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2013 CFA Institute Sample Exam (30 Paid Questions) Results

Sample 1 - 22/30 - 73.33%

Made mistakes by implying wrong formulas on two questions else would have scored - 80%.

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Where can you purchase these? Are these the 40 $ mocks?

I killed L1, hospitalized L2 and murdered L3

yes..40$ mocks

dont they say that you should be doing those early in your prep?

but prob a good idea to brush back up on the basics.

I killed L1, hospitalized L2 and murdered L3

Took the first one now and scored just 60%..holy sh!t. That was tough.

Unless they’ve gotten better, the samples were terrible when I took L2. I took all three and got a 40, 60, and 90.

I heard sample exams represent the actual test better than the mocks.

2013 Sample Test 1: 50%

2013 Sample Test 2: 76%

5X EBITDA wrote:

I heard sample exams represent the actual test better than the mocks.

2013 Sample Test 1: 50%

2013 Sample Test 2: 76%

When did you take them? First exam was tough and had problems that I haven’t seen them yet in any of the practice exams. I took it to boost my morale but it worked the other way…

Did NOT do well with Ethics in the first sample……

whats the score though?

I struggled with ethics in exam one.  Got 70%.  Will do sample #2 tomorow.  I hope these are inline with the actual test.  I thought this was fair but a few curveballs.

For example I didnt know the simple way to compute GDP trend growth was to add the employment data.  

i thought they were much harder than the mock which confuses me because the site tells you to take the samples before the mock.  i would have thought you would want to take the easier ones earlier in study and then the harder one at the end.

did first one, 21/30 because I guess I’m just not ethical… Second one was much easier, got 26/30, but I’m struggling with the Cash and Carry question… if we long the spot and short the forward, wouldn’t we want the lease rate to be higher than the storage costs? Answer has it the other way around, and I haven’t seen an errata or anything so wanted to get folks’ thoughts.

Bootstrap like a boss.

-KWizz

Andytrader:

I struggled with ethics in exam one.  Got 70%.  Will do sample #2 tomorow.  I hope these are inline with the actual test.  I thought this was fair but a few curveballs.

For example I didnt know the simple way to compute GDP trend growth was to add the employment data.

On this one , can you point me to the relevant section in the CFAI text , so I know what you’re talking about ? 

Thanks

sure, per the sample exam, mentions Study Session13-33-a. 

This is question 60 btw if you have the sample. 

Bootstrap like a boss.

-KWizz

check the answer sheet, it has given - SS 6-18-j

When the text says commodity lender does that refer to the person who bought spot? or who shorted?

janakisri wrote:

Andytrader:

I struggled with ethics in exam one.  Got 70%.  Will do sample #2 tomorow.  I hope these are inline with the actual test.  I thought this was fair but a few curveballs.

For example I didnt know the simple way to compute GDP trend growth was to add the employment data.

On this one , can you point me to the relevant section in the CFAI text , so I know what you’re talking about ? 

Thanks

It is 4.2.2 in volume 3:

So basically you add just labor inputs and thats the answer.  Capital, consumer spending, inflation not required.

Trying to think logically, the commodity lender would be the person selling short the commodity and buying the forward, right? Since he would be lending out the commodity?

Bootstrap like a boss.

-KWizz

kwizz wrote:

Trying to think logically, the commodity lender would be the person selling short the commodity and buying the forward, right? Since he would be lending out the commodity?

Per your example above you are borrowing the asset so you pay the lease rate.

Hi guys,

Do those sample exams provide you with answers with detailed solutions like schweser or at least some explanation like Mocks? Also, can I print out those papers after I finish them? Thanks!

yes to both Steve

Thanks pupdawg82!

The lender  saves the storage cost . In return the lender/buyer pays the borrower/seller   a  lease rate. This is like a negative dividend ,because the lease rate is owed to the lender.

Physical gold buying / then lending should only happen when lease rates are below the storage costs of gold, so that the lender borrower can save money on storage costs by having to pay less lease rate

WHo is the lender?  Is it the person who bought spot gold in time t and shorted the future in time T+1?

I may sound like an idiot here… so please excuse me! If you execute an exposure to gold thru physical buying, wouldn’t you have to pay the storage costs? If storage costs are below lease rates, then it would be benefical to just keep the physical gold rather than lend it out, am I right? The question referred to in what circumstance would we just buy the gold. 

Oh wait. If lease rates are higher, you would then want to lend out the gold and get the net lease - storage benefit rather than just paying the storage costs. I think I just got it. 

Bootstrap like a boss.

-KWizz

Andy, don’t worry about it until you take #2 tomorrow. IT’ll make sense when you see the question. it’s number 60.

Bootstrap like a boss.

-KWizz

Wait no, I’m wrong again. If you short spot/long forward, you’d have to pay the lease rate while the long spot would take on the storage costs. If the lease rate > storage costs, it’s not worth it to lend it, and would be more beneficial to just store it. My head hurts sad

Bootstrap like a boss.

-KWizz

I think going by what people are saying about the q in the test , it’s not necessarily any forward price driving the argument . Its only storage costs versus lease rates , and buying spot gold versus buying a futures contract.

Buying spot gold instead of futures is only attractive if you can overcome the cost of storage. And the way you overcome is by paying a smaller amount to the borrower to take the gold off your hands .

lender pays lease rate and saves storage cost. If he cannot save money by paying less in lease rate , he should go for gold futures

J, that made a lot of sense. I just have to not think of it as a cash and carry question. Thank you so much for spelling it out in the last post, that’s an immense help. I’ve been brooding over this Q since I reviewed my sample #2 and it had been driving me nuts.

Bootstrap like a boss.

-KWizz

still not clear who is lender.   Buying gold @ spot makes you a lender but you pay a lease rate to loan out your gold?  I thought you borrow money at Rf to buy the gold at spot.