|Author||Topic: understanding statistics - help please|
|Can anyone go into greater detail on statistics terms? Standard deviation and so forth. I understand the definition and how to apply & calculate it but I'm not sure I'd get it right if they asked me a conceptual question. If you know of a book where I can get a better handle on this, please post the name and the author. Thx|
|Hey, mate. There is so much material on these tests! I can't blame any student for wanting to understand the material conceptually - I know I do. Regarding a statistics "primer", you could look online at Barnes & Noble or Amazon. I have a Schaum's Statistics that is really a great primer.
As far as standard deviation goes, this is really another way to express variance. The reason that people focus on standard deviation is because it is expressed in the same units as your original quantity (e.g. the distribution of adult men's heights in inches; the standard deviation will be in inches too - NOT inches squared).
I'm surprised that the CFAI material isn't more helpful to you. I would imagine that most of the students are from a business / finance background with only a minimum of statistics, probability, simulation, etc. I'd suggest you try analtstnotes' basic questions for statistics first - they test your conceptual understandings, etc.
CFA Discussion Topic: understanding statistics - help please
I am happy to say that I passed! Your study notes certainly helped prepare me for what was the most difficult exam I had ever taken.