- CFA Institute
- Code of Ethics & Standards of Professional Conduct
- Schweser
- 2013 CFA Level III Notes
- Level I and II Refresher
- 2014/8/14-9/10
- Book 1 to 5
- *
- QuickSheet
- *
- 2015 CFA Level III Notes: SchweserNotes Volumes 1-5 & Quicksheet Kit (eBook Materials)
- SchweserNotes Book 3 (eBook) (Est. 2014/9/4) 2014/9/10-10/2
- SchweserNotes Book 4 (eBook) (Est. 9/12/2014)
- SchweserNotes Book 5 (eBook) (Est. 9/20/2014)
- SchweserNotes Book 2 (eBook) (Est. 9/25/2014) 2015/1/3-1/26 p.93 Economic Forecasting*
- SchweserNotes Book 1 (eBook) (Est. 10/3/2014) 2014/10/2-2015/1/3
- Schweser's QuickSheet (eBook) (Est. 10/4/2014)
- SchweserPro QBank (Online)
- Schweser Study Calendar (PDF)
- Errata (on Kaplan Schwer's website)
- CFA Institute
- CFA Institute Level III 2014
- Vol. 1
- 2014/9/*
- Vol. 2
- *
- Vol. 3
- *
- Vol. 4
- 2014/10/*
- Vol. 5
- *
- Vol. 6
- *
- Errata
- http://www.cfainstitute.org/programs/cfaprogram/courseofstudy/Pages/study_sessions.aspx
- http://www.cfainstitute.org/Eratta/2015_level_III_errata.pdf
- CFA Glossary
- Schweser
- Practice Exams
- Vol. 1
- Vol. 2
- QuickSheet (2013)
- 2015/*
- Errata (on Kaplan Schwer's website)
- CFA Institute
- CFA Institute Level III 2015
- Vol. 1 Ethical and Professional Standards
- 2015/2/20-3/7
- Vol. 2 Behavioral Finance, Individual Investors, and Institutional Investors
- 2015/3/7-29
- Vol. 3 Economic Analysis and Asset Allocation
- 2015/3/29-4/12
- Vol. 4 Fixed Income and Equity Portfolio Management
- 2015/4/12-4/22
- Vol. 5 Alternative Investments, Risk Management, and the Application of Derivat
- 2015/4/22-5/9
- Vol. 6 Trading and Rebalancing, Performance Evaluation, and Global Investment P
- 2015/5/9-*
- Examples of CFA Exam Questions
- http://www.cfainstitute.org/programs/cfaprogram/exams/Pages/sample_questions.aspx
- http://www.cfainstitute.org/programs/cfaprogram/exams/Pages/level_III_exam_prep.aspx
- CFA Program Practice Tests and Mock Exams
- June 2015 Level III Mock Exams
- http://www.cfainstitute.org/programs/cfaprogram/candidate/Pages/level_III_mock_exams.aspx
- Level III morning session (10 itemsets)
- 2015/1/26-2/1: 43/60=71.7%
- 2015/2/8-2/12: 56/60=93.3%
- 2015/2/17-2/19: 60/60=100.0%
- Level III afternoon session (10 itemsets)
- 2015/2/2-2/7: 46/60=76.7%
- 2015/2/12-2/17: 57/60=95.0%
- 2015/2/21: 60/60=100.0%
- CFA Institute
- Exam Date
- 2015/6/6 (Sat)
Showing posts with label CFA. Show all posts
Showing posts with label CFA. Show all posts
Tuesday, August 19, 2014
2015 June CFA Level III - Study Plan
Friday, June 6, 2014
2013 CFA Level III Exam - belongings
- In the night before the exam day
- Admission Ticket
- Map
- ID(Passport)
- Mechanical pencil
- Eraser
- Extra lead
- Earplug
- Eye mask (for lunch break)
- Financial Calculator (TI BA II Plus Professional)
- Battery (for the financial calculater)
- Watch(G-SHOCK)
- Mobile phone (with mobile Suica; electronic money/commuter pass in Japan)
- Materials (notebook, Schweser's QuickSheet, etc.)
- Handkerchief
- Folding umbrella
- In the morning on the exam day
- Lunch box
- PET bottle (mineral water)
- Snack (chocolate or something sugar-rich)
- Unnecessary
- Wallet
Sunday, October 13, 2013
2014 June CFA Level III - Study Plan & Results
- Schweser Notes
- 2013 CFA Level III
- Book 1 to 5
- -2013/10/13
- Level I and II Refresher
- (N/A)*
- QuickSheet
- (N/A)*
- CFA Institute
- CFA Institute Level III 2014
- Vol. 1
- 2013/10/13-2013/12/1
- Vol. 2
- 2013/12/1-2014/2/*
- Vol. 3
- 2013/11/*-2013/11/*
- Vol. 4
- 2013/11/*-2013/11/*
- Vol. 5
- 2013/12/*-2013/12/*
- Vol. 6
- 2013/12/*-2013/12/*
- Schweser
- Practice Exams
- Vol. 1
- Practice Exam 1
- 2014/2/3-2014/2/16
- Practice Exam 2
- Practice Exam 3
- N/A-2014/3/25
- Vol. 2
- Practice Exam 1
- 2014/3/26-2014/4/13
- Practice Exam 2
- 2014/4/13 - 2014/4/28
- Practice Exam 3
- 2014/4/28 - 2014/5/9
- QuickSheet (2013)
- 2014/6/5
- CFA Glossary
- CFA Institute
- Examples of CFA Exam Questions
- http://www.cfainstitute.org/programs/cfaprogram/exams/Pages/sample_questions.aspx
- 2011(AM)
- 2012(AM)
- 2013(AM)
- PM
- CFA Program Practice Tests and Mock Exams
- http://www.cfainstitute.org/programs/cfaprogram/candidate/Pages/practice.aspx
- Ethical and Professional Standards (3 Assessments)
- Behavioral Finance, Private Wealth Management, and Institutional Investors (1 Assessment)
- (Currently not available)
- Capital Market Expectations, Asset Valuation, and Asset Allocation (1 Assessment)
- Fixed Income and Equity Portfolio Management (2 Assessments)
- Fixed Inc and Equity Portfolio Mgmt (1 Assessment)
- Spong Fixed Income and Equity Portfolio Management (1 Assessment)
- Alternative Investments, Risk Management, and Risk Management Applications of Derivatives (4 Assessments)
- Portfolio Trading, Monitoring, and Rebalancing, Performance Evaluation and Attribution, and Global Investment Performance Standards (3 Assessments)
- 2014/5/25 - 2014/5/30
- 2014/6/1 (all 100%)
- Mock Exam (4 Assessments)
- (See June 2014 Level III Mock Exams, Version A & B)
- Last attempt*
- June 2014 Level III Mock Exams
- http://www.cfainstitute.org/programs/cfaprogram/candidate/Pages/level_III_mock_exams.aspx
- Level III : Version A (10 itemsets)
- 2014/6/1-3 (48/60) = 80%
- Level III : Version B (10 itemsets)
- 2014/6/4-5 (46/60) = 76.7%
- Level III : Version C (10 itemsets)
- 2014/6/6 (59/60) = 98.3%
Tuesday, September 17, 2013
Wednesday, July 27, 2011
I passed the June 2011 Level II CFA exam!!
X
Dear X X,
Congratulations. I am very pleased to inform you that you passed the June 2011 Level II CFA exam. You are one step closer to achieving your goal of earning the globally respected CFA charter.
43% of candidates passed the June 2011 Level II CFA exam. Registration for the June 2012 Level III CFA exam will be available 27 July on the CFA Institute website. (Please note that you must have a valid international travel passport to register. Learn more about the candidate ID policy.)
Your detailed exam results, including a matrix outlining your strengths and weaknesses, are in the table below.
As you continue your educational journey with CFA Institute, please contact us if you have questions or comments about the CFA Program.
Again, congratulations on your achievement.
...
The three columns on the right are marked with asterisks to indicate your performance on each topic area.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunday, June 5, 2011
2011 CFA Level 2
Now it's fnishished and I don't know how to express how glad I am. I have been under the really heavy pressure due to not only the exam itself, but also the feeling that I haven't been a good father nor husband. I have been studying almost all the weekends although I often drove a car to have a dinner with my family.
On top of that, we had a huge earthquake and tsunami; nuke plant crisis in Fukushima continues now. I and my family were temporarily relocated to Singapore in last March for a few weeks. I couldn't study during that time at all.
Additionally, I thought a CFA charter is a ticket to a new career; somewhere not in the asset management industry. (CFA is said to be a qualification mainly for buy-side, but I think it's also beneficial for investment banking and global markets.) I have been feeling stressed because my job was not intellectually stimulated and I could't even imagine that I am doing the same job in the long run. This situation requires me to pass the exam, and increases the importance of the exam. It was a stressful situation, indeed.
I somehow found a job in a boutique financial advisory firm; I was just lucky. The president just wanted to have someone who has an experience in derivatives pricing and risk analysis. Their business is so-called FAS, financial advisory service like BIG4 auditing firms' FAS subsidiary. They specializes in fair valuation of companies and financial products. It's part of an investment banking industry and I'm so excited to join the firm, although it's just abeginning and I need to prove myself. (By the way, I declined a top-tier global investment management firm's offer for a portfolio manager.)
I did a good job in the exam, but I cannot be sure until I get an official result. Anyway, I just finished two import "jobs" and it's time to do two more, most important jobs:(1)doing an excellent job in my new firm to have knowledge, experience, skills, and human network to survive in the financial industry, and (2)being a great father and husband for my family.
On top of that, we had a huge earthquake and tsunami; nuke plant crisis in Fukushima continues now. I and my family were temporarily relocated to Singapore in last March for a few weeks. I couldn't study during that time at all.
Additionally, I thought a CFA charter is a ticket to a new career; somewhere not in the asset management industry. (CFA is said to be a qualification mainly for buy-side, but I think it's also beneficial for investment banking and global markets.) I have been feeling stressed because my job was not intellectually stimulated and I could't even imagine that I am doing the same job in the long run. This situation requires me to pass the exam, and increases the importance of the exam. It was a stressful situation, indeed.
I somehow found a job in a boutique financial advisory firm; I was just lucky. The president just wanted to have someone who has an experience in derivatives pricing and risk analysis. Their business is so-called FAS, financial advisory service like BIG4 auditing firms' FAS subsidiary. They specializes in fair valuation of companies and financial products. It's part of an investment banking industry and I'm so excited to join the firm, although it's just abeginning and I need to prove myself. (By the way, I declined a top-tier global investment management firm's offer for a portfolio manager.)
I did a good job in the exam, but I cannot be sure until I get an official result. Anyway, I just finished two import "jobs" and it's time to do two more, most important jobs:(1)doing an excellent job in my new firm to have knowledge, experience, skills, and human network to survive in the financial industry, and (2)being a great father and husband for my family.
Saturday, June 4, 2011
2011 CFA Level II Exam - belongings
- In the night before the exam day
- Admission Ticket
- Map
- ID(Passport, Driver's license, etc.)
- Mechanical pencil
- Eraser
- Extra lead
- Earplug
- Eye mask (for lunch break)
- Financial Calculator (TI BA II Plus Professional)
- Battery (for the financial calculater)
- Watch(G-SHOCK)
- Mobile phone (with mobile Suica; electronic money/commuter pass in Japan)
- Materials (notebook, Schweser's QuickSheet, etc.)
- Handkerchief
- Folding umbrella
- In the morning on the exam day
- Lunch box
- PET bottle (mineral water)
- Snack (chocolate or something sugar-rich)
- Unnecessary
- Wallet
- Only for December exam
- Underwear for cold protection
Saturday, December 4, 2010
Wednesday, December 1, 2010
[Schweser] CFA Level 2 2011 Practice Exams Volume 1 & 2
Ordered today.
CFA Level 2 2011 Practice Exams Volume 1 In Stock
Quantity: 1
Item Price: $ 149.00USD
Total Price: $ 149.00USD
CFA Level 2 2011 Practice Exams Volume 2 In Stock
Quantity: 1
Item Price: $ 149.00USD
Total Price: $ 149.00USD
**Please check out our website at www.schweser.com/help for product availability.**
Subtotal: $ 298.00USD
Freight: $ 28.42USD
Applicable Tax: $ 0.00USD
-------------------------------
Total: $ 326.42USD
CFA Level 2 2011 Practice Exams Volume 1 In Stock
Quantity: 1
Item Price: $ 149.00USD
Total Price: $ 149.00USD
CFA Level 2 2011 Practice Exams Volume 2 In Stock
Quantity: 1
Item Price: $ 149.00USD
Total Price: $ 149.00USD
**Please check out our website at www.schweser.com/help for product availability.**
Subtotal: $ 298.00USD
Freight: $ 28.42USD
Applicable Tax: $ 0.00USD
-------------------------------
Total: $ 326.42USD
Wednesday, August 4, 2010
CFA Level II (June 2011 Exam) - Errata
[1] CFA PROGRAM CURRICULUM
CFA Institute - Errata
VOLUME 1 - Ethical And Professional Standards, Quantitative Methods, and Economics
p.23
(Original) Member resides in LS country, does business in MS country; LS law applies,
(Correct) Member resides in LS country, does business in MS country; MS law applies,
p.176
(Original) Answer C is also consistent with the Standards
(Correct) Answer C is not consistent with the Standards
p.347 13.E
(Original) The coefficient of variation, the R-squared, is
(Correct) The coefficient of determination, the R-squared, is
p.431 2.
(Original) b^2 = regression estimate of b1
(Correct) b^2 = regression estimate of b2
VOLUME 2 - Financial Reporting and Analysis, and Corporate Finance
p.90 EXAMPLE 10
last paragraph
(Original) result in the same return on assets.
(Correct) result in the same debt-to-asset ratio.
p.254
7.
(Original) Under IFRS, Passaic's balance sheet reflects the present value of the defined benefit obligation at the balance sheet date, plus any unrecognised actuarial gains (less any actuarial losses not recognised), minus any past service cost not yet recognised, minus the fair value at the balance sheet date of plan assets.
(Correct) Under IFRS, Passaic's balance sheet reflects the fair value at the balance sheet date of plan assets, minus any unrecognised actuarial gains (plus any actuarial losses not recognised), plus any past service cost not yet recognised, minus the present value of the defined benefit obligation at the balance sheet date.
p.256 31.
(Original) In this case the held for trading securities
(Correct) In this case the held-to-maturity securities
p.257 36.
(Original) (7.5% industry vs. 7.2% SeaBriar for 2006)
(Correct) (7.5% industry vs. 7.2% SeaBriar for 2008)
p.415
(Original) Companies with low (high) earnings quality tend to experience lower (higher) accounting rates of return and relatively lower excess stock returns in future periods.
(Correct) Companies with low (high) earnings quality tend to experience lower (higher) accounting rates of return and relatively lower(higher) excess stock returns in future periods.
VOLUME 3 - Equity Investments
VOLUME 4 - Alternative Asset Valuation and Fixed Income
VOLUME 5 - Derivatives and Portfolio Management
[2] Schweser (2011 CFA Level II)
[3] CFA Institute 2011 Level II Mock Exam
CFA Institute - Errata
VOLUME 1 - Ethical And Professional Standards, Quantitative Methods, and Economics
p.23
(Original) Member resides in LS country, does business in MS country; LS law applies,
(Correct) Member resides in LS country, does business in MS country; MS law applies,
p.176
(Original) Answer C is also consistent with the Standards
(Correct) Answer C is not consistent with the Standards
p.347 13.E
(Original) The coefficient of variation, the R-squared, is
(Correct) The coefficient of determination, the R-squared, is
p.431 2.
(Original) b^2 = regression estimate of b1
(Correct) b^2 = regression estimate of b2
VOLUME 2 - Financial Reporting and Analysis, and Corporate Finance
p.90 EXAMPLE 10
last paragraph
(Original) result in the same return on assets.
(Correct) result in the same debt-to-asset ratio.
p.254
7.
(Original) Under IFRS, Passaic's balance sheet reflects the present value of the defined benefit obligation at the balance sheet date, plus any unrecognised actuarial gains (less any actuarial losses not recognised), minus any past service cost not yet recognised, minus the fair value at the balance sheet date of plan assets.
(Correct) Under IFRS, Passaic's balance sheet reflects the fair value at the balance sheet date of plan assets, minus any unrecognised actuarial gains (plus any actuarial losses not recognised), plus any past service cost not yet recognised, minus the present value of the defined benefit obligation at the balance sheet date.
p.256 31.
(Original) In this case the held for trading securities
(Correct) In this case the held-to-maturity securities
p.257 36.
(Original) (7.5% industry vs. 7.2% SeaBriar for 2006)
(Correct) (7.5% industry vs. 7.2% SeaBriar for 2008)
p.415
(Original) Companies with low (high) earnings quality tend to experience lower (higher) accounting rates of return and relatively lower excess stock returns in future periods.
(Correct) Companies with low (high) earnings quality tend to experience lower (higher) accounting rates of return and relatively lower(higher) excess stock returns in future periods.
VOLUME 3 - Equity Investments
VOLUME 4 - Alternative Asset Valuation and Fixed Income
VOLUME 5 - Derivatives and Portfolio Management
[2] Schweser (2011 CFA Level II)
- Practice Exams Volume 1
- Exam 1
- Morning Session
- p.93 57.
- (Original) the COGS for 201X would be ($ millions):
- (Correct) the COGS for 20X1 would be ($ millions):
- Exam 3
- Afternoon Session
- p.261
- (Original) G = growth rate = g/(r-g)
- (Correct) G = growth factor = g/(r-g)
- p.263
- (Original) Both methods (Note: equity and acquisition method) result in the same net income, so Statement 1 is incorrect.
- (Correct) Net income under equity method (+45% net income of acquired company) is lower than the one under acquisition method (+100% net income of acquired company), so Statement 1 is incorrect.
- Practice Exams Volume 2
- Exam 1
- Morning Session
- p.26
- (Original) He will leave 2008 EPS and ROI out of his estimates.
- (Correct) He will leave 2008 EPS and ROE out of his estimates.
- p.198 1.
- (Original) Since Gingeria is remotely located,
- (Correct) Since Binaria is remotely located,
- Afternoon Session
- p.60
- (Original) missing
- (Correct) The following description should be added to Exhibit 2: The present value of YD's future operating lease is $57 million with interest expense of $4 million.
- p.62
- (Original) He has assembled the following annual data on four of the oil and gas stocks in the portfolio.
- (Correct) He has assembled the following annual data on three of the oil and gas stocks in the portfolio.
- p.221 90.
- (Original) IFRS accounting standards allow the parent to translate an inflation-adjusted value of the nonmonetary assets and liabilities of the foreign subsidiary at the current inflation rate,
- (Correct) IFRS accounting standards allow the parent to translate an inflation-adjusted value of the nonmonetary assets and liabilities of the foreign subsidiary at the current exchange rate,
- p.223
- (Original) Note: Capitalizing R&D expense will increase YD's book value. However, the market value used in calculating YD's WACC is not impacted.
- (Correct) should be deleted
- Exam 2
- Morning Session
- p.239 53.
- (Original) Answer: A
- (Correct) Answer: C
- Afternoon Session
- p.116 84.
- (Original) Which of the following statements is least likely regarding this sale?
- (Correct) Which of the following statements is least likely accurate regarding this sale?
- p.123
- (Original) After a through analysis of Targus's future prospects, Alpha Fund's management believes that there is a possible 15% risk of failure for the company.
- (Correct) should be deleted
- Exam 3
- Morning Session
- p.138
- (Original) Luna then reviews TIM's projected commission dollars for the year and decides there are more than enough soft dollars to pat the StockCal, AGF, and Add-Invest Software bills combined.
- (Correct) Luna then reviews TIM's projected commission dollars for the year and decides there are more than enough soft dollars to pat the StockCal,
AGF,and Add-Invest Software bills combined. - p.139 2, 3
- (Original) Gobble Insurance
- (Correct) Broadway Life Insurance
- Afternoon Session
- p.176
- (Original) 74. Fox estimates that the fair value of Target's other assets are $250 million.
- (Correct) 74. Fox estimates that the fair value of Target's PP&E are $250 million.
- p.275 76.
- (Original) The increase/decrease to Hope's investment balance is equal to the investment balance at the beginning of year plus equity income less dividend paid.
- (Correct) The
increase/decrease toHope's investment balance is equal to the investment balance at the beginning of year plus equity income less dividend paid.
- Practice Exams Volume 1 (2010 CFA Level II)
- Exam 3
- Afternoon Session
- p.264 89.
- (Original) Confidence risk represents the unexpected change in the difference between the return of risky corporate bonds and corporate bonds.
- (Correct) Confidence risk represents the unexpected change in the difference between the return of risky corporate bonds and government bonds.
- Practice Exams Volume 2 (2010 CFA Level II)
- Exam 1
- Afternoon Session
- p.222 107.
- (Original) ROE = $195 million / $795 million = 0.245
- (Correct) ROE = $19.5 million / $79.5 million = 0.245
[3] CFA Institute 2011 Level II Mock Exam
- Morning Session
- Suburban Publishers Case Scenario
- Exhibit 3
- (Original) Shareholders' Equity (in $-millions) for ...
- (Correct) Shareholders' Equity (in $-thousands) for ...
Saturday, July 31, 2010
CFA Level II (June 2011 Exam)
[1] CFA PROGRAM CURRICULUM
8/2/2010-10/31/2010
VOLUME 1 - Ethical And Professional Standards, Quantitative Methods, and Economics
VOLUME 2 - Financial Reporting and Analysis, and Corporate Finance
Omitted:
VOLUME 3 - Equity Investments
VOLUME 4 - Alternative Asset Valuation and Fixed Income
VOLUME 5 - Derivatives and Portfolio Management
[2] Schweser Practice Exams
http://www.schweser.com/cfa/cfa2.php
Check: 5/15/2011-5/28/2011
[5] CFA Institute
[6] Exam admission tickets
Late April 2011 Exam admission tickets available online
[7] CFA Level II Exam date (Tokyo)
5 June 2011
8/2/2010-10/31/2010
VOLUME 1 - Ethical And Professional Standards, Quantitative Methods, and Economics
- 8/2/2010-9/22/2010: Ethical And Professional Standards
- 9/22/2010-10/31/2010: Quantitative Methods
VOLUME 2 - Financial Reporting and Analysis, and Corporate Finance
Omitted:
VOLUME 3 - Equity Investments
VOLUME 4 - Alternative Asset Valuation and Fixed Income
VOLUME 5 - Derivatives and Portfolio Management
[2] Schweser Practice Exams
http://www.schweser.com/cfa/cfa2.php
- Practice Exams Volume 1
- Exam 1
- Morning Session
- 1st: 12/6/2010 - 12/10/2010
- 2nd: 12/10/2010 - 12/11/2010
- 3rd: 12/11/2010 - 12/13/2010
- Afternoon Session
- 1st: 12/13/2010 - 12/23/2010
- 2nd: 12/23/2010 - 12/24/2010
- 3rd: 12/24/2010 - 12/28/2010
- Exam 2
- Morning Session
- 1st: 12/28/2010 - 12/30/2010
- 2nd: 12/30/2010 - 1/4/2011
- 3rd: 1/4/2011 - 1/5/2011
- Afternoon Session
- 1st: 1/5/2011 - 1/8/2011
- 2nd: 1/8/2011 - 1/8/2011
- 3rd: 1/8/2011 - 1/9/2011
- Exam 3
- Morning Session
- 1st: 1/9/2011 - 1/11/2011
- 2nd: 1/12/2011 - 1/13/2011
- 3rd: 1/13/2011 - 1/14/2011
- Afternoon Session
- 1st: 1/14/2011 - 1/19/2011
- 2nd: 1/19/2011 - 1/25/2011
- 3rd: 1/25/2011 - 1/26/2011
- Practice Exams Volume 2
- Exam 1
- Morning Session
- 1st: 1/26/2011 - 1/30/2011
- 2nd: 1/31/2011 - 2/1/2011
- 3rd: 2/1/2011 - 2/5/2011
- Afternoon Session
- 1st: 2/5/2011 - 2/10/2011
- 2nd: 2/10/2011 - 2/12/2011
- 3rd: 2/12/2011 - 2/13/2011
- Exam 2
- Morning Session
- 1st: 2/13/2011 - 2/16/2011
- 2nd: 2/16/2011 - 2/18/2011
- 3rd: 2/18/2011 - 2/19/2011
- Afternoon Session
- 1st: 2/19/2011 - 2/24/2011
- 2nd: 2/24/2011 - 2/26/2011
- 3rd: 2/26/2011 - 2/27/2011
- Exam 3
- Morning Session
- 1st: 2/27/2011 - 3/6/2011
- 2nd: 3/7/2011 - 3/9/2011
- 3rd: 3/9/2011 - 3/10/2011
- Afternoon Session
- 1st: 3/10/2011 - 3/11/2011, 4/1/2011- 4/2/2011
- 2nd: 4/2/2011 - 4/3/2011
- 3rd: 4/3/2011 - 4/3/2011
- Practice Exams Volume 1 (2010)
- Exam 1
- Morning Session
- Afternoon Session
- 1st: 4/3/2011-4/5/2011
- 2nd: 4/6/2011 - 4/7/2011
- 3rd: 4/8/2011 - 4/9/2011
- Exam 2
- Morning Session
- Afternoon Session
- 1st: 4/9/2011 - 4/12/2011
- 2nd: 4/12/2011 - 4/13/2011
- 3rd: 4/13/2011 - 4/14/2011
- Exam 3
- Morning Session
- Afternoon Session
- 1st: 4/15/2011 - 4/17/2011
- 2nd: 4/18/2011 - 4/19/2011
- 3rd: 4/19/2011 - 4/20/2011
- Practice Exams Volume 2 (2010)
- Exam 1
- Morning Session
- Afternoon Session
- 1st: 4/21/2011 - 4/23/2011
- 2nd: 4/24/2011 - 4/25/2011
- 3rd: 4/26/2011 - 4/27/2011
- Exam 2
- Morning Session
- Afternoon Session
- 1st: 4/27/2011 - 4/30/2011
- 2nd: 5/1/2011 - 5/2/2011
- 3rd: 5/2/2011 - 5/3/2011
- Exam 3
- Morning Session
- Afternoon Session
- 1st: 5/4/2011-5/5/2011
- 2nd: 5/6/2011-5/7/2011
- 3rd: 5/7/2011-5/8/2011
Check: 5/15/2011-5/28/2011
[4] Schweser's QuickSheet (CFA 2010 Level 2)
Check: 5/28/2011-6/2/2011
- 2010 Mock Exam
- 1st: 5/8/2011-5/11/2011 (50/60+47/60=97/120=80.83%)
- 2nd: 5/11/2011-5/14/2011 (59/60+60/60=119/120=99.17%)
- 3rd: 5/14/2011 (60/60+60/60=120/120=100%)
- 2011 Mock Exams
- Early May
- 1st: 5/29/2011
- Review Morning session (45/60 = 75%) 5/30/2011
- Review Afternoon session (49/60 = 81.7%) 5/31/2011
- 2nd: 6/3/2011
- Review Morning session (59/60 = 98.33%) 6/3/2011
- Review Afternoon session (58/60 = 96.67%) 6/3/2011
- Sample Questions
- 1st: 6/2/2011 (16/18=88.9%)
- Sample Exams
- Open - 9/6/2010
- (did NOT try it)
[6] Exam admission tickets
Late April 2011 Exam admission tickets available online
[7] CFA Level II Exam date (Tokyo)
5 June 2011
Tuesday, July 27, 2010
June 2011 Level II CFA Exam - CFA exam registration
I've ordered CFA exam registration + eBook and print.
2011 June CFA Level II Exam: $745.00
Level II Print Curriculum June 2011: $225.00
Level II eBook Curriculum June 2011: $185.00
Discount: $495.00
Shipping: $20.00
Tax: $0.00
--------------------
Total: $680.00
2011 June CFA Level II Exam: $745.00
Level II Print Curriculum June 2011: $225.00
Level II eBook Curriculum June 2011: $185.00
Discount: $495.00
Shipping: $20.00
Tax: $0.00
--------------------
Total: $680.00
June 2010 Level II CFA Exam Result (Fail)
I've received email from CFA Institute today that said I've failed the exam; it's very disappointing but this is the reality. I had did my best and there is nothing to be shamed. It was just 6-month prepareation after Level I. Most importantly, we had a lovely baby girl in Janurary! My family comes first.
I will denitely review my results and start studying for next exam. I will never give up CFA.
The email from CFA Institute is as follows (parts I changed are indicated by gray, blue and red characters):
----------
XXXXXXX
Dear XXX XXX,
Your results for the June 2010 Level II CFA exam are below. The pass rate for June 2010 Level II was 39%. If you have questions or comments, please contact us.
Level II: Fail
The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area.
Item SetQ#TopicMax Pts<=50%51%-70%>70%
-Alternative Investments18--*
-Corporate Finance36--*
-Derivatives36--*
-Economics18*--
-Equity Investments72-*-
-Ethical & Professional Standards36*--
-Financial Reporting & Analysis72-*-
-Fixed Income Investments36--*
-Portfolio Management18--*
-Quantitative Methods18*--
We have divided the full group of failed candidates into ten approximately equal score bands. Your score band below shows how your overall score on the exam compares with all other failed candidates.
For example, if your reported score band is 1, you scored in approximately the bottom 10% of failed candidates. If your reported score band is 2, your score was within the next band width ranging from approximately the bottom 11% to 20% of failed candidates. If your score band is reported as 10, you scored in the top 10% of all failed candidates.
Your score band: 9
Candidate registration will be available 27 July on the CFA Institute website. All candidates may register for an upcoming examination. Please note that heavy traffic due to results may slow our online registration system on 27 July.
Any alteration of this e-mail message is strictly prohibited and may be grounds for disciplinary action by the CFA Institute Professional Conduct Program.
This e-mail message and any attachments it contains are confidential and are intended solely for the use of the intended recipient. If you are not the intended recipient, you are hereby notified that you received this e-mail message in error, and that any use, dissemination, distribution, printing/copying, or forwarding of this message and any attachment is strictly prohibited. If you received this e-mail message in error, notify info@cfainstitute.org immediately, and delete the message and any attachment from your system. Thank you for your cooperation.
I will denitely review my results and start studying for next exam. I will never give up CFA.
The email from CFA Institute is as follows (parts I changed are indicated by gray, blue and red characters):
----------
XXXXXXX
Dear XXX XXX,
Your results for the June 2010 Level II CFA exam are below. The pass rate for June 2010 Level II was 39%. If you have questions or comments, please contact us.
Level II: Fail
The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area.
Item SetQ#TopicMax Pts<=50%51%-70%>70%
-Alternative Investments18--*
-Corporate Finance36--*
-Derivatives36--*
-Economics18*--
-Equity Investments72-*-
-Ethical & Professional Standards36*--
-Financial Reporting & Analysis72-*-
-Fixed Income Investments36--*
-Portfolio Management18--*
-Quantitative Methods18*--
We have divided the full group of failed candidates into ten approximately equal score bands. Your score band below shows how your overall score on the exam compares with all other failed candidates.
For example, if your reported score band is 1, you scored in approximately the bottom 10% of failed candidates. If your reported score band is 2, your score was within the next band width ranging from approximately the bottom 11% to 20% of failed candidates. If your score band is reported as 10, you scored in the top 10% of all failed candidates.
Your score band: 9
Candidate registration will be available 27 July on the CFA Institute website. All candidates may register for an upcoming examination. Please note that heavy traffic due to results may slow our online registration system on 27 July.
Any alteration of this e-mail message is strictly prohibited and may be grounds for disciplinary action by the CFA Institute Professional Conduct Program.
This e-mail message and any attachments it contains are confidential and are intended solely for the use of the intended recipient. If you are not the intended recipient, you are hereby notified that you received this e-mail message in error, and that any use, dissemination, distribution, printing/copying, or forwarding of this message and any attachment is strictly prohibited. If you received this e-mail message in error, notify info@cfainstitute.org immediately, and delete the message and any attachment from your system. Thank you for your cooperation.
Saturday, June 5, 2010
CFA Exam - belongings
- Admission Ticket
- Map
- ID(Passport, Driver's license, etc.)
- Mechanical pencil
- Eraser
- Extra lead
- Earplug
- Eye mask (for lunch break)
- Financial Calculator
- Battery (for the financial calculater)
- Watch(G-SHOCK)
- Mobile phone (with mobile Suica; electronic money/commuter pass in Japan)
- Lunch box
- Pet bottle (mineral water)
- Snack (chocolate or something sugar-rich)
- Unnecessary
- Wallet
- Only for December exam
- Underwear for cold protection
Wednesday, February 17, 2010
CFA Level II (June 2010 Exam) - Applied
Applied to CFA Level II (June 2010 Exam) today!
After login,
http://www.cfainstitute.org/
Go to the Enroll and Register page,
http://www.cfainstitute.org/cfaprog/register/
Then select
"Register for an exam"
June 2010
Chose the Level II
CFA Program Level II Registration
You have to fill in a lot of items to finalize your application.
Today is just before the Second Payment Deadline. So it costs as follows:
2010 June CFA Level II Exam $485.00
Level II Curriculum June 2010 $225.00
Total: $710.00
It seems discount is available considering the CFA Institute's fee page: http://www.cfainstitute.org/cfaprog/register/fees.html
After login,
http://www.cfainstitute.org/
Go to the Enroll and Register page,
http://www.cfainstitute.org/cfaprog/register/
Then select
"Register for an exam"
June 2010
Chose the Level II
CFA Program Level II Registration
You have to fill in a lot of items to finalize your application.
Today is just before the Second Payment Deadline. So it costs as follows:
2010 June CFA Level II Exam $485.00
Level II Curriculum June 2010 $225.00
Total: $710.00
It seems discount is available considering the CFA Institute's fee page: http://www.cfainstitute.org/cfaprog/register/fees.html
Thursday, January 28, 2010
CFA Level I (December 2009 Exam) - Passed
I passed the exam! According to CFA Institute, pass rates were 34% and lowest in 5 years (2005:34%). My December 2009 result on
https://www.cfainstitute.org/cfaprog/resources/examdetails/examresults.html
was as follows:
----------
Level 1: Pass
The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area.
Multiple Choice
Q# Topic Max Pts <=50% 51%-70% >70%
- Alternative Investments 8 - * -
- Corporate Finance 20 - - *
- Derivatives 12 - - *
- Economics 24 - - *
- Equity Investments 24 - - *
- Ethical & Professional Standards 36 - * -
- Financial Reporting & Analysis 48 - - *
- Fixed Income Investments 28 - - *
- Portfolio Management 12 - - *
- Quantitative Methods 28 - - *
https://www.cfainstitute.org/cfaprog/resources/examdetails/examresults.html
was as follows:
----------
Level 1: Pass
The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area.
Multiple Choice
Q# Topic Max Pts <=50% 51%-70% >70%
- Alternative Investments 8 - * -
- Corporate Finance 20 - - *
- Derivatives 12 - - *
- Economics 24 - - *
- Equity Investments 24 - - *
- Ethical & Professional Standards 36 - * -
- Financial Reporting & Analysis 48 - - *
- Fixed Income Investments 28 - - *
- Portfolio Management 12 - - *
- Quantitative Methods 28 - - *
Wednesday, December 9, 2009
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 = wd x rd(1-t) + we x r
(correct)WACC = wd x rd(1-t) + we x rs
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.
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 = wd x rd(1-t) + we x r
(correct)WACC = wd x rd(1-t) + we x rs
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.
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