Again, except for FSA… I really didn’t see anything on the CFAI sample that wasn’t in the schweser notes. Also to be fair to schweser, I read chapter 25 from the CFAI text last night, which was the majority of that FSA vignette. Surprisingly, schweser actually does a better job and has a few more explanations than the CFAI text does. (ex/ the text doesn’t really explain A/R w/ recourse). You possibly could have done what I did and just make stupid mistakes
Nah, I did ok in FSA, i failed the section but probably would of passed if not for one or two careless mistakes. Equities i got 100% although guessed 2/6. It was soft dollars and the small sections that crushed me. And time series was a bitch too, any other part of quant i probably could have held my own, but time series is such a small portion and they went so in depth, ugh.
Is anyone who is scoring 85% on all these samples and mock exams a Dec '09 Level 1 passer? I’m just curious as to my own progress (85ish schweser, haven’t done cfa mocks yet)
Do you need to pay $40 to take the sample or is the first one free?
cpk123 Wrote: ------------------------------------------------------- > I aced equity but i had to guess on the > flowthrough p/e question, i don’t understand the > formula they used. In all my notes i see (1/r+[(1 > - flow thru)*(Inflation)]), yet they had used > (r-i) in place of “r” in the denominator, I have > never even seen this @#$%& before. > > > I guess the formula in your notes should change > to > (1/rr+[(1 - flow thru)*(Inflation)]) > > where rr= real rate. > > then you will notice they gave you r (nominal) and > i inflation. > calculated rr=r-i approximately. This one got me too CPK but I don’t care about these questions cause it’s only because I 4got the equation not the concept. The more earnings that flow thru the higher the P/E. If anything they’re most likely going to test that concept rather than the equation. When u think about it I would kill for a bunch of easy questions like that on the exam. Anyway, in regards to the EBIT coverage ratio, the ratio would still increase even with a higher depreciation expense, correct? I am or was under the assumption that the reduction in interest expense had a greater impact than the reduction in EBIT due to depreciation. Can you confirm?
Do you need to pay the $40 to take the sample or is one included for free?
Yes, its not free anymore. CFAI decided they weren’t making enough money from us. The mock is still free, and the second sample is $20.
Just took sample one, scored a 67%. Not sure what to make of it since I’m a retaker, but I still have time to refocus my study efforts. Scored 67% in most sections with the exception of Quant, which I got 100%, and Alternative Investments with an 83%. Ethics is really my kryptonite, going through that vignette gave me the same feelings of frustration and anxiety I experienced during last year’s exam. Managed to only get 1 question right on that vignette. In relation to the Ethics section, I’m not sure what I can do to help improve my scores. Cumulatively, I’ve read the CFAI curriculum twice, read the Stalla Study notes twice, looked at flashcards, and read the Secret Sauce. Maybe I’m just not an ethical person, who knows?
Just taken the first CFA sample, logically guessed a couple and stupidly second guessed another…so the luck factor may have balanced out? 67% overall ,having bombed on FRA with 2/6 in that section. Somehow 100% in equity and corp fin, with 50% in Alt inv, such a random section! Slightly shocked at the minutae of some questions and then other potentially harder sections only skimmed the surface of the pain they could have inflicted. Worth taking, just to see what we are up again and to somehow feel the semi exam pressure of the CFA telling you, time is running out! sample 2 next week once I have read some more.
got 66% on sample exam 1 . I have been consistently scoring over 90% in Ethics from Schweser Qbank. I was shocked to get 50% in this one. I’ve got the 2010 feedback on my sample test . but does anybody know how can we actually have access to the sample exam questions itself? it would be helpful when someone reviews his answers especially for someone with a short-term memory like me. 
Like a few others have said… time is on your side. Drill FRA for a few days and your scores will improve. I just finished Sample 1 and scored 72, but in reality I only knew 65% or so of the material. FRA owned me. I scored 2/6 and had virtually no idea what the hell they were asking.
That FRA stuff was really bullshit IMO, i didn’t see hardly any of that in the curriculum. There was one question trying to say that EBIT was somehow increased by capitalizing interest? What the fuck is that shit? EBIT is BEFORE INTEREST… That and the whole rationale behind how to solve the capitalization/amortization portion just baffled me, how vague can they get in writing the questions? The only thing that i thought was reasonable and fair game was the accruals question and one other one, soft dollars vignette was also barf.
mark, I think it was interest expense on a construction loan or something like that. I believe it would have been an operating expense, had they not capitalized it. Anyway… I got a 69% on Sample 1. They definitely did NOT test the big topics.
Ok, if it’s interest on a construction loan it’s still interest right? Interest is non-operating, and capitalizing it should have no current year effect on EBIT (the next year the capitalized interest asset would depreciate and ding operating income actually DECREASING EBIT), what am I missing on this one? Yah that test crushed me, but I am somewhat thankful, that beating 2 weeks ago has had me going non-stop since then and I’m picking up a lot of info I had forgotten…
It has an effect on EBIT… reason is - when capitalized it becomes an ASSET - which gets DEPRECIATED. The Depreciation expense thus goes up, so EBIT goes down, due to the capitalization of Interest. And I do not think that happens in the next reporting period, it is an immediate impact. That is the reason for the Capitalization by the company in the first place.
you just argued my point for me CPK. I said it decreases EBIT, the question however stated it results in an increase. Yes, the capitalization removes interest immediately and affects the current period, I am unsure if the depreciation is immediate or in the next period. The point is that there is no fkn way that capitalizing interest increases EBIT.
Oh I see where you got that from though… I contradicted myself a bit. Yes, it will decrease EBIT, i am not 100% on the timing but you are probably right. I know interest goes away immediately, the depreciation was the uncertainty. I still maintain the CFAI question said it resulted in an increase which is bogus.
in the cfa sample - they were cunning. they gave the latest year 2009 figures but asked a question about 2008. I too got taken in by that …
ohhhhhhhhh … tricky bastards. Do they pull that kind of crap on the actual test? That FSA section hammered me, and i’m pretty good at FSA, I felt like i hadn’t read ANY of that stuff except the accruals based questions…
cpk123 Wrote: ------------------------------------------------------- > in the cfa sample - they were cunning. they gave > the latest year 2009 figures but asked a question > about 2008. > > I too got taken in by that … Do you remember which question? That reminds me of last year’s PE vignette, so I’m always on the lookout for that now.