I don’t have a crew how they grade it in the morning session. I was redoing the first question of last year and suprisingly found out that my answer is very close to the CFAI answer. got most of the RR/TTLRU right. How come my score for the individual port mgmt is under 50%!!! My friend has the same puzzle. In 2007 her port mgmt part is under 50% and she found that her answer is not much different from the official answer the CFAI posted. She paid $100 for a remark it but the CFAI just check if there is miscalcultaion of sum up the points not regrade the exam. In 2008 she got +70% on port mgmt but she did not think she understood/did better than 2007. cannot help but wondering—how do they grade the essay questions? how subjective it is? do we need to have the exact wording, which is impossible, as CFAI? Any suggestions?
Do you have a clear example of what you answered (if you remember) and what the guideline answer was?
The guideline is on the CFAI website. It is the first question last year—individual port mgmt. It would be very long if i post it here. at least i calculated the required return correctly and am very clear that i have got the objective points, such as “above average”, the factors increasing/decreasing the risk tolerance, etc. And the time horizon, liquidity, etc. the wording of course is not exactly same as the guideline but the idea is similar. Don’t understand why it is under 50%, at least it should be 50%-70%! mcpass, did you take last year’s exam? If you did pass (congrats!), what is the key to write this RR/TTLRU ?
The key to write all the AM is to use exactly the sames terms as in the previous years exams. i.e. Bill’s total after taxes required return is xxxxxx.
I agree - calculating the correct answer will NOT getting you full marks. Explaining and drawing the answer in relation to the question is just as important. The item that you need to pay attention to is look at the descriptive word used… i.e. STATE, CALCULATE, etc. I can’t stress how important that is