My undertanding is that the Ethics questions will be multiple choice questions as usual and there will not be any essay type questions in the real exam. I do not see any essay type Ethics questions in any of the books that I follow. Please anyone can advise if my understanding is wrong??
I don’t know where you got that understanding, but I would be surprised if there wasn’t an ethic question in the AM. Everything is fair game.
I’ve never seen Ethics in the morning session, and I have over 10 years of actual morning exams in my database.
I wouldn’t be concerned about Ethics in the morning session.
Ditto…I’ve got CFAI mocks going back all the way to 1999 and not a single AM ethics question to be found. I’m betting that trend will continue.
Thank you so much everyone for your thoughts. I believe the original CFA book was supposed to show some exemplary essay type questions for Ethics if this was planned to be asked in the morning session but it does not.
I guess GIPS is a different story?
Yeah GIPS has definitely been regularly tested in the AM session. Most of the questions I’ve come across set it up by describing some list of company policies and then you have to agree/disagree with each statement in the list as to whether it is GIPS compliant and if not, then explain how to change it to make it GIPS compliant.
I’ve steered clear of GIPS so far pretty much, it’s so, so, so dry…definitely my most disliked study session of the L3 material.
Im hoping to just nail a few read throughs closer to exam date and write up some list style notes of dos/donts etc.
anyhoo…
I have sat down and already tried memorizing the most important parts of GIPS feeling that this is going to be one of the areas that will distinguish good preparers from insufficient preparers - just an instinct. And i think it is not too bad - cannot be more disgusting than memorizing pension accounting rules of level 2.