2025 CFA Level II Exam: CFA Study Preparation

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According to the framework there are six phases:

Define the purpose and context of the analysis. The purpose can be evaluating equity/debt investment, issuing a credit rating, etc.
Collect input data. The sources include financial statements, footnotes, supplementary schedules, MD&A, company web sites, press releases, etc.
Process input data. Make necessary adjustments, calculate ratios, prepare common-size statements, etc.
Analyze / interpret the data. A financial statement does not prove useful unless interpreted correctly.
Draw conclusions and prepare presentations. Examples are analytical reports and recommendations.
Follow up. Are there any changes / recent updates?

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