs to the review performance-price ratio is good, and is not like the past is an optional subject. The main test points are the difference between AI and ordinary investment products, the difference between, Hedge fund and PE, the fee calculation of, Hedge fund, and some key terms of commodities. Master these most important knowledge, absolutely can easily score most of the points.

 

Portfolio

The latest share was 6%, down 1%.

Although the proportion has declined, the latest Fintech has been added to the subject, and considering the impact on the second and third levels, we still have to study the course hard.

The high-profile, fintech, just a nominal exam, just a nominal examination, is just a symbolic test, and it`s just the emphasis on the concept of the Machine Learning.

The investigation of other knowledge points is still as extensive, but there is no lack of focus. For example, risk tolerance`s understanding of, Portfolio variance`s formula and the influence of correlation, CAPM`s calculation and application of, Risk management nouns have been tested as in previous years.


For more details, please refer to the link below.

https://mp.weixin.qq.com/s/ElyHV-1wzLofIf_nkIMi4A


Sydney CFA training: https://www.youyue.com.au/cfa-cpa-training

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