CFA Level II (June 2010 Exam)

2009/12/9
Make sure of the contents examined on the Schweser's website.
http://www.schweser.com/downloads/general/kaplan_cfa_2010_navigate.pdf
http://www.schweser.com/cfa/cfa2.php

Strategy(same as Level I):
(1) Study by using SchweserNotes
(2) Get used to the exam by Practice Exam Vol1&2
(3) Finally, try Mock Exams by CFA Institute as much as possible.

(1) SchweserNotesTM Package ($349.00)
(2) Practice Exams Volume 1 (included in the Package above)
http://www.schweser.com/cfa/products/schwesernotespack.php

(3) Practice Exams Volume 2 ($149.00-->$100.00)
http://www.schweser.com/cfa/cfa2.php

Subtotal: $ 449.00USD
Freight: $ 61.73USD
Applicable Tax: $ 0.00USD
-------------------------------
Total: $ 510.73USD


2009/12/14-2010/6/5
(1)SchweserNotes
2009/12/14-2010/1/20
Book 1 - ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, AND ECONOMICS

2010/1/20-2/20
Book 2 - FINANCIAL REPORTING AND ANALYSIS, AND CORPORATE FINANCE

2010/2/16-3/7
Book 3 - EQUITY INVESTMENTS

2010/3/8-5/1
Book 4 - ALTERNATIVE ASSET VALUATION AND FIXED INCOME

2010/4/9-6/5
Book 5 - DERIVATIVES AND PORTFOLIO MANAGEMENT



2010/1/28
http://www.cfainstitute.org/cfaprog/resources/examdetails/examresults.html
CFA Level 1 - Passed!!


2010/3/8-5/6
(2) Schweser Practice Exams Volume 1
1st
Exam 1 - 2010/3/8-22
Exam 2 - 2010/3/22-4/1
Exam 3 - 2010/4/1- 4/4(suspended)

2nd
Exam 1(AM) - 2010/4/4-4/18
Exam 1(PM) - 2010/4/20-24
Exam 2(AM) - 2010/4/25-26
Exam 2(PM) - 2010/4/28-5/2
Exam 3(AM) - 2010/5/3-5/4
Exam 3(PM) - 2010/5/5

3rd(Schweser Online Performance Tracker) http://www.schweser.com/
Exam 1(AM) 60/60(100%), 2:47'24" - 2010/4/19-20
Exam 1(PM) 60/60(100%), 3:4'19" - 2010/4/24
Exam 2(AM) 60/60(100%), 2:37'51" - 2010/4/26-27
Exam 2(PM) 60/60(100%), 2:59'44" - 2010/5/2
Exam 3(AM) 60/60(100%), 3:30'50" - 2010/5/4
Exam 3(PM) 60/60(100%), 2:24'49" - 2010/5/6


2010/4/6-5/22
(3) Schweser Practice Exams Volume 2

1st
2nd
Exam 1(AM) - 2010/5/6-7
Exam 1(PM) - 2010/5/7-8
Exam 2(AM) - 2010/5/9-10
Exam 2(PM) - 2010/5/11-15
Exam 3(AM) - 2010/5/15-16
Exam 3(PM) - 2010/5/16-22

3rd(Schweser Online Performance Tracker) http://www.schweser.com/
Exam 1(AM) 60/60(100%), 3:02'18" - 2010/5/7
Exam 1(PM) 60/60(100%), 3:05'27" - 2010/5/8-9
Exam 2(AM) 60/60(100%), 3:19'16"(*) - 2010/5/10
Exam 2(PM) 60/60(100%), 3:33'10"(*) - 2010/5/14-15
Exam 3(AM) 60/60(100%), 3:25'29" - 2010/5/16
Exam 3(PM) 60/60(100%), 4:20'46" - 2010/5/22

(*)A part of the exam was done in the commuter train, so it took longer than expected!


2010/2/17 (deadline)
Second deadline for new CFA Program enrollments and exam registrations to be received by CFA Institute
$400 (Program enrollment, new candidates only) + $710 (Exam registration) = $1110 (Total cost)

Applied on Feb 17. Actual cost was as follows (it seems discount is available):
2010 June CFA Level II Exam $485.00
Level II Curriculum June 2010 $225.00
Total: $710.00


2010/5/23-6/5
(4) Level 2 Schweser's QuickSheet


2010/*/*
(5) Level 1 REFRESHER
-->Unnecessary


2010/5/3(announcement)
(6) Mock Exams
https://www.cfainstitute.org/cfaprog/resources/mockexamdetails.html

1st
AM 43/60(71.7%) - 2010/5/23
PM 39/60(65.0%) - 2010/5/23
Total 82/120(68.3%) - 2010/5/23

1st(review)
2010/5/24-30

2nd
2010/6/1-4
AM 56/60(93.33%)
PM 55/60(91.67%)
Total 111/120(92.50%)

2nd(review)
2010/6/4

Final
2010/6/5
AM 60/60(100%)
PM 60/60(100%)
Total 120/120(100%)


(7) Sample Questions
https://www.cfainstitute.org/cfaprog/courseofstudy/sample.html
https://www.cfainstitute.org/cfaprog/courseofstudy/essaylevelthree.html (FYI-Level 3)

1st
2010/5/31
15/18 (83.3%)

1st(review)
2010/5/31

2nd(Final)
2010/6/1
18/18 (100.0%)

(8) Sample Exams
http://www.cfainstitute.org/cfaprogram/resources/Pages/sample_and_mock_exams_overview.aspx
Unnecessary.

2010/5/5
2010 CFA® Examination Admission Ticket
http://www.cfainstitute.org/cfaprogram/resources/takingexams/Pages/test_centers_and_admission_tickets.aspx
Printed.


2010/6/6
CFA Level II Exam date in Eastern Asia and Oceania
http://www.cfainstitute.org/cfaprog/register/calendar.html
--------------------------------------------------------------------------------
Errata

(1)SchweserNotes
Book 1
ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, AND ECONOMICS

p.299
(incorrect) (or shift from D₀ to D₁
(correct) (or shift from D₀ to D_-

p.323
1.
(incorrect) (USD:GDP)?
(correct) (USD:GBP)?


Book 2
FINANCIAL REPORTING AND ANALYSIS, AND CORPORATE FINANCE

p.174
(incorrect)NWCInv = Δnon-cash current assets - Δnon-debt current liabilities = NWC
(correct)NWCInv = Δnon-cash current assets - Δnon-cash current liabilities = NWC

p.278
(incorrect)WACC = w_d x r_d(1-t) + w_e x r
(correct)WACC = w_d x r_d(1-t) + w_e x r_s


Book 3
EQUITY INVESTMENTS

p.195
(incorrect)FCC = NI + NCC + [Int x (1 ? tax rate)] ? FCInv ? WCInv
(correct)FCFF = NI + NCC + [Int x (1 ? tax rate)] ? FCInv ? WCInv

p.272
18.
(incorrect)Wally’s is trading at a P/B that is 114% of the industry average P/B, with a forecasted ROE that is slightly below the ROE forecast for the industry.
(correct)Wally’s is trading at a P/B that is 114% of the industry average P/B, with a forecasted ROE that is slightly above the ROE forecast for the industry.

p.315
Minus: capital expenditures
(incorrect)$416,000 + (0.06 x $20,800,000-$20,000,000)
(correct)$416,000 + 0.06 x ($20,800,000-$20,000,000)

Minus: increase in working capital
(incorrect)(0.10 x $20,800,000-$20,000,000)
(correct)0.10 x ($20,800,000-$20,000,000)


p.341
8.
Minus: capital expenditures
(incorrect)$105,000+ (4% * $10,500,000 - $10,000,000)
(correct)$105,000+ 4% * $10,000,000*(5%)

Minus: increase in working capital
(incorrect)(0.12 x $10,500,000 - $10,000,000)
(correct)12% * $10,000,000*5%


Book 4
ALTERNATIVE ASSET VALUATION AND FIXED INCOME
p.151
(incorrect)acid-test ratio = (current assets inventories)/current liabilities
(correct)acid-test ratio = (current assets - inventories)/current liabilities

p.301
2.
(incorrect) using four different discount rates,
(correct) using three different discount rates,

p.305
8.
(incorrect) The average present value of each path using the four spreads is ...
(correct) The average present value of each path using the three spreads is ...



(2) Schweser Practice Exams Volume 1
p.195
22.
(incorrect)EBIT₂₀₀₈
(correct)EBIT₂₀₀₉

(incorrect)FCFF₂₀₀₈
(correct)FCFF₂₀₀₉

p.212
91.
(incorrect)RF = risk-free rate of return = 2.9%
(correct)RF = risk-free rate of return = 2.7%

p.236
84.
(incorrect)G = Growth rate = g/(r-g)
(correct)G = Growth factor = g/(r-g)

p.260
Exam3-63
(original)FCFE is LC7,3000,000 from Question 61.
(correction)FCFE is LC7,300,000 from Question 61.