谈谈考试感受，说说考试感想，考题回顾。。。

祝07年6月CFA LEVEL1 的全体CFA考生取得好成绩。。。

国内是不是还没考？没人啊~~

现在脑子一片空白，就记得 240题大概按32/32/24/68/72/12 分布的，上午出了不少犄角旮旯的题，尤其quantitative部分；port management很简单，都是port theory的内容；asset valuation也还可以，option-free bond/callable bond出了一堆，option之类的derivative很少，有点失望；financial statement analysis 洋洋洒洒68题，就1个字：烦。

很多题目题型都是一样的，自我感觉这次题目出的不是很好，也许是抽题库？那这题库效率也太低了。明天清醒点看能否回忆一下具体的题目~~。现在就记得cash flow, LIFO,tax这些反复出现的关键词，还有从头到尾的yes,no题，数字倒记得一个，0.0049, hehe, 是道根据SSR求SE的题。

第一次见识四五千人在一个hall里考，壮观啊，真后悔没拍下来，最后收卷都花了半小时。当时就想起Hally Potter里描写的考试场景，不过在Excel London少了点感觉，上次期末考在教堂地下，要点上几根火把就十足象了。跑题了~~ 刚看有人担心中午不供应饭，我们基本都是自己带的面包之类的，几个同学聊聊很快就过去了。习惯了中午12点开始上课，也没了午休的习惯了。

[此贴子已经被作者于2007-6-4 1:32:05编辑过]

I did it in LA. For me, the morning section is easy but the afternoon section is kind of tough. The question is long, tricky and confusing. I did see some similar questions in the materials I downloaded from here, but I don't remember which questions since my brain is blank now. I heard Level II this time is much easier but Level I is kind of more difficult. I also think not many people did very well this time for Level I. Maybe this is because CFA institution changes their CFA exam strategy, which means inceasing the difficulty of the entry level. lease pay more attention on ethics and read the notes carefully. If you understand & remember every concept in the notes, you will be fine. 

Anyway, good luck to everyone who took it this time. If we fail, we still have a chance to retake it this December -.

[此贴子已经被作者于2007-6-3 20:13:16编辑过]

I just retook this exam....

Same sendiments as the original poster, I think the questions were not very well balanced and repeated topics seemed to come up in the afternoon section as well as the morning....

Not enough questions on options theory..EMH...quants...so disappointed

Hopefully don't have to take it again this xmas

man!the afternoon session sux! i dont know why the difficulty soars just all in a sudden~

i am not happy with my performance and almost run out of time while doing the 2nd session~

financial innovation? what the hell is that?? some new invention like stock or derivative?

and need to compare code law with common law??? is it a joke?anybody any idea to solve it?i just assume code law is much more restrictive and make an option based on my imagination.

some weird calculation questions i cannot find my answer among the 4 options and i waste a lot of time to clear memory and recomputer my answer but end up with nothing~ they look pretty straight forward and i am 100% sure about my methodology as i solved heaps of similar questions befoer but the mystery is u cannot solve it ~ i really feel like a fool at the moment... how to compute the share price with ROE and without retention rate? i had to skip and revisit all questions like that in the last 10 min and took a "reasonable" guess.

i personally dont like the exam,it is awful~~ 

SEE=sqrt[SSR/(n-2)]

After this exam, I will not disclose any portion of this exam and I will not remove any exam materials from the testing room in original or copied form. I understand that all exam materials, including my answers, are the property of CFA Institute and will not be returned to me in any form.

[此贴子已经被作者于2007-6-4 1:10:07编辑过]

  maybe, but overall i am very upset that the exam uses sooo many terms which are never presented in notes~ where is the consistency?

if we never learn SML and it suddenly turns up in the exam, nobody would happy with that~

在institute的program curriculum里有

curriculum?

wonder who got time to read that~

Anybody who did so are very adorable~

i took it in canada too yesterday, so it would be the last thing i wanna recall...

i guess so many weird concepts and twisted question are so developed that CFA institute would like us to pay some more to get the textbook to pass, and get some money back from shwezer (coz the notes seems no longer work well...)

做完下午题目都蒙了，出考场才发现大家都在说难。可能尚有一线希望。

我是第一次考 觉得难度还可以吧 跟note的第6本差不多

上午精神好的时候我提早了差不多40分钟做完的，而且对准确率还颇有信心

下午精神比较差，而且难度的确也提高了，但还是提早15分钟做完了，不过有一些概念题不肯定，就像前面有人提到的code law什么的，根本没看过，ethic部分有些也比较模糊，计算方面就没碰到什么问题，基本都算得出来。总之我在做asset valuation的时候就已经开始有点神游了，最后那6题第1道就错了。。。我觉得下午精神好的话还可以再提高一点，不过总的来说觉得自己的发挥还过得去吧。。。

[此贴子已经被作者于2007-6-4 18:59:15编辑过]

i used to have the curriculum as well,

felt that they are incredible thick crap and i trashed them before i moved into a new house.

道德中的那个两种法系的比较就是英美的案例法和中国条文法的比较，案例法是由会计专业人士不断修改制定的，条文法是像中国用法律条文来制定该怎么做，这也就是题目答案了，notes里其实讲过的。

楼上的牛啊，看得这么细，这道题我只推理推对了一半

我那一个session39个位子来了三分之一

剩下都空着，不知道为什么……

上午的的确很简单啊，于是下午道德就多花了一些时间

结果发现后面开始基本就没有什么看了就选的概念题了

时间一直有点赶，也没有时间去细想了

不过大家都觉得难，那么通过标准就会适当降低吧

在伦敦excel考的，就是觉得真的考试和平时练习的时候风格不同，我下午比上午做的好些（可能上午还没进入状态）。细节的概念太多了，讨厌~

发现很多都是伦敦考试的哦？？？

[此贴子已经被作者于2007-6-4 22:00:31编辑过]

Took it in New York. Relatively simpler compared to ntoes 6 sample exams, particularly the morning session. Afternoon session is a bit harder but not that hard. Here are some questions in my memory.

Ethics is not too long so it's ok. We need only 50% to pass. Should be fine.

Quant: morning session is pretty straight-forward, conceptual questions, mostly focused on standard deviation and mean. And one question asking which test is used to test equality of variance - F-statistics. No probability at all. Questions are tricky in the afternoon though still mostly were conceptual questions. There was one question taking me much time. Assuming all variables are different, compare geometric mean, harmonic mean, and arithmetic mean. Arithmetic > Geometric > Harmonic

I didn't remeber too much of Econ. Only a question asking about technicially efficient, cross-rate exchange, exchange rate forward discount, contractionary monetary policy's influence on domestic currency-appreciation.

Accounting is simple, not much leases, not much off-balance sheet items.

Asset valuation had similar questions in the morning and afternoon. One question ask what's the after-tax borrowing rate for a company to keep P/E the same after borrowing debt to retire 4million dollar common stock? answer is dividend yield. The term was asked in the morning but the number was asked in the afternoon, while question was exactly the same. A couple of question about bond interest risk with various coupon, ytm, and maturity. growth rate calculation from ROE*Retention Ratio.

Portfolio management is simple. Questions were concentrating on SML, CML, and CAPM, such as position above the line for undervalued stock. And one question ask about price appreciation is mostly important to what kind of investor, "capital appreciation". This question was showed up both in the morning and afternoon without any change.

感觉没有前几楼说的那么难,比Notes 6容易多了,上午我做完还有一个小时，下午难度加大，不过做完还有半小时检查。题干没有notes的长，但有几题非常阴险，我几乎把全部选项都选了一次。

重要提示：关于提前到达考场的时间。CFA规定1小时，我问过一个老师，她说半小时也可以，结果上午试我提前半小时，却发觉考场大门排起了长龙，考生检查的时间过长，等所有考生验明身份和物品后进场，已经是9：00了，所以不建议太早到考场。

不过也不要太迟，我因为早上的情况，下午到考场时已经2：50，结果已开始announcement，被拒之门外，搞坏了太态。

One question ask what's the after-tax borrowing rate for a company to keep P/E the same after borrowing debt to retire 4million dollar common stock? answer is dividend yield. The term was asked in the morning but the number was asked in the afternoon, while question was exactly the same.

I think the answer is earning yield,not dividend.

既然都觉得下午的难，看来我还有一点过的希望。祝大家好运。

真不理解。。。下午和上午的难度差那么多。。。

CFA也真折磨人。。。明知道下午大家精神状态不是很好。。。

I AGREE TOO!

很多题目题型都是一样的，自我感觉这次题目出的不是很好，也许是抽题库？那这题库效率也太低了。明天清醒点看能否回忆一下具体的题目~~。现在就记得cash flow, LIFO,tax这些反复出现的关键词，还有从头到尾的yes,no题，数字倒记得一个，0.0049, hehe, 是道根据SSR求SE的题。

这个好像是0.0039吧？30个月，求出来stand error是1.18%

[此贴子已经被作者于2007-6-5 18:28:48编辑过]

One question ask what's the after-tax borrowing rate for a company to keep P/E the same after borrowing debt to retire 4million dollar common stock? answer is dividend yield. The term was asked in the morning but the number was asked in the afternoon, while question was exactly the same.

I think the answer is earning yield,not dividend.

同意！是earning yield

took it in beijing .i agree with the above candidates' viewpoint.it is earnings yield. you can check it in notes.there is an example.

god bless me and you too.

earnings yield. you can find the example in notes.

god bless me and you too.

我的做题速度没有那么快，我觉得时间刚刚好。比notes简单些，但是仅仅是因为看过了notes后面的题，而且大量复习了notes以后。所以不知道其本质难度，但是题目长度确实断了不少，提问方式确实不同。很怪的 问法。要求要对很多知识点都要掌握，不能 使用排除法做题。

下午比上午难，最直接的感觉除了困之外就是ethics部分的题目长度明显加长，但是后面题目跟上午的知识点都是一样的。不过就是问法不同罢了。

攒rp

嗯，下午开始犯困是最大的问题，计算的难度没感觉有太明显的提升，但是概念考得比较细，也很tricky

当然earning yield，notes上不写着呢么

this question has been discussed for 2 pages...

shall we talk sth else?

[em06]我在悉尼考的，下午题确实打击我的信心，尤其是accouting部分，可能我这部分复习的不太好。

道德部分如果把 notes 里后面的40 道 concept checkers 做了，基本上就能搞定，我记得有两题几乎一模一样，只是换了个说法。其他的就记不起来了。

参加考试的人也挺多，也有很多人报了名不来的，我在 K section， 1/3的位子都是空着，上午题的时候考了不到1个小时，就有几个人起来交卷子走人再也不来拉。 下午题时我无意中瞅了眼左边那个兄弟，他的答案全部选的B, 然后就在那坐着等考试结束，强呀。

now a question comes to my mind....

when it says "40% of all candidates would pass the exam"

does it mean 40% of ALL registered candidates,

or 40% of the candidates WHO SAT FOR THE EXAM??? 

[此贴子已经被作者于2007-6-6 13:23:42编辑过]

再用中文写一遍~~

因为只有2/3的考生真的去考试了

那么40%的通过率是指所有考生的通过率

还是只是参加考试考生的通过率哦

[此贴子已经被作者于2007-6-6 13:24:14编辑过]

考场很冷，空调吹头，有点晕，感冒了。

well, at the end of July we will surprisingly find the pass rate would go below 30% globally.

and then everybody would read the stupid textbook and help make accounting and economic profit for CFA institute

[此贴子已经被作者于2007-6-6 16:48:36编辑过]

是sqr[SSE/(n－2)]啊

I agree, then how to use SSR to get SEE, it doesnt show on the book

I remember SST = SSE + SSR and SEE = sqr[SSE/(n－2)]

ok, reasonably easy..dont forget to tell us ur result after u got it~

see how many 90% u can get~

i dont really understand why you feel the difficulty is "reasonable easy"

not only me but  quite a few students also complain the exam as i know

maybe u r from CFA institute or what~ i dont really know

but if u r a candidate who really took the exam and see what the questions like, it is really stupid to praise CFA and contribute all faults to candidates! 

[此贴子已经被作者于2007-6-9 15:13:39编辑过]

我觉得部分考题的提问方式英文理解起来很绕,跟我们做的sample 提问风格很不一样.因此需要花时间去理解.郁闷!

我的考场有几个考生,上下午都是提前半小时交卷的,他们应该做的还不错.美国人.

感觉自己过不了,如果有想12月再次take level I 的考友,欢迎跟我联系! joy9you@yahoo.com.cn

哈哈,我写的SSR指sum of squared residuals,也就是SSE

notes的SSR指sum of squares regression(方差可解释部分)

We're talking about passing, not geting top 10% results. reasonably easy is only a comment for those who put reasonable efforts and expect to pass (not to get a cold medal). I'm just not comfortable seeing people complaining so much crap. Every candidate took the same exam. It's an equal opportunity for all. And if you really want to help improve the exam, go to the CFA website, they have special channel for it. Complaining here doesn't help at all.

嗯嗯，正解

法兰克福考的

感觉还行，比book 6简单，做模拟基本上做不完，考试上下午都提前15分钟，按道理应该能过

只要ethics不出大的意外

在广州考的!

确实很多人没有来.

其实考的不难，就是很多问你YES OR NO的，经常只知道其中的一个，然后猜另外一个,概率50%

这样考起来太难受了,一整天的考,体力上觉得吃不消啊

我的感觉是上午考得还可以，下午脑子直接是晕，下午考得不好，郁闷阿，

大家都觉得下午的难，祝大家好运啊！哈哈哈

what's the after-tax borrowing rate for a company to keep P/E the same after borrowing debt to retire 4million dollar common stock?

M1-4m/ net income- 4m*R = M1/ net income

(x-y)/(z-y*a)=x/z

Xz-yz=xz-xya

a=z/x =net income/m1=1/PE=Earning YIELD

我是在巴黎考的，还见到不少中国同胞呢。一起考的法国同学都说早上得很简单，不过我却觉得挺难的，中午吃饭都没有心情了，争取下午补回来。个人觉得下午的难度和上午差不多，大概是受到上午的激励了吧。可是同学都说下午的很难。困惑中。

不过现在结果出来了，我过了，可是我的同学没有过。

打算2008年考2级，不过9月份就要开始上班了，不像以前是学生，有很多时间。现在打印了2007年全套的notes, 开始复习了。还是早点报名好，拿到curriculum，看来考试的题目越来越多要从curriculum中出了。

同志们，12月份的要努力过了啊！

看完了，谢谢分享！！

有人能够说说哪里有跟考试风格近似的模拟题么？

tinamimi5@gmail.com　我有很近似的一级题，要的朋友就发邮件给我

[此贴子已经被作者于2007-11-20 12:47:54编辑过]