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THF: CFA Question[s]
Posted on 2/16/10 at 5:21 pm
Posted on 2/16/10 at 5:21 pm
Fixed Income, deriving spot and forward rates for Treasuries. Just stumbled through it, but it seems like a lot of theory/proofing. How important do you think it is to know the calculus in this section, versus just the general concepts (eg discounting at spot v forward produces the same thing due to arb elimination, understanding the components of the z-spread, etc)? I'm specifically talking about Reading 65: Yield Measures, Spot Rates, and Forward Rates.
ETA: TIA.
ETA: TIA.
This post was edited on 2/16/10 at 5:22 pm
5
Posted on 2/16/10 at 5:25 pm to kfizzle85
quote:If you're asking just about CFA exam questions, I have no idea.
Fixed Income, deriving spot and forward rates for Treasuries. Just stumbled through it, but it seems like a lot of theory/proofing. How important do you think it is to know the calculus in this section,
If you're asking about real life for a currency trader, it's all done by Bloomberg or someone else's system.
So, learn it and forget it.....
Posted on 2/16/10 at 5:32 pm to LSURussian
Ha, I know I'll never have to do it IRL (thank god).
Posted on 2/16/10 at 5:55 pm to kfizzle85
quote:
How important do you think it is to know the calculus in this section
0%
quote:
versus just the general concepts (eg discounting at spot v forward produces the same thing due to arb elimination, understanding the components of the z-spread, etc)?
100%
If you can do the problems at the end of the chapter, you'll have no problem nailing the section on the test. I do know a bit of calculus, but it's not at all necessary to master. At least not for level 1.
I'll go check out my book and see what you are talking about.
Posted on 2/16/10 at 5:57 pm to kfizzle85
The readings are different in last years book. My derivatives book starts at reading 67.
This post was edited on 2/16/10 at 6:44 pm
Posted on 2/16/10 at 6:03 pm to TheHiddenFlask
Ah, well you answered my question anyway, appreciate it. 
If I get really lost on something I will hit you on the email, so as to save e-face. Thanks again.
If I get really lost on something I will hit you on the email, so as to save e-face. Thanks again.Posted on 2/16/10 at 6:14 pm to kfizzle85
quote:
Thanks again.
No problem. I need something to make me feel less retarded every now and then, so I enjoy being able to answer a question or two.
Posted on 2/16/10 at 7:41 pm to TheHiddenFlask
How are you progressing with L2 stuff? Is it as advertised? I haven't seen hardly anything in L1 so far that I didn't already know or learn in an undergrad business class (done Equities/FI and Alt Investments/Derivatives thus far). Given the way people talk about L2, I feel like that is probably where that changes.
Posted on 2/16/10 at 8:30 pm to kfizzle85
quote:
How are you progressing with L2 stuff?
Not. I got bogged down with the CFA Global Research Investment Challenge and it's caused me to cut out too much of my CFA study time.
What's worse is that I just found out my team won the first round and now has to spend the weekend competing in Dallas. I've spent all day making a powerpoint and getting the funding for the trip in line.
quote:
I haven't seen hardly anything in L1 so far that I didn't already know or learn in an undergrad business class (done Equities/FI and Alt Investments/Derivatives thus far).
It's basically just a review of undergrad. It's the equivalent of three full semesters of business classes at LSU (45 hours). As long as you just keep chugging at it, you will do just fine.
quote:
Given the way people talk about L2, I feel like that is probably where that changes.
Yeah, there aren't any meatball style questions on L2. I'm gonna really have to buckle down and play catch up.
It's my goal to have the Corporate Finance and Derivatives/portfolio management section completely knocked out by March 15. It was March 1, but I have had to push that back.
Posted on 2/16/10 at 8:57 pm to TheHiddenFlask
I'm going to sit down with a professor of mine that has done big things in the business world and figure out what certification(s) I should go after given my interests. I know I want to have a certification, I just don't know which one yet.
The CFA, CPA, and CMA are all three legitimate possibilities. The guy I'm speaking to has a CFP and both those accounting certifications, so I'm hoping he can shed some light.
The CFA, CPA, and CMA are all three legitimate possibilities. The guy I'm speaking to has a CFP and both those accounting certifications, so I'm hoping he can shed some light.
Posted on 2/16/10 at 9:00 pm to lynxcat
quote:
a professor of mine that has done big things in the business world
quote:
has a CFP and both those accounting certifications
What exactly did he do?
CFP + CPA is weird enough, but add in the CMA and I'm completely stumped.
I do commend you for seeking advice from your professors though. I would encourage you to possibly consult at least one more.
Posted on 2/16/10 at 9:10 pm to TheHiddenFlask
quote:
What exactly did he do?
CFP + CPA is weird enough, but add in the CMA and I'm completely stumped.
I do commend you for seeking advice from your professors though. I would encourage you to possibly consult at least one more.
He has 9 different certifications I believe. He got his undergrad at UVA in accounting and his Masters at UVA in Tax. He has his CPA, CIA (Certified Internal Auditors), Certified Fraud Examiner, whatever license you need so you can sell insurance in TN, his CFP, all the Series exams that go along with that to be a consultant....
It is kind of intimidating/interesting IMO. He is a really nice guy though--not your 'professor' type at all.
He did most of his work in hedge funds. He knows a lot of big players on wall street. He also worked in the commodities industry I believe (early on in his career)...mainly cotton. Now he is basically a management consultant for New York firms. They ask him to come in and help trim some fat or make sure everything is working well. Not sure why he got his CMA. I guess the consultant aspect?
He teaches just to give back basically. He teaches a personal finance course designed for non-business majors that I think it one of the best courses anyone can take (in a practical usage sense). It covers everything from budgets, to loans, to investments, PV/FV, etc. Great class.
One of the major benefits of a small school is being close with most of my professors. I'm hoping they can help me out in the next couple years.
On another note, a senior classmate of mine just passed her L1 for the CFA. She said it was the worst test she has ever taken, but it sounds like she did extremely well (above average on 7 out of the 10 sections....is that good?)
Posted on 2/16/10 at 9:14 pm to TheHiddenFlask
I feel you, for different reasons. The combination of school, work, and almost three straight months of relatively long weekends (xmas holidays, nye, saints, lsu, mardi gras, bunch of wedding parties) is making it hard for me to keep up with my schedule, which I am barely managing to do at this point. Now that most of that is out of the way, I'm hoping I can kind of get a handle on everything.
Posted on 2/16/10 at 9:18 pm to lynxcat
A couple of people at my office have CFP + CPA, all tax people. A bunch of people have the CFE too, all non-tax people. They've been pushing that at UNO as a "hot" area, and the test isn't very difficult, from what I understand. CIA and CMA are really industry-oriented though.
Posted on 2/16/10 at 9:20 pm to lynxcat
quote:
He has 9 different certifications I believe. He got his undergrad at UVA in accounting and his Masters at UVA in Tax. He has his CPA, CIA (Certified Internal Auditors), Certified Fraud Examiner, whatever license you need so you can sell insurance in TN, his CFP, all the Series exams that go along with that to be a consultant....
I think I saw him at a business meet and greet the other day. He was handing out his business cards.
quote:
She said it was the worst test she has ever taken, but it sounds like she did extremely well (above average on 7 out of the 10 sections....is that good?)
That's good, but it depends on which sections she missed on. The weights aren't equal.
I'm not sure if it's the worst test ever, but maybe I was just ready to be done with it. I had a pretty good time and dominated it.
I could see how it would be miserable for an A+ student though. I've always been a what it takes student, which probably gives me an edge.
Posted on 2/16/10 at 9:21 pm to kfizzle85
quote:
A couple of people at my office have CFP + CPA, all tax people. A bunch of people have the CFE too, all non-tax people. They've been pushing that at UNO as a "hot" area, and the test isn't very difficult, from what I understand. CIA and CMA are really industry-oriented though.
Most of his are accounting oriented, but then he has the CFP thrown in there. I'm supposed to go get lunch with him in the near future and hopefully he can preach the wisdom
Posted on 2/16/10 at 9:24 pm to kfizzle85
quote:
They've been pushing that at UNO as a "hot" area, and the test isn't very difficult, from what I understand. CIA and CMA are really industry-oriented though.
Harder than at LSU?
I signed up for CIA classes because the school had me brainwashed into thinking that I would be impoverished if I didn't. I sat through one class and realized that I wanted to be an internal auditor as much as I wanted to be a quadriplegic.
Posted on 2/16/10 at 9:24 pm to TheHiddenFlask
quote:
I think I saw him at a business meet and greet the other day. He was handing out his business cards.
He has a huge plaque on his wall right when you walk in.
The first class you have with him he writes out his name and then starts with CPA, CFP, CMA and then just stops and says "I have 9 of these...I don't feel like writing them all out."
Instant credibility
quote:
That's good, but it depends on which sections she missed on. The weights aren't equal.
I'm not sure if it's the worst test ever, but maybe I was just ready to be done with it. I had a pretty good time and dominated it.
I could see how it would be miserable for an A+ student though. I've always been a what it takes student, which probably gives me an edge.
She didn't say. On the 3 other sections she just got "average."
That is something I would have to get used to. Call me a nerd if you wish.
Posted on 2/16/10 at 9:25 pm to kfizzle85
quote:
I feel you, for different reasons. The combination of school, work, and almost three straight months of relatively long weekends (xmas holidays, nye, saints, lsu, mardi gras, bunch of wedding parties) is making it hard for me to keep up with my schedule, which I am barely managing to do at this point. Now that most of that is out of the way, I'm hoping I can kind of get a handle on everything.
Downhill studying with aderall is the only way to go, IMO.
Devote 14 hours on sunday and 30 MG of adderall and you can knock out one of the smaller books (assuming you don't just post on TD all day.)
Posted on 2/16/10 at 9:26 pm to TheHiddenFlask
quote:
aderall
I've been told it is the miracle drug. I have yet to try it.
One of these tests may push me to using it.
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