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Free Wiley Level 3 Mock - any takers?

Hi All

I wanted to know if anyone has taken the free Wiley Level 3 Mock this year? Available at the below link.

If so, how did you find it? I just finished the AM yesterday and wanted to see how everyone found the the paper in terms of difficulty compared to how they think it will be on the day/past papers they have done.



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Broken link

How odd - link now updated?


I scored a 70 in the AM and a 63 in the PM.

The PM was very challenging I felt, as was the whole paper tbh - felt pretty realistic though. Better then those garbage Schweser practice exams


My AM score is 63.89%, 70% for PM.

I feel some mock answers are not corrects. But I still think it’s worth to do this mock.  After finishing the PM, I think it is not worth to do this mock because there are a lot of errors.

  • AM:

Q5B: the answers of the point 1, 3 and 4 are quite arbitrary. I don’t know if the answers could be correct.

Q8C : The solution states: Optimal weights under a risk parity allocation would set the absolute contribution to risk of each asset class in the portfolio to be the same, not the marginal contribution to risk.  (1)

(1) ACTRi = Constant = MCTRi *wi

But we know also that : The condition for optimal allocation is the ratio of excess return to MCTR is the same (and equal to the Sharp ratio).  (2)  (this statement is surely true)

(2) MCTRi = (ri - rf)/SharpP

​​​​​​​So, from    ​​​​​​​(1)+(2)  =>       wi * (ri -rf) = Constant     (3)

The conclusion (3) is too strong and I have never seen this formula before and I doubt it is not correct. So, (1) may not be correct.

​​​​​​​Q9B: the answer is arbitrary. I don’t know if we can say the curve is at the same time fattened and increased in curvature.

  • PM

Q22: The answer A is exactly the same as the answer B  =)) 

Q25: The question asks to calculate the money duration  (Duration * Value * 0.01) but the answer forgets the factor 0.01

Q43: the solution states: Direct real estate is likely to provide lower returns but higher levels of diversification (relative to REIT) when added to a portfolio of traditional assets. I think the opposite.

Q57: the answer is wrong. David has underperformed with regard to exposure to fundamental factors (-0.20 with telecommunication -0.26)

I repeat: CFA is the abbreviation of my last name!

Hi Pierre,

There was loads of errors I noticed too.

In the morning paper they give two large cap growth indices and ask if the returns based analysis holds - clearly it does not. However it seems to be a typo with the last one supposed to say Value.

I sent them a pretty stroppy email - it’s simply not good enough to release a paper so close to exam day riddled with errors.


For the afternoon question 28. When they use the liabilities of 40 million, shouldn’t they use the PV of 40 mill, that is 40 mil/1.05^8??

Compared to REIT, does direct real estate provide 

  • lower return?
  • higher level of diversification ?

I repeat: CFA is the abbreviation of my last name!

In a portfolio of stocks and bonds direct real estate investment gives you exposure to different risk factors and it is a good diversifier. Reits have advantages like being more liquid and so on, but they tend to be more highly correlated with equities than direct investment. 

Don't forget to carry the one.