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By Eric Smith, CFA, FRM | Posted on July 08, 2014
In some cases, you will be given a question where the answer can be obtained by using a formula and a fairly lengthy calculation; however, you may also be able to identify the correct answer without a calculation, if you truly understand the concept or relationship being tested. With any formula you encounter in the required readings, you should try to gain a clear understanding of what it is telling you (when it is appropriate to use it) and the relationship among the various input…
By Eric Smith, CFA, FRM | Posted on June 24, 2014
It is important to identify those concepts that are most likely to be covered on the exam. In any given year, some concepts might be omitted, but if you can answer most of the questions concerning these main concepts, you will dramatically increase your chance of passing. Generally, the idea is to be correct on most of the questions dealing with the important concepts, and then rely on your "big picture" knowledge to get points on the remaining material.
Next Essential Exam…
By Eric Smith, CFA, FRM | Posted on June 10, 2014
Focusing on the big picture means you should know at least a little about every concept. For example, even if you don't know the formula for effective duration, at least know that effective duration is a measure of interest rate risk. By remembering basic information on exam day, you will be able to narrow your answer choices. You probably won't answer many questions correctly with only a basic grasp of the concepts, but you can improve your odds on a multiple-choice question from 25%…