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CFA 一级最后冲刺阶段的复习策略
在最后的一周里，大家的复习重点是CFA 考纲的LOS 而不是关注难度非常大的题目， CFA 所有的考题都是出自一个LOS 或者几个LOS 的结合， 而且CFA 的考题覆盖所有的Study Session。 结合我们的培训经验，可能以下的复习方法比较有效。
- 复习CFA 考纲中所有的LOS， 对自己没有把握的LOS再去翻阅复习资料或者你自己的笔记。
- 做2套高质量的模拟试题， 并且严格按照考试的要求完成考试， 然后仔细的复习你做错的题目。
- CFA 一级中 Ethics 和 Financial Statement Analysis 部分非常重要， 二部分的总分值达到40% 以上， Economics 部分内容很多但是分值比较少（10%）所以在最后阶段不要花太多的时间在上面。
- CFA 考试中时间的合理分配相当重要， 请不要花太多的时间在某个题目上。
- 上午和下午的考卷结果是完全一样的， 都是120道题目，有时偶尔会出现同一道题目在上午和下午同时出现的情况。
以下是我们觉得Ethics 和 FSA 部分比较重要的知识点，希望大家复习时给与关注。
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 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.
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.
当天考试的时候地注意事项：
- 提前熟悉一下考场和去的行车路线， 考试时间是 9：00-12：00，下午2：00-5：00。
- 请提前打印您的准考证和携带相关的证件。
- 不要携带太多的东西， 考场当天寄存东西的人特别多
最后祝大家考试顺利， 取得好成绩！
99CFA Level 1 Team
