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Cfa Test Experience

In: Business and Management

Submitted By wfy581
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引言
人生何其短暂,用两个月的生命去通过一项考试那绝对是种十足的浪费,但既然你已
经被骗入了 CFA 这个沼泽中,既然你已经做好了人财两空的准备,既然你已经 @# ¥ %& ,
那么请不要在查分时刻默默地留下那屈辱的眼泪。
低盛总裁王小三: “ 看过 3.5 的《 CFA 一级那些事》,那绝对是屋漏偏逢不下雨,船迟 只
觉背来风。 ”
摩根 . 华伦天奴全球高级副总裁迈克尔 . 贝克汉姆: “ 闹事呢?这不是砸 CFA 场子么? ”
考试有风险,复习需谨慎
—— 张三点五丰

一、本文适用范围:
1 、 全文适用于准备 CFA1 的在校学生不限专业。
2 、 全文适用于准备 CFA1 有 3 个月以上准备时间的在职人员。
3 、 部分适用于准备 CFA1 不符合以上两条的考生
4 、 CFA2 、 3 级考生请绕道。
二、作者背景
1. 学历:低于北京 TP 二校的理工科本科
2. 复习时间: 2 个月左右的脱产复习
3. 复习方式:在南京某知名高校内与两名 candidate 一起复习
4. 复习遍数:大概 notes2.5 遍。习题 3 遍
5. 考试成绩:除 alternative investment B ,其余 A
6. 考试用时:上午 1 小时 20 分钟,下午 1 小时 30 分钟
三、正文
3.1 复习资料、习题
a) Schweser Notes 5 本(课本部分) 5 星推荐必看
b) Schweser Notes 5 本(习题部分) 5 星推荐必做
c) 某机构中文翻译(广告位招租) 5 星推荐必购
d) 官方 Reading (课本部分) 负 5 星推荐(学术型人才推荐)
e) 官方 Reading (习题部分) 6 星推荐必做
f) 近两年官方 mock (俗称模拟题) 5 星推荐必做
g) 近两年官方 sample (俗称样题) 6 星推荐必做
h) 某机构百题预测(广告位招租) 4 星推荐选作
i) N otes 练习(也就是 6 、 7 两本) 1 星推荐蛋疼者做之
j) 官方 道德手册 3 星推荐选看
k) 辅导班视频(广告位招租) 3 星推荐选看
l) 老婆一只 自己看着办吧
m) 辅导班(广告位招租) 本 3.5 没上
n) 其他 本 3.5 没看
3.1.1 阅读资料
说到考试资料,那官方的 Reading 就是纯 TM 扯淡,如果在今年能够收到电子版的情况下,还去花着 N 百刀买那自己用着都心疼的铜版纸教材,绝对是烧包的表现,一来不 支
持低碳生活,二来过于支持 CFA 的宗旨 —— 骗钱第一,考试第二。
在官网注册完,直奔万能的 Taobao ,在搜索栏 baidu 一下 “ CFA Notes ” 你就能看到 一
个真正的完全竞争市场。具体书的颜色每年不一样,但要用的是哪本,哥们你懂的。
同时某些机构的中文翻译教材,绝对是上佳之选,不要和我 zhuangbility 说兄弟你的
英文能力多么销魂,就是再 TM 销魂,你告诉我什么是 qualified 和 unqualified ,如果告诉
我是 “ 合格 ” 和 “ 不合格 ” 的,本 3.5 告诉你, S+B 离你已经不是太远了。
此外有许多朋友会推荐官方的道德手册(网购 notes 的时候一般会送你),这个问题 下
一章节会提及。
作为补充,辅导班的 “ 免费 ” 视频同样是可以用来借鉴的, 3000 多块钱白给,不要 白
不要。
另外某机构的百题预测也是可以用来把玩的,相当于在最后,对知识点做一个大致 的
温习,不过里面有些题目的答案并不完全正确,当然已经通读 notes 的你肯定能够判断出
的。
3.1.2 习题
大家经常会烦恼要做哪些题,要么说 notes 题少而简单,要么问书后的问答题到底要
不要做。本 3.5 郑重的告诉你,官方 Reading 后面的习题是一定要做的,无论选择还是问
答,因为其中有些干脆就会在考试中重现,比如在看定量分析( quantitative )的时候,你
会发现,为什么书中大篇幅出现的 T-value 和 F-value 的题目数量和只有一句话提及的 P- value 一样多的时候,作者已经内牛满面的在告诉你要考什么了。有人问 Reading 这么厚,
自习时候拿着多烦躁, 3.5 偷偷地告诉你, Reading 是胶装的,所以题就 是用来撕的嘛 .......
另外官方的免费 mock 和付费 sample (每年考试前一个月)是完全接近于 CFA 考试 难
度的题目,付费 sample 也不要操心要不要花钱,因为这些都会在论坛中放出,如果不做 你
就完了。当然 notes 后面的习题应该是你在看 notes 的同时已经完成的,更加不要计较了。
至于其他的练习,如果以上的题目都做完的话,君已经到了无题可做,无可征服的 境
界,那就去看看别的书好了。
3.1.3 复习组合
驾驭考试组合: abc,efgh,jk( 为复习资料代号 )
轻松通关组合: abc,efg,k
低水飘过组合: abc,fg ( 考试有风险,请谨慎使用 )
3.2 考试难度
大家都已经是混迹江湖多年的老油条了,就是最不着调的也经历过中高考的历练,至
于狗一般的 GRE ,猪一般的考研就更是去到了另一个世界,但请不要进入一个曾经本 3.5
曾经达到的误区,那就是千万别把 CFA 当作选拔性考试来准备,毕竟时间就是生命,用你
那有限的生命多去弹弹琴,说说爱,再生两个娃子多好。
CFA 是一个通过性考试,题目难度分配基本是 8.5:1:0.5 ,暨 85% 的简单题, 10% 的中 等
难度, 5% 的难题(多在 Alternative 和 ethics )。难度基本和 sample 类似,也就是说你拿到 s ample
一气呵成,能达到 75% 的正确率,那就完全可以说是和通过划等号了。不要和我说 sample
有多么简单,因为考试他就是这么简单。
复习时如果时间不够充裕请千万别去死扣一些计算上的难题,比如财务报表中各种递
延税的复杂算法,其他类投资中的复合题。浪费时间,这种题目在考试中的 240 题里,最 多
只有 5 题左右,除非你是蛋疼的时间过剩否则直接放弃之。此外假如考试中碰到了 3 分钟 还没有思路的计算题,那就请直接放弃,因为如果不是脱产复习,可能时间并不会非常充裕,
毕竟 360 分钟 240 道题并不清闲。
3.3 复习顺序
这也是很多人关心的话题,按 3.5 的复习经验,无论如何复习请把道德放到最后,因 为
道德是一种集大成的题目,他会涉及到很多后面章节出现的专业名词,所以放到最后,哥 不
会骗你的。
这里讲一下其他类投资可以说是权重约等于 0 ,而题目又最难的,很多 9A8A 的朋友都是 在
这项上死掉的,但无伤大雅,就是成绩低于 50% 也不会伤到你任何一根毫毛,所以说没时
间没心情,这一块可以只看一遍甚至不看,因为你复习了对 4-5 题和你不复习对 8*0.33=3
题没有任何区别,甚至许多人品帝能够楞蒙到 50% 。
其他的就按着 3.5 给你的次序复习就好了。
另外说一下道德,这块可以说是 CFA 的重点也是难点,初来乍到连蒙带猜也很难保证
达到 60% 以上,但是其实黄毛的白毛的黑毛的也都是人类,道德的判断方式也大致相同,
只要你把 notes 上的例子搞懂并且做题数量达到 200 道以上,基本对于 CFA 的道德范畴你 就
了然于胸了,这里重点推荐下某机构的视频,里面讲的还是不错的。很多人提到道德手册,
作为鼠目寸光的本 3.5 ,没有选择去看,因为做练习时虽然没看也轻松 70% 以上,而且甚 至
保证能够达到 80% ,但是长远来看,因为考 2 、 3 级时道德同样有不小的比重,假如有时 间
看一看绝对没有坏处。
3.4 通过分数
这是大家经常会探讨的话题,有空的话大家可以翻翻官网,上面明确写到小于 50% 的
等级是 low , 50% — 70% 是 from low to average ,而 70% 以上才是 from average to above the average 。所以说 70% 才是及格线,虽说理论上这 70% 是世界前 1% 的 70% ,但实际上你可 以
理解为总分的 70% ,因为考试是 3 选 1 。如果你自己能确定有 50% 的答案是正确的,你的 期
望就会达到 67% ,基本上可以通过,所以说考场上只要你能确定自己 55% 的答案是正确的 ,
外加考试前不太败 rp 的花, 你的通过就基本上是板上钉钉的事情。 3.5 考试时可以确定正 确
的题目上午在 80% ,下午可以在 70% ,所以 9A1B 到 10A 是合理的水平。
四、复习方法
4.1 宏观上
书的内容从章节大到小看有 subject 、 session 、 reading 三个大小等级,个人建议以 readi ng
为单位,一定定好计划,比如大的 reading 一天一节,小的一天两节,给自己一个流程表,
课程名称 数量(题) 难度( 5 最高) 推荐顺序
道德 36 4 10
定量分析 28 理工 2 文科 4 1
经济学 24 3 9
财务报表分析 48 5 2
公司理财 20 3.5 3
组合管理 12 3 4
证券投资 24 3.5 5
固定收益证券 28 3.5 6
衍生品 12 3.5 7
其他类投资 8 5 8
总计 240每当复习完一个 session ,立刻花一天把本 session 内的内容再过一遍,否则和没看没有任何
区别。每结束一门 subject ,就可以开始做相应的真题,做到真题与书同步进行,因为其实 CFA
各个章节间除了 2-3 章其余的并没有十足的联系,如果你决定一气看完,而且又是在职的 话 ,
那无异于给 CFA 协会捐款。
4.2 微观上
一级的考试内容主要是考察知识的了解程度而非掌握程度,所以细节实非常重要的,
比如有一种说法叫 “ free rider ” ,按中文叫搭便车,作为一个大陆的学生你会一带而过,只
知有此物,不知出何处。但是如果你问一个学习金融的留学生他会很快的反应过来是属于
“ public goods ” 的,同样出题人也会有等价的思维,所以我建议大家做一下笔记,把这些
细节的内容充分记住,其他的还有比如每种指数使用的何种计算方法(代数平均值还是几 何
平均值啦),这些细节都会在考试中出现,而且会占题目的 40% 左右。细节的笔记是本 3.5
在考试前 1 0 天才开始做的,起步有些晚,尽管不完备,但在考试中, 3.5 觉得这项工作给 了
自己非常大的帮助,所以才能造成考试总用时不到 3 小时的奇迹。
4.3 时间安排
很多朋友问过我这个问题,因为首先基础不同,英语水平不同,全职兼职不同,所以 我
觉得很难回答,只能陈述下自己的情况,再有所推荐:
4.3.1 本人复习情况:
4 月初 - 约 5 月 1 日,只看书做 notes 后面的题(当时没做细节笔记,感觉很吃亏),每
天有效学习时间 6-8 个小时不等。
5 月 1 日 - 约 5 月 15 日,看书第二遍,同时做 reading 后面的题目。每天 8 小时
5 月 16 日 -5 月 28 日,下载了近两次考试的 mock 和 sample ,加上 jc 的百题预测。每 天
早晨 8:30- 晚上 11 点(但是期间把《明朝那些事 1-5 》看完了。。。罪孽罪孽)
5 月 29 日至考试,细节笔记和重温 mock 和 sample 上的题。
4.3.2 脱产推荐复习进度:
总时间: 60 日,平均每天 6-8 小时即可
基础阶段: 1-27 日过完除道德的第一遍 notes 加 notes 后的习题 其中定量 4 天,财务 6.5 天 ,
固定收益 3.5 天,衍生品 2.5 天 , 其他类投资 1 天,经济学 3.5 天,公司理财 2 天,组合管理 1
天,证券投资 3 天。
熟悉阶段: 28-29 日做前一次考试的 mock 和 sample ,了解下考什么,好知道哪些细节是需
要做笔记的。
升华阶段: 29-44 日过完第二遍,做细节笔记,同时做 reading 后面习题。
总结阶段: 45-50 日看道德同时做当年的 mock 和 sample 。
51-55 日看看百题,再把之前所有的 mock 、 sample 的题目和 reading 上不会的 题
过一遍
存留时间: 56-60 日每个人的执行力恐怕不同,加上中间要陪家属看电影买衣服吃大餐等 等
静默时间成本,留下 5 天没啥坏处。
4.3.3 全职复习进度:
前提如果你有 4 个月准备时间,那么和脱产的准备阶段可以是一样的。
那就谈谈如果只有两个月怎么处理这个问题:
如果只有两个月的话,那你其实就只有一遍的复习时间,因为 mock 和 sample 上的题 目
都是分块的,所以推荐你在看完每一个 subject 之后立即做题!同时做细节笔记。
从我个人经验来讲这可能是唯一通过的方法,当然版里有个猛女说是 2 周 4A5B1C,pass 的 ,
但我觉得实在太危险了,而且人家同时人家有个前提就是雅思 8 ,在国外一年金融硕士速 成
了下 ......五、考场注意事项
5.1 必带的物品:
a) 身份证或护照、准考证 ( 网上打印的,可折叠,别弄脏 )
b) 橡皮(先在家试一试好不好用,别买 4B 以上的橡皮)
c) 2B 铅笔 2 支(门口会有各个机构发的考试专用笔,非常好用)
d) TI 计算器、手表(别太复杂,否则会被认为是作弊工具)。
e) 许多 CFA 考生都会有一个担心,计算器会不会没电呢,负责任的讲如果你的计算器屏
幕没有明显变暗,那么就不会没电,请相信德州仪器。 CFA 考试的计算题很少(不到 15
题),你也没有多少机会展示你过人的计算器操作技术。
5.2 推荐带的物品
a) 自己做的笔记
b) 做过笔记的 quick sheet
5.3 不建议带的物品:
a) 手机及其他贵重物品(考场有存包处,但东西极其容易丢失,好东西千万别带)
b) 水。 ( 考场内有水喝,考试时可以上厕所 )
c) N otes (曾经有人推荐过,按我的经验你根本没时间看,所以 … )
5.4 考前准备
a) 考试当天早上吃早饭是一个明智的选择,不建议喝处子红牛,因为红牛在你第一次喝 的
时候会把你变得烦躁而冲动 …… 当然如果有长期饮用的经验在下午考试前来一罐还是
不错的选择。
b) 几点到考场比较何适也是一个常见的问题。我说说北京, CFA 协会说是 8 点前要到,
其实是扯淡,只要你 9 点前能进入考场就 ok 了,否则只能在座位上百无聊赖的等待。
我个人的建议是:提前一天踩考点,第二天保证 8 : 20 左右到就完全够用了。
c) 到达考场之后,根据准考证找到你的座位,然后立即去上洗手间。你懂的。
5.5 考试中的秘密
a) 考试时考场会用英语提示你何时开始填写姓名,何时开始答卷,如果英语听力并不灵 光
的你又更很不幸你坐在了考场中央,满儿回声,那就等着大家什么时候动笔你就什么 时
候动笔好了,法不责众嘛。
b) 草稿纸:考试没有草稿纸发,尽管纸卷中给你留下了最后几页的草稿纸,你也千万不 能
撕下来,否则无异于撕张一千大洋的刀刀。当然请放心,对绝大多数中国考生来说, 考
卷的空白处足够你打草稿。你可以在考卷上写任何东西,只要不把考卷带走就行。
c) 准考证:千万!!!千万!!!不要在准考证上写任何东西。否则就能提供给你一个锻炼 英
文写作水平的绝佳机会。
d) 答题卡最下方签名处一定要签名。当时主考官说一定要签英文名,但有朋友说画乌龟 也
没啥大问题 …… 但是一定!一定!要签!
六、住宿休息问题
a) 住宿:我是在北京国家会议中心考试的,围着这个鸟中心的一周除了五星级酒店就是 准
五星级的,当然还有一个家叫盘古的七星级, orz ,想要住会实惠一点的就只剩 1.2 公 里
外的如家,但是一定要提前预定,否则你只能寄望于北京那 1w 考生都是帝都人民了。
b) 休息:不要以为中午 12 点就能收卷走人, CFA 可是很标准化的,基本上都要到 12 : 4 0
才能把卷子收完,统一放人,所以说想休息,给你 20 分钟的机会,睡得着睡不着就是
兄弟你的事情了。幸运的是考场内提供午饭,至少不用到求爷爷告奶奶,所以说,带 一
罐咖啡是睿智的。

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