CFA 免費電子報
CFA 12 一級最後沖刺階段的復習策略
在最後的一周裏，大家的復習重點是CFA 考綱的LOS 而不是關註難度非常大的題目， CFA 所有的考題都是出自一個LOS 或者幾個LOS 的結合， 而且CFA 的考題覆蓋所有的Study Session。 結合我們的培訓經驗，可能以下的復習方法比較有效。
- 復習CFA 考綱中所有的LOS， 對自己沒有把握的LOS再去翻閱復習資料或者你自己的筆記。
- 做2套高質量的模擬試題， 並且嚴格按照考試的要求完成考試， 然後仔細的復習你做錯的題目。
- CFA 一級中 Ethics 和 Financial Statement Analysis 部分非常重要， 二部分的總分值達到40% 以上， Economics 部分內容很多但是分值比較少（10%）所以在最後階段不要花太多的時間在上面。
- CFA 考試中時間的合理分配相當重要， 請不要花太多的時間在某個題目上。
- 上午和下午的考卷結果是完全一樣的， 都是120道題目，有時偶爾會出現同一道題目在上午和下午同時出現的情況。
以下是我們覺得Ethics 和 FSA 部分比較重要的知識點，希望大家復習時給與關註。
Financial Statement Analysis
- Review the difference between LIFO and FIFO effects on financial statements, FIFO, LIFO conversion , LIFO reserve and LIFO liquidation
- Be able to adjust financial ratios for off-balance sheet financing such as sales of accounts receivable with recourse, take-or-pay contracts, operating lease
- Review the difference between Capital lease VS operating lease from lessee perspective and the difference between sales type-lease VS direct financing from lessor perspective
- Review the different between sales basis methods, installments sales methods and cost recovery methods
- Review the differences between the percentage of completion and the completed contract methods and their impact on the financial ratios and the financial statements.
- Review the below the line and above the line items in income statements
- Review CFO, CFI and CFF and know how to calculate CFO using direct and indirect methods
- Review a premium, par and discount bond and whether CFO, CFF will be overstated or understated for each bond.
- Review how to calculate deferred tax assets and liabilities and tax rate changes on income tax expense and how to treat deferred tax liabilities and the effect of deferred tax assets allowance
- Review the difference between capitalizing VS expensing an expense and its effects on financial statements
- Review the 3 and 5-components of DuPont system, and how to calculate growth rate
- Review important ratios -- current, quick, A/R turnover, average collection period, a/p turnover, inventory turnover, payables payment period, Fixed asset turnover, gross profit margin, net and operating profit margins, ROA, ROE and D/E, LTD/Total capital, D/A and interest coverage ratios.
- Review EPS calculations (basic and diluted), stock dividend/split effects and treasury methods for option/warrants. Review dilutive or anti-dilutive issues.
- Review impaired asset and its impact on financial statements
- Review the different depreciation methods and their impact on the financial statements and ratios.
Corporate Finance
- Review how to calculate the after-tax cost of debt and the cost of preferred shares
- Review the different ways to calculate the cost of equity (ks)
- Review the formula for the WACC
- Review the formula for NPV, AAR, Profitability Index and IRR and how to calculate each.
- Review how to calculate DOL, DFL and DTL
- Review signaling effects of a change in a firm’s dividends.
- Review how to calculate the EPS after a share repurchase
- Review how to calculate, and the effects of, BV per share after a share repurchase
- Review the advantages and disadvantages of share repurchases vs cash dividends
Ethics
- Review all Standards of Professional Standards, but focus on Independence and Objectivity, Misrepresentation, Material Nonpublic Information, Preservation of Confidentiality, Loyalty, Suitability, Responsibilities of Supervisors, Disclosure of Conflicts, Priority of transactions, and Fair Dealing.
- Review GIPS
