When i study the material it seems like i understand what is what , but when i start answering the questions everything is going wrong? can anybody help me on this?
Yes. Answer the questions. Figure out what you did wrong. Then read the curriculum again. Then answer the questions again. Eventually you’ll figure it out.
Repeat this same process for Quant, Econ, Corporate Finance, Accounting, Equity, Fixed Income, Derivatives, Alternative investments, and portfolio management.
Then, stop studying, and answer a ton of questions over everything.
Then, when you’re done with that, take as many mock exams as you can.
Congratulations–you’re finished with Level 1! Now the hard part begins.
Thank you so much !
ethics is hard because it’s not “ethics according to our moms”, instead it is “ethics according to the CFAI” which has a specific purpose other than “being ethical”.
It helps to answer any question while considering the order in which CFAI is trying to protect the reputation of the industry.
First consideration in any judgement call: what is most appropriate for Clients/Customers. When in doubt, think about how it would look if a reporter took the action completely out of context and all you saw was a headline. Does it pass the smell test of ethical behavior?
Second consideration: What is most appropriate for your employer, assuming you are not harming a client.
Third consideration: yourself.
If you always put the client first, the employer second, and yourself third. And don’t get too cute with your answer by over thinking it, you’ll end up with more right answers than wrong at level 1.
THe best method for studying and getting better at ethics problem is to read the ethics manual, which is exactly the same as Volume 1 (this is not an exageration, Volume 1 of the material is word for word from the ethics manual, including example questions). This is the one volume that I recommend using the actual CFAI text rather than any study aid. Just read it, and you probably should read it more than once. There are similar questions at every level, so it’s time well spent to get good at ethics for level 1. And do as many practice and sample questions as possible. familiarity with the tricks and traps will help here more than in any other topic, IMO.
Good luck.
Almost:
- First consideration: _ integrity of financial markets _; you cannot do something in the best interest of your clients if it subverts the integrity of the financial markets.
- Second: clients
- Third: employer
- Fourth: you
Fair enough. I assumed it was a given. Probably shouldn’t.
Thanks for both of you !
What seems to be working for me is that I just keep on going through many rounds of questions and learn from them rather than burying myself in the curriculum. When a problem is still unclear, I refer back to the curriculum to more deeply understand the LOS.
read broucher of code of ethics over and over again,then do as many quesitons as you can!
figure out what you did wrong.I believe ,Over a period of time,you will work it out.