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Mark Meldrum mock exams

Anyone know when they’re expected to be released?

If you're the first out the door, that's not called panicking

With exam day right around the corner, Schweser's Final Review products are designed to help you finish out your study plan and walk into the testing center feeling prepared and confident.

Last week I was told that this week.

ok great. Hopefully that’s the case. Do you know how many there are?

If you're the first out the door, that's not called panicking

No idea. sad

Four.

And they’re all awesome.

Simplify the complicated side; don't complify the simplicated side.

Financial Exam Help 123: The place to get help for the CFA® exams
http://financialexamhelp123.com/

Oh yeah, there’s a great idea. Go buy the mock exam written by a guy who doesn’t even have the charter.

¯\_(ツ)_/¯ It be like that sometimes.

CEO10K-DAY wrote:
Oh yeah, there’s a great idea. Go buy the mock exam written by a guy who doesn’t even have the charter.

Um … they’re written by a guy who has has his charter since 1999.

I know.

I’m the guy.

Simplify the complicated side; don't complify the simplicated side.

Financial Exam Help 123: The place to get help for the CFA® exams
http://financialexamhelp123.com/

CEO10K-DAY wrote:

Oh yeah, there’s a great idea. Go buy the mock exam written by a guy who doesn’t even have the charter.

I don’t understand your point. Is having the charter a prerequisite to write an exam? So the fact that he has a PhD and knows the material like the back of his hand doesn’t qualify him to write an exam just because he doesn’t have the charter? Anyhow, no need to worry about all that as it’s S2000Magicien who wrote them. 

If you're the first out the door, that's not called panicking

Absolutely it’s a requirement. Not listening to someone about how to pass the cfa exams who himself hasn’t passed the CFA exams is exactly what I call a good idea.

as for the actual construction of the mock exam: it’s a shame I can’t just buy them directly from Bill himself. Instead I gotta pay the middle man.

but that’s the motto in finance I guess… “screw them before they screw you”.

¯\_(ツ)_/¯ It be like that sometimes.

CEO10K-DAY wrote:

Absolutely it’s a requirement. Not listening to someone about how to pass the cfa exams who himself hasn’t passed the CFA exams is exactly what I call a good idea.

Mark isn’t a charterholder? i didnt know that….

However, magi is the guy that wrote the questions, not mark.

Codtrawler87 wrote:

So the fact that he has a PhD and knows the material like the back of his hand doesn’t qualify him to write an exam just because he doesn’t have the charter? 

Sometimes, the best coaches arent the best players… sometimes the best players cant coach.

I wonder if Mark could be a good player. He should take the exam.. why the hell not? 

If memory serve, Peter Olinto doesn’t have his charter.

By the way: he’s a awesome instructor.

Simplify the complicated side; don't complify the simplicated side.

Financial Exam Help 123: The place to get help for the CFA® exams
http://financialexamhelp123.com/

S2000magician wrote:

If memory serve, Peter Olinto doesn’t have his charter.

By the way: he’s a awesome instructor.

I remember my CPA days with Peter Olinto, much simpler and happier.

Well, I did listen to every single advice of this someone who didn’t pass the CFA and I passed level I and II on my first attempts.

However, you have the right to express your opinion.

The CFA exam is a proxy to show someone’s ability/willingness to study a curriculum. It’s not a telltale sign of intelligence at all, whereas a sports competition (like football) is a sign of someones physical ability to perform routes, or play defense. And obviously, as someone ages, you biologically become less able to do those tasks, so you become a coach (be it a good or bad coach). But taking a test is different, because taking a test requires basically little to no physical effort. Which means, if your hombre Mark is legitimately “SO GOOD” at what he does, then the only thing stopping him from taking the exams is himself - which signals laziness, and for me personally, disqualifies him from ever getting my money. Don’t want to sound arrogant, but for me it’s that easy. If  you’re truly so good at teaching the CFA curriculum, and you only get better at it over time, then why you haven’t actually done it yourself makes no sense to me.

Y’all really don’t find it weird?

SuziM wrote:

Well, I did listen to every single advice of this someone who didn’t pass the CFA and I passed level I and II on my first attempts.

However, you have the right to express your opinion.

And that is Fantastic and all the better for you.

¯\_(ツ)_/¯ It be like that sometimes.

CEO10K-DAY wrote:

The CFA exam is a proxy to show someone’s ability/willingness to study a curriculum. It’s not a telltale sign of intelligence at all, whereas a sports competition (like football) is a sign of someones physical ability to perform routes, or play defense. And obviously, as someone ages, you biologically become less able to do those tasks, so you become a coach (be it a good or bad coach). But taking a test is different, because taking a test requires basically little to no physical effort. Which means, if your hombre Mark is legitimately “SO GOOD” at what he does, then the only thing stopping him from taking the exams is himself - which signals laziness, and for me personally, disqualifies him from ever getting my money. Don’t want to sound arrogant, but for me it’s that easy. If  you’re truly so good at teaching the CFA curriculum, and you only get better at it over time, then why you haven’t actually done it yourself makes no sense to me.

Y’all really don’t find it weird? 

SuziM wrote:

Well, I did listen to every single advice of this someone who didn’t pass the CFA and I passed level I and II on my first attempts.

However, you have the right to express your opinion. 

And that is Fantastic and all the better for you.

You’re talking about having the charter/passing the exams like it’s some gold standard and an apex of academic and professional achievement, and not just a badge that proves that you know the basics of finance.

But anyway, given his success and demand, there’s quite a few candidates who see no problem in buying his stuff, even though he hasn’t sat for the exams.

If you're the first out the door, that's not called panicking

Codtrawler87 wrote:

You’re talking about having the charter/passing the exams like it’s some gold standard and an apex of academic and professional achievement, and not just a badge that proves that you know the basics of finance. 

But anyway, given his success and demand, there’s quite a few candidates who see no problem in buying his stuff, even though he hasn’t sat for the exams. 

Yeah, and we all know from the behavioral finance readings how rational the average non-homo-economicus is.

But I’ll quit stirring the pot. You do you, and still I hope you pass.

¯\_(ツ)_/¯ It be like that sometimes.

1. The mock is written by the CFA charterholder.

2.I think there can be many reasons for him not to sit for the exam, not only just laziness. 

3.I have taken his course for two levels and comfortably passed them. 

4.Being a charterholder doesn’t necessary mean one is capable of teaching the curriculum. 

But seems in the end there’s no option to buy the mocks outside of a full subscription package.

I’m disappointed, because I understood there would be such option.

Moosey wrote:

But seems in the end there’s no option to buy the mocks outside of a full subscription package.

I’m disappointed, because I understood there would be such option.

Because the CFA Candidate prep market is roughly $80 mill in size? Aka… #cashgrab… I hope you at least realize they don’t G.A.F if you fail or pass right? Except for Bill, he’s most likely a chill dude.

seriously though, you guys have to be joking right? I’m not saying your boy Mark ain’t the man, I’m sure he’s a great dude. But, if I ever found myself in his classes I wouldn’t be able to get passed the fact that he doesn’t have the charter. No matter how good what he teaches is I wouldn’t be able to get passed it. It’s like not dumping a gf after she cheats on you, or eating at a Mexican restaurant when you learn the chef is white… It’s gonna be a no from me dog.

¯\_(ツ)_/¯ It be like that sometimes.

I need more material! cause I’m running out of mocks and things to do!!

I ordered Mark/Bill’s mocks.. and I also got his Book 4 video to test him out.

I do like Mark’s voice, very soothing.. I’ve concluded that it doesnt matter that he doesnt have a CFA.. it doesnt even matter if he’s a high school dropout… his voice is very good!

125mph wrote:

I need more material! cause I’m running out of mocks and things to do!!

I ordered Mark/Bill’s mocks.. and I also got his Book 4 video to test him out.

I do like Mark’s voice, very soothing.. I’ve concluded that it doesnt matter that he doesnt have a CFA.. it doesnt even matter if he’s a high school dropout… his voice is very good!

If you want to challenge yourself  buy the following mock books:

BPP (UK based CFA school) They have 3. They are very challenging but good practice

Finquiz (6 mocks available) - very difficult but again good practice

.....woof

CEO10K-DAY wrote:

The CFA exam is a proxy to show someone’s ability/willingness to study a curriculum. It’s not a telltale sign of intelligence at all, whereas a sports competition (like football) is a sign of someones physical ability to perform routes, or play defense. And obviously, as someone ages, you biologically become less able to do those tasks, so you become a coach (be it a good or bad coach). But taking a test is different, because taking a test requires basically little to no physical effort. Which means, if your hombre Mark is legitimately “SO GOOD” at what he does, then the only thing stopping him from taking the exams is himself - which signals laziness, and for me personally, disqualifies him from ever getting my money. Don’t want to sound arrogant, but for me it’s that easy. If  you’re truly so good at teaching the CFA curriculum, and you only get better at it over time, then why you haven’t actually done it yourself makes no sense to me.

Y’all really don’t find it weird? 

SuziM wrote:

Well, I did listen to every single advice of this someone who didn’t pass the CFA and I passed level I and II on my first attempts.

However, you have the right to express your opinion. 

And that is Fantastic and all the better for you.

I’m with CEO on this one although my views are not as vehemently strong as his (as I still did use Mark Meldrum’s videos from time to time) 

I find it incredibly bizarre that a man that knows each level curriculum inside out wouldn’t just take each exam and get the charter. The dues payable are nothing compared to what he’s earning from his candidates. I also find it extremely ironic that he gives exam day advice and ways to keep clear head and reduce stress when he’s never sat the exam.

And to Magician’s comments regarding Olinto not doing it either, I also found that strange when I learnt it.

I don’t correlate the knowledge of the professor to passing the exams, I know Olinto and Mark are awesome instructors - I just find it really weird they don’t do the exams.

.....woof

MM being a charter holder or not - if you pass the exam it wouldn’t matter and if you fail it wouldn’t matter. Let’s stick to what matters.

Codtrawler87 wrote:

CEO10K-DAY wrote:

Oh yeah, there’s a great idea. Go buy the mock exam written by a guy who doesn’t even have the charter.

I don’t understand your point. Is having the charter a prerequisite to write an exam? So the fact that he has a PhD and knows the material like the back of his hand doesn’t qualify him to write an exam just because he doesn’t have the charter? Anyhow, no need to worry about all that as it’s S2000Magicien who wrote them. 

I worry, as I feel they are going to be a real harsh laugh.

Just not to be unfair with Mark Meldrum as per my last comment, finally I could purchase the mocks solely.

Can’t wait to open them…

Moosey wrote:
Just not to be unfair with Mark Meldrum as per my last comment, finally I could purchase the mocks solely.

Can’t wait to open them…

Just remember not to do so until you’re instructed to.

Simplify the complicated side; don't complify the simplicated side.

Financial Exam Help 123: The place to get help for the CFA® exams
http://financialexamhelp123.com/

I just took the MM Exam1 PM… After finishing it, I thought wow that was easy. I think I scored at least 90%. But after doing the results, scored the lowest of all the mocks I’ve taken by far.. My feedback:

1.) Minor details in a single word that I missed in the story cause me to miss many question. To me, this is more of a “I got tricked” and typically isn’t part of the real exam

2.) The explanation in the answer guides were very good, above and beyond any mocks I’ve taken

3.) Great material for learning.. Will do the Exam1 AM tomorrow.

4.) You got a lot of strange names in the stories.. Amrabat? Al Jassam? lol

5.) Three potential errors I saw:

  • #26: “Diversification: Adding equities to a bond portfolio will likely reduce volatility…”. Is this really accurate? Shouldn’t the standard deviation increase if the portfolio is simply FI, adding equities will surely increase volatility. Sure, there is a diversification benefit but I think the statement is incorrect? Now if it was going from an Equity portfolio, adding bonds would lower volatile of the portfolio.
  • #40: I believe the strikes on floor and caps in the curriculum usually pay off based on Libor, not based on Libor + X-bps. The effective interest paid would obviously be based on X-bps offset by the floor/cap. Am I right?
  • #43: I believe limit orders do not always have expirations. You can set it to “Limit order GTC”, which would not have an expiration. Maybe I missed something in the story.

125mph wrote:
4.) You got a lot of strange names in the stories.. Amrabat? Al Jassam? lol

Tell that to the FIFA World Cup participants.

Simplify the complicated side; don't complify the simplicated side.

Financial Exam Help 123: The place to get help for the CFA® exams
http://financialexamhelp123.com/

In response to CEO10K-DAY

I guess I should address this:

Mark Meldrum here.  Let me first point out that the only true CFA body of knowledge is the Code and Standards and GIPS.  All the rest is borrowed from the field of finance.  All of it.  There is nothing in any CFAI reading that has not been borrowed quite heavily from any widely available finance textbook.  In fact, the treatment of the topics in the CFAI readings is quite light compared to a more rigorous course, which is the standard at a Master’s level, at least at a school that matters.  So while a CFA charter may be enough for a Prep Provider, it would not be enough at a University Level. If you strip away everything from the CFAI books that can be found in more rigorous textbooks, all that would be left is Ethics and GIPS.  

Point 2: This relates to a point you make further down this thread about putting in the time.  All three levels of CFA would require about 1000 hours of study.  That is 6 months of full time work at 8 hours a day.  A PhD requires 4 to 5 years of much more than 8 hours a day.  Want to test your willingness to put in the time - write a dissertation.  There is no such thing as a 70% passing score there, not even close.   Or, show up at my office at 6:30 am (don’t be late) and count how many hours a day I put in on CFA content.  I would love nothing more than to have the time NOT to put in each day.  

Point 3:  There is nothing in the CFA program that prepares you to teach.  Nothing that touches on epistemology or pedagogy.  Nothing that discusses the science of assessment.  Nothing that prepares you to write assessments.  There is no CFA way to learn, no CFA way to teach.  Learning has been the same for 5,000 years, no matter what you are learning.  And teaching is not about telling people what you know, it is about telling people HOW to know what you know.  I have had full charter holders attempt to write content for my site with  very little success.  Very few can do it, and those that can typically come from academia.  That is important since you need someone that understands the process of learning, can anticipate where the challenges are, knows how to convey sometimes difficult concepts in a more accessible way.  I have seen a lot a CFA instructors, full charter holders, reading their words off a PowerPoint and calling that teaching.  Its not!  

I will put myself up against any charter holder, in the classroom and on the street.  For some of them, I’ll even give them a head start.   

Think of a charter holder as brandy and a PhD as cognac.  All cognac is brandy, but not all brandy is cognac.  Be careful abut how much pride you place in what’s in your bottle.   

Just did the Exam #1 AM. I actually quite enjoyed it.

However, a few things I noticed – and I may be wrong or right, not sure: 

Question #7 part D: I could not locate the reference to client #6. Scanned over and over, no where is client #6 mentioned

Question #5, part D, solutions: The solution refers to the swap duration of 4 years (fixed) minus .25 (float). However, the question stated the fixed side was 1.5 and the float side was .25. 

Question #1, part C, solution calculates the before-tax return to cover shortfall, adds the inflation factors, and then divides by the capital.  There’s a lot of inconsistency on how to calculate the Required Return. Every mock does it a different way and it drives me nutz.

However, MM’s formula sheet that is included in the mock is consistent with the Kaplan.. which appear to calculate the numbers different and comes up with a different Required Return:

Kaplan: For the Exam: The treatment of inflation and taxes in the current reading assignments and past exam questions is not consistent and has caused considerable confusion.

To illustrate, consider a client in a 30% tax bracket with $1,000,000, needing a $30,000 after-tax distribution at the end of the year with that amount growing at an estimated 2% inflation rate in perpetuity.

Current CFA Readings Approach:

  1. First calculate the real, after-tax return: 30 / 1,000 = 3.00%.
  2. Then add inflation for the nominal, after-tax return: 3.00% + 2.00% = 5.00%.
  3. Last gross up for taxes to calculate the nominal, pretax return: 5.00% / (1 − 0.30) = 7.14%”

Issues with Old Exam Questions: Some very old exam questions first gross up the real, after-tax return of 3% for taxes and calculates the real, pretax return: 3.00% / (1 − 0.30) = 4.29%. Inflation is then added for a nominal, pretax return of: 4.29% + 2.00% = 6.29%. This approach is not particularly logical because it implicitly assumes that any return due to inflation is never taxed. In other words, the 4.29% is fully taxed each year but the 2.0% is never taxed. If you did this on your personal tax return, it would, at best, be disallowed and, at worst, you could go to jail. You cannot exclude the effects of inflation from taxable income.