Questions for those who have passed FM...

[StudyingIsFun]

Originally Posted by zzzsilver

Thanks for the advice 'Studyingisfun'. What sections specifically did you feel Guo really helped with? Thanks.

Z

Generally speaking, I felt that he really helped me understand more intuitively why I was solving the problems the way that I was. I first went through all of the ASM text and I did OK with the problems, but I didn't understand why the formulas were the way they were. Guo helped me understand how the formulas were derived from an intuitive perspective.

I thought his section on geometrically increasing annuities was extremely helpful. He also has good sections on using the cashflow worksheet and the amortization worksheet, both of which I did not use until I read his manual.

[zzzsilver]

Ok gotcha. Thanks!
I'll probably check it out.

Z

[Ace08]

1) How many hours total did you spend preparing for the test? About 75 hours, mostly in the two week prior to the exam.

2) Had you taken a class in theory of interest or something similar prior to your specific FM preparation? I've had a few classes in the subject.

3) What calculator did you use? BA II Plus

4) Did you pass on your first attempt? Yes

5) Do you have any tips that you would give to first-timers? Learn to use the answer choices to your advantage. Sometimes it's faster just to plug in the choices instead of using 10 minutes to solve an algebra problem.

[MathandBikes]

1) How many hours total did you spend preparing for the test? 150. I felt like another 50 would have been very helpful though.

2) Had you taken a class in theory of interest or something similar prior to your specific FM preparation? No, all new information

3) What calculator did you use? BA II Plus and TI Multiview. I used this combo for both P and FM and definitely think it works well.

4) Did you pass on your first attempt? Yes

5) Do you have any tips that you would give to first-timers? ADAPT is an extremely useful tool for the final 7-14 days. I highly suggest subscribing especially if you have it set up so you can get 50+ hours of studying in during the last couple weeks.

[FelisLachesis]

1) How many hours total did you spend preparing for the test? About 300, but no marathon cram sessions

2) Had you taken a class in theory of interest or something similar prior to your specific FM preparation? yes, but it was so long ago, that I had forgotten most of it.

3) What calculator did you use? BA II Plus Professional. as most people said, you don't need the pro functions, but I had this given to me as a gift, so no complaints.

4) Did you pass on your first attempt? yes, but I was still nervous waiting for the confirmation screen

5) Do you have any tips that you would give to first-timers? My best advice is to go over the material once through whatever source works best, finishing with about a month to go. I used ASM. In the last month, do problem after problem after problem. ADAPT is a wonderful resource to getting ready for the exam. Also, try to understand some of the theory behind the formulas, and not just try to regurgitate them. I had a lot of problems with Put-Call parity with about 10 days to go, and I was getting nervous. I finally worked out the theory, and it made things easier. The formula stuck in my head is a mess, but it's algebraically the same as the regular formula.

[DrWillKirby]

1) How many hours total did you spend preparing for the test? ~145. Spent ~90 on the ASM over 2.5 months ~5 with sample questions and ~50 with ADAPT the last 2.5 weeks before the test. Going into the test I felt like I could have used 20-30 more hours but went really well day of

2) Had you taken a class in theory of interest or something similar prior to your specific FM preparation?
Nothing very relevent, little bit of derivitave common sense and really basic time value money from econ, enough calc to make what was on the exam seem easy, and went though simple annuities and bonds in intro financial accounting as I was studying

3) What calculator did you use? BA II Plus and TI 30x Multiview.

4) Did you pass on your first attempt? Yes

5) Do you have any tips that you would give to first-timers?

I'd recommend the ASM+ADAPT combo. Don't spend too much time on ASM problems that seem really hard. If I couldn't even comprehend a problem I just tried to learn one thing from the solution and move on. Also if you probably don't know how to do it within 5-6 mins it's not worth the time to grind out a retarded method and probably still miss it. Even the some of the easy stuff will likely take multiple mistakes to learn so definitely shoot for 1k+ probs attempted.

Also try to spread out studying and not cram too much. Figure out a way to get at least 10 hours a week in even when the exam is far off. I was really bad at this and almost panicked and choked down the stretch

[asturiasvn]

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1) How many hours total did you spend preparing for the test?

3 weeks with about 2-3 hours / day

2) Had you taken a class in theory of interest or something similar prior to your specific FM preparation?

No

3) What calculator did you use?

TI 30X II

4) Did you pass on your first attempt?

Yes

5) Do you have any tips that you would give to first-timers?

Remember all formulas to calculate by TI 30X, not BA and try to do all questions in sample questions and about 2 trial exams

[Byram]

1) How many hours total did you spend preparing for the test?

Study time on my own (not including any classes) probably was around 100 hours. I did my studying alone and from June to August out of ACTEX, with the last week before the exam spent on ADAPT.

2) Had you taken a class in theory of interest or something similar prior to your specific FM preparation?

I had a theory of interest class in the spring, and studied duration/convexity/immunization and the derivatives sections myself.

3) What calculator did you use?

BA II Plus Professional (really only used for calculating n or i quickly)
TI-30XS Multiview for everything else

4) Did you pass on your first attempt?

Yes

5) Do you have any tips that you would give to first-timers?

Definitely go through ADAPT near the end and drill problems. I was hitting level 8, 9, and 10 questions near the end, and the 10's I found nearly impossible, while the 8's were just a challenge. When I got to the real exam, I honestly thought it was much easier than ADAPT.

[GL]

Great suggestions, and congratulations for people passed the exam.

Any suggestions on sample problems?

[yros26]

1) About 120 hours (not including about 30 hours of lectures over a semester)

2) Yes, but the class wasn't too intense, and I took FM a week before the final.

3) BA ll Plus and TI 30xs multiview

4) YES, Thank God!!!

5) Go through all the material and keep moving, even if you don't understand it completely. Then come back and you'll see that it'll be way easier.

Good luck to you all!!