Download ALEKS Guidance - Nazarbayev University Graduate School of

PREPARING FOR THE MASTER OF SCIENCE IN FINANCE ADMISSIONS TESTS
Congratulations! You have decided to apply to one of the most exciting and career-changing
programs available in Central Asia: The Master of Science in Finance Program.
By now, you may have started your application on the admissions portal, you started collecting
your transcripts and you’re writing your essays. Most applicants worry about the IELTS
(English skills) and ALEKS (mathematics skills) tests. Thousands of candidates have taking
these tests before with success, there’s no reason why you would be any different. The key to
success: Preparation. This guide will provide you with some helpful tips on how to do well on
the IELTS and ALEKS tests.
IELTS Test: English Reading, Writing, Listening, Speaking
All degree programs at Nazarbayev University are in English. That alone is a necessary reason
why you need good English speaking and listening skills. We also live in a global economy and
chances are that you will be employed by an international company which will require you to
write reports in English. This is why you also need good English writing skills.
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Concepts required to know: English grammar, logical analysis, ….
Minimum required IELTS test:
o Minimum sub-scores of 6.0 (reading, writing, listening, speaking)
o Overall minimum score of 6.5
Determine your current level
o Practice Tests: https://www.ieltsessentials.com/global/prepare/freepracticetests
o Practice Test: https://www.ielts.org/usa/ielts-in-the-usa/ielts-for-test-takers-in-the-usa/ielts-practice-test
o More practice Tests: http://www.ielts-exam.net/Download-free-IELTS-resources.htm
Suggestions to prepare:
o General Preparations (British Council): http://takeielts.britishcouncil.org/prepare
o Free English Council Courses (online): https://www.britishcouncil.kz/english
o Online course by EdX: https://www.edx.org/course/ielts-academic-test-preparation-uqx-ieltsx-0
ALEKS Test: Quantitative Skills:
Finance in today’s world is all about numbers, probabilities, risk analysis, big data and
optimization. Financial institutions that master these skills will do better compared to those that
don’t. We will teach you many of these skills, but it’s important you have a minimum set of
skills to start with.
The ALEKS –Essential Math Skills for Business is the test we use to evaluate whether you
have the required skills level. The complete version of the test covers 220 topics (including
some topics on standard deviation and probability).
Additional topics you need to practice (12 additional topics):
By default, some of the following topics are NOT included in the Essential Math Skills for
Business course, but can be practiced in other modules or free online resources.
Basic Algebraic Operations (3 topics)
Converting between logarithmic and exponential equations
Evaluating a logarithmic expression
Basic properties of logarithms
Basic Statistics (9 topics)
Comparing standard deviations without calculation
Population standard deviation
Sample standard deviation
Estimating the standard deviation of grouped data
Calculating relative frequencies in a contingency table
Conditional probability: Basic
Probability of dependent events
Intersection and conditional probability
Tree diagrams for conditional probabilities
Fortunately, ALEKS also provides a free test and a tutoring option. If you get an answer wrong,
you can learn why and how to solve the problem correctly. See Appendix 1 for the Free Trial
(Assessment + Tutorial).
After doing all or part of the test, your results will be displayed in a pie chart. Clicking on one of
the slices in the pie chart will allow you to learn more about a topic you haven’t mastered yet:
If you are not happy with the practice test results, then you can buy a monthly subscription for
the nominal fee of about $20 and practice as often as you wish in preparation for the test that will
be administered on campus (see Appendix 2 for the steps how to buy the monthly subscription).
With the tutoring function and the optional small subscription fee, this is a great value - like
having your own teaching assistant.
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Concepts required to know:
o Basic arithmetic, solving linear equations, univariate statistics, etc.
o See Appendix 3 for a list of topics covered by the test.
Minimum required ALEKS test:
o Each case will be considered but in order to be competitive, a score of 70% or
higher should be your goal. The higher your score, the better your chance.
Determine your current level:
o Take the free trial test: https://www.aleks.com/free_trial
This will allow you to test your current level and take a tutorial to improve your
knowledge of certain topics. The free trial is valid for 48 hours and will allow you to
practice for 3 hours (after 3 hours you will have to sign in again).
 See Appendix 2: Free Trial Assessment + Tutorial
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Suggestions to prepare:
o Online prep courses:
 ALEKS: https://www.aleks.com/highered/math/prep
 ALEKS: Essential Math Skills for Business topics
 ALEKS: How to register and take an Aleks Course (see Appendix 1 and 2)
APPENDIX 1: FREE ASSESSMENT + FREE TUTORIAL (Only 1 course can be taken in Free Trial mode)
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Go to Aleks.com
Click on “FREE TRIAL”, Select “Independent Users”, Click on “Begin Trial”
Click on “EXPLORE STUDENT MODULE  TRY ALEKS NOW”
Check the “I have read and agree to the Terms of Use” box
Click on “Continue”
Sign up for an ALEKS Free Trial Account: provide Name, E-mail, etc.
 Independent User Type: Returning Adult Student
 Choose you market: Higher Education | Business
 Select a course: Essential Math for Business
7. Click on “Continue”: A login name and password will be generated for you.
 Please write it down so you can use it for the next 48 hours for your free trial.
 Click on “Continue to Free Trial”
8. You’re all set to take the test and get your test assessment score (organized by topic)
APPENDIX-2: REGISTER & PAY $19.95 FOR UNLIMITED COURSE TUTORIALS FOR 1 MONTH
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Go to Aleks.com
Click on “New Student? SIGN UP NOW!
Click on “USING ALEKS ON YOUR OWN?”  purchase ALEKS as a personal tutor
Choose Monthly
Finalize the purchase
Canceling Automatic renewal: (also see online instructions)
 Log in to your Master Account and indicate you only want 1 month and don’t want
automatic renewal and an additional month billed at the end of your 1 month.
 If you want to keep your account for 2 or 3 month to keep practicing, make sure you
cancel the automatic payment in your Master Account at the end of the period.
Essential Math Skills for Business
This course covers the topics outlined below, new topics have been highlighted. You can customize the scope and sequence
of this course to meet your curricular needs.
Curriculum (220 topics + 12 additional topics)
• Integers (18 topics)
♦ Rounding and Estimating (5 topics)
◊ Rounding to tens or hundreds
◊ Rounding to thousands, ten thousands, or hundred thousands
◊ Estimating a sum of whole numbers: Problem type 2
◊ Estimating a difference of whole numbers: Problem type 2
◊ Estimating a product or quotient of whole numbers
♦ Order of Operations and Parentheses (5 topics)
◊ Introduction to parentheses
◊ Order of operations with whole numbers
◊ Order of operations with whole numbers and grouping symbols
◊ Evaluating an algebraic expression: Whole numbers with two operations
◊ Understanding the distributive property
♦ Integers (5 topics)
◊ Plotting integers on a number line
◊ Integer addition: Problem type 1
◊ Integer addition: Problem type 2
◊ Integer subtraction
◊ Integer multiplication and division
♦ Factors and Multiples (3 topics)
◊ Factors
◊ Greatest common factor of 2 numbers
◊ Least common multiple of 2 numbers
• Rational Numbers (40 topics)
♦ Equivalent Fractions (4 topics)
◊ Introduction to fractions
◊ Understanding equivalent fractions
◊ Equivalent fractions
◊ Simplifying a fraction
♦ Operations with Fractions (11 topics)
◊ Addition or subtraction of fractions with the same denominator
◊ Addition or subtraction of fractions with different denominators
◊ Signed fraction addition or subtraction: Advanced
◊ The reciprocal of a number
◊ Product of a unit fraction and a whole number
◊ Unit fraction multiplication
◊ Product of a fraction and a whole number: Problem type 1
◊ Fraction multiplication
◊ Multi−step word problem involving fractions and multiplication
◊ Fraction division
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◊ Signed fraction multiplication: Advanced
♦ Mixed Numbers (5 topics)
◊ Writing a mixed number and an improper fraction for a shaded region
◊ Writing an improper fraction as a mixed number
◊ Writing a mixed number as an improper fraction
◊ Plotting fractions on a number line
◊ Plotting rational numbers on a number line
♦ Decimal Place Value (2 topics)
◊ Decimal place value: Hundreds to ten thousandths
◊ Rounding decimals
♦ Conversion between Fractions and Decimals (4 topics)
◊ Converting a fraction with a denominator of 10, 100, or 1000 to a decimal
◊ Converting a decimal to a proper fraction in simplest form: Advanced
◊ Converting a fraction to a terminating decimal
◊ Converting a fraction to a repeating decimal
♦ Operations with Decimals (14 topics)
◊ Addition of aligned decimals
◊ Subtraction of aligned decimals
◊ Word problem with one decimal operation: Problem type 1
◊ Word problem with one decimal operation: Problem type 2
◊ Signed decimal addition and subtraction with 3 numbers
◊ Multiplication of a decimal by a power of ten
◊ Multiplying a decimal by a whole number
◊ Decimal multiplication: Problem type 1
◊ Word problem with powers of ten
◊ Word problem with decimal addition and multiplication
◊ Division of a decimal by a power of ten
◊ Division of a decimal by a whole number
◊ Division of a decimal by a 2−digit decimal
◊ Word problem with decimal subtraction and division
• Percentages and Proportions (22 topics)
♦ Percentages (9 topics)
◊ Finding the percentage of a grid that is shaded
◊ Converting between percentages and decimals
◊ Converting a percentage to a fraction in simplest form
◊ Converting a fraction to a percentage: Denominator of 20, 25, or 50
◊ Finding a percentage of a whole number without a calculator: Basic
◊ Writing a ratio as a percentage without a calculator
◊ Finding the sale price without a calculator given the original price and percent discount
◊ Finding the original price given the sale price and percent discount
◊ Finding the percentage increase or decrease: Advanced
♦ Proportions (8 topics)
◊ Writing ratios for real−world situations
◊ Word problem on unit rates associated with ratios of whole numbers: Decimal answers
◊ Solving a word problem involving rates and time conversion
◊ Solving a proportion of the form x/a = b/c
◊ Solving a proportion of the form a/(x+b) = c/x
◊ Solving a word problem on proportions using a unit rate
◊ Word problem on proportions: Problem type 1
◊ Word problem on proportions: Problem type 2
♦ Measurement (5 topics)
◊ Metric distance conversion with whole number values
◊ Metric mass or volume conversion with whole number values
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◊ Metric distance conversion with decimal values
◊ Metric conversion with decimal values: Two−step problem
◊ Metric area unit conversion with decimal values
• Basic Algebraic Operations (38 topics)
♦ Variable Expressions (7 topics)
◊ Evaluating a linear expression: Integer multiplication with addition or subtraction
◊ Evaluating a quadratic expression: Integers
◊ Distributive property: Whole number coefficients
◊ Distributive property: Integer coefficients
◊ Combining like terms: Integer coefficients
◊ Combining like terms: Advanced
◊ Writing a one−step variable expression for a real−world situation
♦ Exponents (15 topics)
◊ Introduction to exponents
◊ Power of 10: Positive exponent
◊ Power of 10: Negative exponent
◊ Evaluating expressions with exponents: Problem type 1
◊ Evaluating expressions with exponents: Problem type 2
◊ Order of operations with integers and exponents
◊ Introduction to the product rule of exponents
◊ Quotient of expressions involving exponents
◊ Evaluating an expression with a negative exponent: Positive fraction base
◊ Evaluating an expression with a negative exponent: Negative integer base
◊ Power rules with positive exponents
◊ Power of a power rule with negative exponents
◊ Ordering numbers with positive exponents
◊ Scientific notation with positive exponent
◊ Scientific notation with negative exponent
♦ Polynomials (6 topics)
◊ Simplifying a sum or difference of three univariate polynomials
◊ Greatest common factor of two multivariate monomials
◊ Product rule with positive exponents: Multivariate
◊ Multiplying binomials with leading coefficients of 1
◊ Squaring a binomial: Univariate
◊ Multiplication involving binomials and trinomials in two variables
♦ Rational Expressions (3 topics)
◊ Multiplying rational expressions involving multivariate monomials
◊ Dividing rational expressions involving multivariate monomials
◊ Complex fraction involving multivariate monomials
♦ Square Roots and Fractional Exponents (7 topics)
◊ Square root of a perfect square
◊ Square root of a rational perfect square
◊ Estimating a square root
◊ Simplifying the square root of a whole number less than 100
◊ Cube root of an integer
◊ Converting between radical form and exponent form
◊ Rational exponents: Non−unit fraction exponent with a whole number base
• Linear Equations (26 topics)
♦ Additive and Multiplicative Properties of Equality (7 topics)
◊ Additive property of equality with whole numbers
◊ Additive property of equality with decimals
◊ Additive property of equality with fractions and mixed numbers
◊ Additive property of equality with integers
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◊ Additive property of equality with a negative coefficient
◊ Multiplicative property of equality with whole numbers
◊ Multiplicative property of equality with signed fractions
♦ Solving Linear Equations (7 topics)
◊ Solving a two−step equation with integers
◊ Solving a two−step equation with signed fractions
◊ Solving an equation to find the value of an expression
◊ Solving a linear equation with several occurrences of the variable: Variables on the same side and
distribution
◊ Solving a linear equation with several occurrences of the variable: Variables on both sides and
fractional coefficients
◊ Solving a linear equation with several occurrences of the variable: Variables on both sides and
distribution
◊ Solving a linear equation with several occurrences of the variable: Variables on both sides and two
distributions
♦ Applications of Linear Equations (6 topics)
◊ Translating a sentence into a one−step equation
◊ Solving a fraction word problem using a linear equation of the form Ax = B
◊ Solving a word problem with two unknowns using a linear equation
◊ Solving a decimal word problem using a linear equation with the variable on both sides
◊ Solving a decimal word problem using a linear equation of the form Ax + B = C
◊ Solving a fraction word problem using a linear equation with the variable on both sides
♦ Systems of Linear Equations (6 topics)
◊ Solving a system of linear equations using elimination with multiplication and addition
◊ Solving a word problem involving a sum and another basic relationship using a system of linear
equations
◊ Solving a value mixture problem using a system of linear equations
◊ Solving a distance, rate, time problem using a system of linear equations
◊ Solving a percent mixture problem using a system of linear equations
◊ Solving a tax rate or interest rate problem using a system of linear equations
• Functions and Graphs (33 topics)
♦ Introduction to Functions (4 topics)
◊ Table for a linear function
◊ Graphing integer functions
◊ Domain and range from ordered pairs
◊ Vertical line test
♦ Graphs of Linear Functions (9 topics)
◊ Reading a point in the coordinate plane
◊ Plotting a point in the coordinate plane
◊ Graphing a line given its x− and y−intercepts
◊ Graphing a line given its equation in slope−intercept form
◊ Graphing a line given its equation in standard form
◊ Graphing a line through a given point with a given slope
◊ Graphing a vertical or horizontal line
◊ Writing an equation and drawing its graph to model a real−world situation: Advanced
◊ Graphically solving a system of linear equations
♦ Properties of Lines (15 topics)
◊ Finding a solution to a linear equation in two variables
◊ Determining whether given points lie on one, both, or neither of 2 lines given equations
◊ Finding the y−intercept of a line given its equation
◊ Finding x− and y−intercepts of a line given the equation: Advanced
◊ Finding the slope of a line given its equation
◊ Determining the slope of a line given its graph
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◊ Writing an equation of a line given the y−intercept and another point
◊ Writing the equation of a line given the slope and a point on the line
◊ Writing the equation of the line through two given points
◊ Writing the equations of vertical and horizontal lines through a given point
◊ Application problem with a linear function: Finding a coordinate given the slope and a point
◊ Application problem with a linear function: Finding a coordinate given two points
◊ Finding slopes of lines parallel and perpendicular to a line given in the form Ax + By = C
◊ Writing equations of lines parallel and perpendicular to a given line through a point
◊ Interpreting the graphs of two functions
♦ Parabolas (5 topics)
◊ Finding the x−intercept(s) and the vertex of a parabola
◊ Graphing a parabola of the form y = ax2
◊ Graphing a parabola of the form y = (x−h)2 + k
◊ Graphing a parabola of the form y = ax2 + bx + c
◊ Graphing a cubic function of the form y = ax3
• Financial Mathematics (18 topics)
♦ Ratio Analysis (1 topics)
◊ Financial ratio analysis
♦ Markups and Markdowns (8 topics)
◊ Single trade discounts and net price
◊ Markup based on cost or selling price
◊ Markup based on cost: Finding the selling price
◊ Markup based on cost: Finding the cost
◊ Markup based on selling price: Finding the selling price
◊ Markup based on selling price: Finding the cost
◊ Markdown
◊ Gross pay with commission and salary
♦ Simple Interest (2 topics)
◊ Simple interest and maturity value
◊ Solving for principal, rate, or time in simple interest problems
♦ Compound Interest and Present Value (4 topics)
◊ Computing compound interest with the simple interest formula
◊ Compound interest for daily compounding
◊ Compound interest for annual, semiannual, and quarterly compounding
◊ Present value tables
♦ Annuities and Sinking Funds (3 topics)
◊ Ordinary annuity
◊ Present value of an ordinary annuity
◊ Sinking funds
• Basic Statistics (25 topics)
♦ Visual Representation of Data (9 topics)
◊ Interpreting a line graph
◊ Interpreting pie charts
◊ Computations from pie charts
◊ Double bar charts
◊ Histograms for grouped data
◊ Frequency polygons for grouped data
◊ Interpreting relative frequency histograms
◊ Cumulative distributions and ogives
◊ Comparing means without calculation
♦ Descriptive Measures (7 topics)
◊ Mean, median, and mode: Computations
◊ Rejecting unreasonable claims based on average statistics
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◊ Weighted mean: Tabular data
◊ Estimating the mean of grouped data
◊ Percentiles
◊ Mean, median, and mode: Comparisons
◊ Making reasonable inferences based on proportion statistics
♦ Introduction to Probability (9 topics)
◊ Venn diagrams: Two events
◊ Venn diagrams: Word problems
◊ Outcomes and event probability
◊ Die rolling
◊ Probability of intersection or union: Word problems
◊ Independent events: Basic
◊ Probability of union: Basic
◊ Mutually exclusive events: Two events
◊ Probability of independent events
• Other Topics Available(*) (12 additional topics)
♦ Basic Algebraic Operations (3 topics)
◊ Converting between logarithmic and exponential equations
◊ Evaluating a logarithmic expression
◊ Basic properties of logarithms
♦ Basic Statistics (9 topics)
◊ Comparing standard deviations without calculation
◊ Population standard deviation
◊ Sample standard deviation
◊ Estimating the standard deviation of grouped data
◊ Calculating relative frequencies in a contingency table
◊ Conditional probability: Basic
◊ Probability of dependent events
◊ Intersection and conditional probability
◊ Tree diagrams for conditional probabilities
Other Topics AvailableBy default, these topics are NOT included in the course, but can be added using the content
editor in the Teacher Module.
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