All depends on where you are in your studies, as well. Feb gives you more time and the exam will be online with less questions. This is all assuming the December test takes place - could be as many 173k taking L1 with June cancelled. Thats a lot to get figured out with Covid, etc.
Also if you register and pass in Dec, cost for Level 2 will be more as compared to Jun 22.
Also don't forget to take costs into consideration. Right now you can register for Feb 2021 at $700 while Dec 2020 is at $1000. Explore the CFA website and make your decision.
hey @pcunniff , so if imports exceed exports, we know that it has to be a current account deficit, i.e. Answer A can be eliminated.
Since Balance of Trade (BOT) is a combination of a country's good and services, we don't have sufficient info in the question to conclude whether the BOT is a surplus or deficit, because the question only stated merchandise and we don't have enough info about other sub-components of current account.
But because the balance of payments has to balance, i.e. the balances of these 3 components must sum to zero (current account, capital account and financial account). A deficit in one area implies an offsetting surplus in other areas. A current-account deficit implies a capital-account surplus (and vice versa).
Hi @Kashish , I don't know if you've seen our analysis on that topic this week, here's the article that may help https://www.300hours.com/articles/cfa-level-1-registration-which-exam
In short, if you can make Dec 2020 by registering now and giving it a good shot, it's the best (last) chance for aiming for a fastest route to your CFA charter. This is if you pass Dec 2020's exam, you can still make L2 in June 2021, although that isn't the case for any 2021 exams. For any L1 2021 exams, the earliest L2 June exam candidates can register for is June 2022.
Let me know if you've further questions.
You'll have to account that you're calculating in semi-annual periods.
So 1 bps = 6% becomes 6.01%, and when counting semi-annually, I/Y = 3% becomes 3.005%.
Think about it, when interest rates are high, you're going to hold more bonds because you earn a return on it. But when interest rates are low, you'd rather hold money instead of bonds so when interest rates are low, the demand for holding money is higher. But when interests are high the demand for holding bonds, or putting money into a CD, etc is higher. Does that make sense?
Time tranching has more to do with setting up tranches to suit different investors with different maturity preferences. Investors who preferred to hold bonds with shorter maturities will invest in tranches that accept a lot of mortgage prepayments. So if the underlying mortgage get paid off faster, than the tranche will have shorter lives. Investors who prefer to hold bonds with longer maturities will invest in tranches that accept fewer mortgage prepayments. So these tranches will have longer maturities. Does that make sense?
Credit tranches are relating to default situations (addressing credit risk), whereas time tranches are for cash flow and payments (prepayment risk).
So time-tranching (or prepayment tranching) determines how principal cashflows are allocated. This can be sequential (senior tranche first) or some other custom parameters, depending on why/how the product was structured.
In my opinion, the one thing that's extremely important from Lvl 1 that flows into Lvl 3 is time value of money. You better know how to solve all those PV, FV, annuity, etc questions. On lvl 3, there's always a huge essay question that's worth at least 30% that has to do with some sort of retirement planning. I find it extremely easy to mess up on timelines simply by not knowing whether something happens at the beginning of the year or the end of the year, because the language can be vague. So make sure you know how to solve complex TVM questions.