DSST - Principles of Finance advice?

[jjbigred]

I am looking for tips from those who have recently passed the Principles of Finance Dantes test. I just started using this site last week and the first test I took using this software, Money & Banking, was a failure - 45 (needed 48). So, I have already lost confidence in the software, but am willing to place my faith in people. I have passed many other CELP/DSST tests long before trying this site.
I have purchased one of the reference books, "Fundamentals of Financial Management" (Brigham/Houston) and run through all of the flash cards once. I guess what I am looking for is:

- Was there any topics that were covered more than others?

- Was there another study path you took that you found useful?

- Any other good advice?

Thank you in advance

[MISin08]

Usually I say "everything you could want is in the Specific Exam feedback" but for this exam the caveat is most of the feedback thread is about the old version of the exam. The principles haven't changed, but the presentation has. That said, really focus on time value of money and applications of net present value, such as the CAPM. Risk and Return. Many of the questions are framed in relation to stocks, so it makes stocks seem like they are covered a lot on the exam but it's the concepts that matter, studying the stocks chapter alone wont cut it. I too used one of the recommended texts and I'm glad I did. If your book has a site with quizzes, use it. I also took the test after both Econ tests, Financial and Managerial Accounting, which was a good idea, as Finance builds on all of these.

I hate to admit, but for a business major, if there's a core class worth taking as a class Finance may be it.

Phillip

P.S. Money & Banking in 1 week with IC alone was probably a bit much to expect unless you scored high on CLEP Macroeconomics and have a poster of Greg Mankiw on your wall.

[jjbigred]

I appreciate the insight. I did look over the "Spec. Exam Feedback" section but had concerns that all of the info seemed to be from 2007 - outdated. I passed the CLEP Macro & Micro tests in early June but did not exactly knock them out of the park. I am looking at a technical degree with Embry-Riddle Aeronautical University and management will be my minor, so it is not as if I am working towards my MBA. It was a mistake to trust IC too much, too early with M & B though. Thank you for your insight.

[IgnazSemmelweis]

P.S. Money & Banking in 1 week with IC alone was probably a bit much to expect unless you scored high on CLEP Macroeconomics and have a poster of Greg Mankiw on your wall.

No poster on the wall, but I have his blog in my google reader feed.

[dharmachic]

I appreciate the insight. I did look over the "Spec. Exam Feedback" section but had concerns that all of the info seemed to be from 2007 - outdated. I passed the CLEP Macro & Micro tests in early June but did not exactly knock them out of the park. I am looking at a technical degree with Embry-Riddle Aeronautical University and management will be my minor, so it is not as if I am working towards my MBA. It was a mistake to trust IC too much, too early with M & B though. Thank you for your insight.

I wouldn't be too quick to dismiss the Specific Feedback based on date only. Exams aren't updated that often. As for the M&B exam which I took in May this year, the Specific Feedback was SPOT ON as far as what to focus in your study. I already knew from reading the postings that it was one of the hardest exams so that IC alone would not cut it. Not to brag but using this method has been highly successful for me, resulting in a 65 score on the M&B exam (and this is from someone who is not familiar or exactly comfortable with finance-related subjects).

As for the Principles of Finance, although the info may be outdated a little, I would still use the Specific Feedback info, starting from the most recent feedback and working backwards, to use as a foundation for your study. Use the resources mentioned in the threads heavily and you should do fine. FWIW for the more difficult exams like M&B and Principles of Finance, the IC questions serve as a good primer covering only the basics, but the nature of those particular exams require a more indepth type of study requiring comprehension and critical thinking that cannot be taught using multiple choice alone. That is where the Specific Feedback portion of your IC membership is invaluable.

Again, even if the feedback thread seems a bit old, certain subjects don't change all that much in terms of topics covered and at least you know where to direct your focus in study and general expectations of difficulty, which are extremely important to know when studying for broad subjects like finance.

Good luck!
Helen

[UptonSinclair]

Expecting Instacert to work as your only study source is always a mistake. It is a good study aid, but not a replacement for a textbook.