Do you think they’re indicative of the real CFA exam questions and answers? Personally, I think their answers are too short and would not warrant full credit in the eyes of CFA graders. I’m all for bullet points and concise answers, but I think they sometimes take it overboard. Also, anyone take the V2, E3 AM yet? I don’t want to give anything away for those who haven’t taken it, but I COMPLETELY disagree with most of their guideline answers for the Middendorf’s IPS. Anyone else feel the same? I HATE THIS SUBJECTIVITY IN IPS QUESTIONS!!!
To bring this thread back from the dead, I agree. Has anyone done this one? I have the 2009 Schweser Pactice Exams volume 1, Exam 3 Morning Question 1. Where do they get below willingness to take risk? She has been fully invested in stock in the past, with 75% in a small cap tech and now she is happy she is going to be 75% large cap and thats “below avg”? Also, taxes have no mention of low basis stock No mention of the third time horizon, the period of time where she will have no income while not working.
I’m retaking this year. Last year, relied exclusively on Schweser. I found it inadequate, especially in the area of ind/inst IPS. This is by far one of the most important sections on the exam, if not the most. First, you can guarantee it will be there. I highly recommend relying on CFA texts and examples for IPS questions. As far as brevity, i think it should be as concise as possible. once you are starting to write an essay, you are digging a hole for yourself. look at CFA examples, they are brief and to the point. i’ve also read some in-depth grading procedure reviews by actual graders and there is nothing mentioned against bullets and concise answers, as long as they are correct. if fact, bullets are encouraged as far as they demonstrate focused thinking. your answers will be essentially graded against a list of acceptable “bullets” anyways. Don’t rely on Schweser only, study the CFA texts for this part of the exam if you still have time!
FWIW I spent most of last weekend working on individual IPS’s and I have to agree that they’re the best way to figure out what CFAI wants. A majority of the EOCs in the PWM section are from old exams, so I was able to work through 1999-2006 to get a good feel for what’s in store. Saving 2007-2009 for real testing but I think it was several hours well spent.
There are enough old CFA exams out there that you should only rely on Schweser for multiple choice. Their IPS stuff is always so wrong. For example in 2010 Volume I, Exam 2 AM, Q#1 - they have a family with no debt with a $3,750,000 that needs an after tax return with inflation of 5% and has 25 years until retirement they think that their ability to take risk is low!! A lot of their stuff is contradictory. The CFA material seems much more straightforward with less room for mistakes since there needs to be a majority right answer. The multiple choice is also not indicative but a very good review of concepts and formulas. We need to keep in mind that at the end of the day, a vignette or essay is trying to test a concept, not testing individual questions. It is not important that you get some super hard question right, only that you understand the concept. If you truly understand the concepts, it would be wrong for the institute to fail folks because they dont remember formulas or minutia. I don’t believe that is their intention. Schweser and Stalla are review programs and they need to teach you and get you to remember the minutia because that is often how we learn the bigger concepts. Just my opinion but this attitude has served me well in LI and LII.