Hi,
so I’ve been practising on many mocks and pracice exams.
- Lately I was surprised how constructed the answers were on the AM guideline answers from CFAI.
I know that we are not supposed to write whole chapters and can use bullet points and not write full sentences, right ?
In the guideline answers, it’s like reading the books again, they explain concepts. I am used to write exams doing this but for the CFA exam, it is enough to give an answer and briefly explain that with some reference to the curriculum, right ?
for example if they ask what bias Mr X exhibits: You can say Mr. X exhibits loss aversion because he is afraid of losing his savings. You do not need to give a definition of loss aversion (ok that example is a bit stupid but you see what i mean if you did those mocks, it’s been a while for me)
- When doing calculations, it’s better to show some steps even if they don’t ask or is it useless ?
Also, when calculating something, is it necessary to show the formula used with letters (A, E, r, sigma, rho etc…) and explain what each term is or can you just plug the numbers and give the result (I guess the examiner can see the numbers and realize that you know the formula!)
Thanks