Uno de los grandes retos de los exámenes CFA es la gran cantidad de información que hay que revisar y recordar. Puedes utilizar varias estrategias de estudio, pero desde mi punto de vista, si empiezas con anticipación, la mejor manera de prepararse es el currículum oficial. Por definición es el material más completo.
A continuación presento el desglose de páginas de cada lectura, sin contar los ejercicios, el resumen ni secciones opcionales.
Desglose de las lecturas del Curriculum CFA Nivel 1 Diciembre 2014
TEMA | PÁG | |
STUDY SESSION 1 | Ethical and Professional Standards | |
Reading 1 | Code of Ethics and Standards of Professional Conduct | 13 |
Reading 2 | Guidance for Standards I–VII | 130 |
Reading 3 | Introduction to the Global Investment Performance Standards (GIPS) | 4 |
Reading 4 | The GIPS Standards | 36 |
STUDY SESSION 2 | QUANTITATIVE METHODS BASIC CONCEPTS | |
Reading 5 | Time Value of Money | 36 |
Reading 6 | Discounted Cash Flow Applications | 20 |
Reading 7 | Statistical Concepts and Market Returns | 70 |
Reading 8 | Probability Concepts | 39 |
STUDY SESSION 3 | QUANTITATIVE METHODS APPLICATION | |
Reading 9 | Common Probability Distributions | 38 |
Reading 10 | Sampling and Estimation | 26 |
Reading 11 | Hypothesis Testing | 37 |
Reading 12 | Technical Analysis | 53 |
STUDY SESSION 4 | ECONOMICS: MICROECONOMIC ANALYSIS | |
Reading 13 | Demand and Supply Analysis: Introduction | 48 |
Reading 14 | Demand and Supply Analysis: Consumer Demand | 28 |
Reading 15 | Demand and Supply Analysis: The Firm | 47 |
Reading 16 | The Firm and Market Structures | 46 |
STUDY SESSION 5 | ECONOMICS: MACROECONOMIC ANALYSIS | |
Reading 17 | Aggregate Output, Prices, and Economic Growth | 69 |
Reading 18 | Understanding Business Cycles | 47 |
Reading 19 | Monetary and Fiscal Policy | 63 |
STUDY SESSION 6 | ECONOMICS: ECONOMICS IN A GLOBAL CONTEXT | |
Reading 20 | International Trade and Capital Flows | 54 |
Reading 21 | Currency Exchange Rates | 55 |
STUDY SESSION | FINANCIAL REPORTING AND ANALYSIS AN INTRODUCTION | |
Reading 22 | Financial Statement Analysis: An Introduction | 30 |
Reading 23 | Financial Reporting Mechanics | 34 |
Reading 24 | Financial Reporting Standards | 39 |
STUDY SESSION 8 | FINANCIAL REPORTING AND ANALYSIS INCOME STATEMENTS, BALANCE SHEETS, AND CASH FLOW STATEMENTS | |
Reading 25 | Understanding Income Statements | 52 |
Reading 26 | Understanding Balance Sheets | 45 |
Reading 27 | Understanding Cash Flow Statements | 41 |
Reading 28 | Financial Analysis Techniques | 63 |
STUDY SESSION 9 | FINANCIAL REPORTING AND ANALYSIS INVENTORIES, LONG-LIVED ASSETS, INCOME TAXES, AND NON-CURRENT LIABILITIES | |
Reading 29 | Inventories | 19 |
Reading 30 | Long lived assets | 37 |
Reading 31 | Income Taxes | 29 |
Reading 32 | Non-Current (Long-Term) Liabilities | 43 |
STUDY SESSION 10 | FINANCIAL REPORTING AND ANALYSIS EVALUATING FINANCIAL REPORTING QUALITY AND OTHER APPLICATIONS | |
Reading 33 | Financial Reporting Quality: Red Flags and Accounting Warning Signs | 17 |
Reading 34 | Accounting Shenanigans on the Cash Flow Statement | 8 |
Reading 35 | Accounting Shenanigans on the Cash Flow Statement | 42 |
STUDY SESSION 11 | CORPORATE FINANCE | |
Reading 36 | Capital Budgeting | 23 |
Reading 37 | Cost of Capital | 31 |
Reading 38 | Measures of Leverage | 23 |
Reading 39 | Dividends and Share Repurchases: Basics | 22 |
Reading 40 | Working Capital Management | 40 |
Reading 41 | The Corporate Governance of Listed Companies: A Manual for Investors | 40 |
STUDY SESSION 12 | PORTFOLIO MANAGEMENT | |
Reading 42 | Portfolio Management: An Overview | 32 |
Reading 43 | Portfolio Risk and Return: Part I | 57 |
Reading 44 | Portfolio Risk and Return: Part II | 42 |
Reading 45 | Basics of Portfolio Planning and Construction | 32 |
STUDY SESSION 13 | EQUITY MARKET ORGANIZATION, MARKET INDICES, AND MARKET EFFICIENCY | |
Reading 46 | Market Organization and Structure | 58 |
Reading 47 | Security Market Indices | 28 |
Reading 48 | Market Efficiency | 25 |
STUDY SESSION 14 | EQUITY ANALYSIS AND VALUATION | |
Reading 49 | Overview of Equity Securities | 30 |
Reading 50 | Introduction to Industry and Company Analysis | 46 |
Reading 51 | Equity Valuation: Concepts and Basic Tools | 35 |
STUDY SESSION 15 | FIXED INCOME BASIC CONCEPTS | |
Reading 52 | Fixed-Income Securities: Defining Elements | 39 |
Reading 53 | Fixed-Income Markets: Issuance, Trading, and Funding | 41 |
Reading 54 | Introduction to Fixed-Income Valuation | 55 |
STUDY SESSION 16 | FIXED INCOME ANALYSIS OF RISK | |
Reading 55 | Understanding Fixed-Income Risk and Return | 45 |
Reading 56 | Fundamentals of Credit Analysis | 61 |
STUDY SESSION 17 | DERIVATIVES | |
Reading 57 | Derivative Markets and Instruments | 48 |
Reading 58 | Forward Markets and Contracts | 13 |
Reading 59 | Futures Markets and Contracts | 23 |
Reading 60 | Option Markets and Contracts | 36 |
Reading 61 | Swap Markets and Contracts | 17 |
Reading 62 | Risk Management Applications of Option Strategies | 18 |
STUDY SESSION 18 | ALTERNATIVE INVESTMENTS | |
Reading 63 | Introduction to Alternative Investments | 57 |
Es crítico llevar una disciplina de estudio constante para terminar de leer el material a tiempo. Un amigo me dio la idea de llevar en una hoja de cálculo de Excel el registro de las páginas leídas diariamente, de tal forma que si algún día se atrasaba, él sabía que tenía que reponer al otro día lo faltante. Puedes copiar la tabla de arriba al Excel para iniciar tu registro.
Suponiendo que inicias esta semana tu preparación, te quedan un total de 145 días para el examen. Para leer todo el material, requieres leer diariamente 17 páginas. Suponiendo que tardas 5 minutos en leer cada página, cada día tienes que leer una hora y media, y te tomará aproximadamente 206 horas estudiar los seis libros del curriculum. Esto sin contar el tiempo que debes dedicar a hacer ejercicios.
Recomendaciones de Estudio
- Inscríbete al examen con anticipación. Además de que resulta más barato, tienes acceso a los libros en formato e-book y puedes iniciar inmediatamente tu preparación.
- Establece una meta semanal de estudio, por ejemplo, leer 120 páginas.
- Aprovecha los sábados y domingos para hacer ejercicios de repaso y recuperarte de cualquier atraso en la lectura. Yo estudiaba 5 horas el sábado y 5 horas el domingo, ya que entre semana me atrasaba por los compromisos laborales.
- Utiliza los exámenes de prueba que están incluidos en tu cuota de examen. Vas a recibir un email del CFA Institute cuando estén disponibles.
Siguientes pasos
Si quieres conocer más sobre el Programa CFA, puedes consultar las Preguntas Frecuentes (FAQ) del Programa CFA.
Regístrate al examen. Antes del 20 de Agosto 2014, la inscripción al examen cuesta $1,240 USD. Después y hasta la última fecha de inscripción, 17 de Septiembre 2014, cuesta $1,610 USD. Te recomiendo inscribirte con anticipación, considerando la cantidad de material que tienes que estudiar.