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V D Shah's Ethics cheat sheet!

VDshah's Ethics cheat sheet! CFA Level 1 2 3 - A group of students were given the CFA Institute examples compressed into single line violations which cuts the clutter and highlights the crux. This is the cheat sheet! Not surprisingly, there was no student who had a score less than 70 at ethics. This was at VDshah's CFA free review sessions in V D Shah CFA Coaching Mumbai 9969637888

Ethics was the only subject where I'd a 51 - 70 at my CFA level 1. I regret not scoring 70+ here like I did in other nine topics. Not seeing the same blunder in you, I have compiled the violations; the numbers indicate curriculum questions - the sequence purposely jumbled for better memorizing. Some violation reasons have numbers before it - couple of questions having the same violation are taken together to save time of candidates.

The last day address –

Without taking much of your time, I guide you on how to prepare on the last day. Irrespective of what's done or rather what's not done, clock how many hours you would be putting in today. Keep the last hour for the bag pack & don't keep anything pending for Tom.

The best to start your preparations today are the topics you are most confident with. Be it Corporate Finance or Equity or Ethics (you can't do much about ethics at the end moment. This cheatsheet would give you a good confidence to head start your day. It would be foolish to start with Quants or economics. I wouldn't comment much about Quants as there are candidates who would feel fresh in the morning to remember the formulas. Keep this in mind - Corp finance quants derivatives have memorizing formulas & FRA has memorizing the differences between IFRS vs USGAAP.

Allot time according to the weight. Don't under estimate the power of low weighted subjects, a few wrong questions could bring down your class - the results would be given in a range of below 50% & so on. One can still pass after scoring less than 50 in as much as 3 subjects so no need to panic. Remember a few questions wrong in low weighted subjects would drag down your % class in that subject.

Make sure you do not start with any untouched topic. There is less harm in skipping topics rather than allotting the revision time of others to them. There's hardly any point in making notes today, I have compiled good enough material for the last day. Just keep on reading & skip what you don't know. The only thing you shouldn't skip today is a good night sleep, or else the second session would be heavy to you.

Checklist: Passport, calculator (spare battery), hall ticket (copies), pencil, sharper, erasers. Water bottles & exam pad aren't allowed in the class. Phones & belongings at the common baggage counter. Expect good arrangements for water but not food.

Look at my exam day experience & tips at vdshah.com

- V D Shah

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`Caution : There are no shortcuts to success. With these condense CFA study notes, it is must to have a guide for the sequence strategy and more importantly the concept clarity. We at Era are obligated to V D Shah who's Happy 2 help in building a conceptual base before you start full fledged.

Announcement : You are invited for VDshah's FREE lecture at the CFA Level 1 Bootcamp that would give you an overview of the ten subjects with efficient study materials. The sessions are conducted at frequent intervals & various locations. Whatsapp +91 9969637888 for the details.

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Sequence : Start with first two Quant readings ( tvm dcf ) » move to corporate finance » first session of FRA for P&L B/S basics » equity » fix income » Quant » Derivatives » PM. Ethics is good to do fifteen minutes daily. In fact memorizing FRA ( its mainly memorizing IFRS USGAAP differences ) , Quant formulas ( readings 3 onwards are heavy ) goes digestible in daily dose. If you aren't a regular reader, Fix Income & Economics seems stressing minds. The derivatives valuation is a mathematical task. Surprisingly Equity Corporate finance Ethics Alternate Inv ( independent topic ) seem light to everyone including beginners. Except for last - val, equity is theory!

V D Shah's study tips that will push you to pass :

Do not take ethics lightly. Advisable to read from the curriculum as pages per exam weight is minimal. VDshah’s ethics cheatsheet is referred worldwide. Keep a track on time while studying lengthy economics & hypothesis. We do not feel more than two questions can be asked on hypothesis per session on exam. Focus on IFRS US GAAP differences for FRA. VDshah prepares IFRS vs USGAAP Focus on the sensitivity analysis when valuing derivatives & in corporate finance. (Sensitivity analysis is direction of change in the answer rather than finding answer by plugging the formula) – majority qns in exam would be concept based Even a couple of questions wrong in low weighted subjects could drag down the class in that subject. The results are subject wise as (50% & below) (51-70) ( 70%+)

Golden rules for Ethics, with you always when you face a dilemma :

Go by RATIONALITY ( not rigidity ) & INTENTION ( right intention usually does not lead to a violation, but a foolish candidate with no bad intention cannot use Ignorance as an excuse - sorry, not knowing is not allowed when he is supposed to know )

Passing Score : Your results are this way - in a range of (70+) (51-70) (50 & below) in every individual subject. We at V D Shah expect passing marks to be 64% to 66% in aggregate. I've seen candidates scoring less than 50 in 3 topics & still pass. There are no negative markings, so mark random for a 33% probability

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