I am doing some end of chapter questions (both CFAI and Schweser), on those private investor topics. My answers just don’t agree with the provided answers. There is always an argument for the other side of the investment policy statement. Below-avearge, average, above-average risk tolerance??? WTF!! Man, I am not feeling to good about writing my essay answer on the exam.
Plenty of time. But you’re right. They suck.
Just fraustraed!! Thanks
Could you provide an example? Venting is always understandable, but an example would make a good contribution to the forum, and people like me would get alot out of it. You might get something out of the discussion too.
I think a lot of us will be freaking out about that! Somehow we will have to learn how to categorize and standardize the info that is given in the question (maybe based on some key words that they repeatedly use describing let’s say an average investor) Of course I’m talking out of my pretty A$# as I’m currently on SS02, hehehe
I believe “Below-avearge, average, above-average risk tolerance” thing is history. I remember from last year, working on Schweser practice exam, the appropriate risk measure for unsofisticated investor-rich widow, I think, who is worried about downside risk. I said range would be the best, since this investor is not knowledgeable. At least range shows historical best and more importantly, worst case. It is understandable for this investor. The correct answer was semi-variance, since she is worried about downside risk (Who isn’t?). How I can explain semi-variance to unsofisticated investor I still do not know.
Geez…I’ve tried explaining semivariance to college business students and failed. What a dopey question.
Zigy—This is what I am talking about! I agree with you exactly. Sorry that I can’t provide an example (actually I am too lazy to type 3 paragraphs of client background information). What I am hating is that there is so many pieces of information that we can use to justify our answer. The provide CFAI or Schweser seems to “cherry-pick” the information to support their answer. On the actual exam, I am wondering if we can also Cherry-pick the information to support our answer. What if our cherry is different from CFAI’s cherry?
in level I we learned there is the “right way, the wrong way, and the CFA way” welcome to the crap that you must memorize and reorganize your intuition in order to answer the CFA way. it sucks. but that’s how it goes and i’ll do it for one last exam. hopefully last exam.
>What if our cherry is different from CFAI’s cherry? That was my concern, too. Well, good news is that the half of exam is MCQ. You can do well in that part to make it up if you pick differerent cherry, strawberry, or your nose whatever. It worked for me, thankfully. Good luck!!
ws, I just started Private Wealth Management. I’m thinking the same thing. Man, I miss LII already.
Is it too early to start the big IPS questions or is it never too late to start? I’ve answered the MCQ’s, they’re pretty harmless. But the case studies seem to require alot more brain power, focus, and time. I’m comfortable holding off on them if it is wise to tackle them closer to June. Comments?
gd idea uaecfa
its january, man. relax. no one starts out answering the written questions the way the cfa graders expect you to. you need to expose yourself to as many of the old long answer questions as humanly possible over the next 5 months…you’ll start to see patterns in the way they approach things. all you have to do is duplicate the approach on exam day. and remember, the answers they provide are a combination of the best answers from all the students who wrote the exam that year. they are not meant to be representative of what one person could do in the time allotted. i say all this having got my ass kicked (along with everyone else) on the morning session last year. thank christ for MC…
jeff_s Wrote: ------------------------------------------------------- > its january, man. relax. no one starts out > answering the written questions the way the cfa > graders expect you to. you need to expose > yourself to as many of the old long answer > questions as humanly possible over the next 5 > months…you’ll start to see patterns in the way > they approach things. all you have to do is > duplicate the approach on exam day. and remember, > the answers they provide are a combination of the > best answers from all the students who wrote the > exam that year. they are not meant to be > representative of what one person could do in the > time allotted. > > i say all this having got my ass kicked (along > with everyone else) on the morning session last > year. thank christ for MC… i figured its a bit early for this, but wasn’t really sure since this is all new to me. although it didn’t work out for you last June, sharing your experience means alot to me. hope you make it this year.
ohh no, i passed last year. but only thanks to rocking the afternoon. very few people did well on the morning session…
Thanks guys, I guess the key is to study as many old exam as possible. Try to nail the MCQ in the afternoon.