mcap11 Wrote: ------------------------------------------------------- > there is NO WAY you can complete question 1A in 9 > minutes - that was ridiculous > > it was a reality check for me - time to buckle > down. > > i did poorly on the last year for Lvl 2 and > thought it was much harder than the actual exam, > so i am trying to stay positive > > i thought they over did it with SS#4 questions, > seemed like 50% of the exam was from that SS > > in the PM I thought the ethics portions were > poorly worded > > still think it was worth the $50 I wouldn’t worry about that one. CFAI may have a hard return calc, but you will be able to do it within the allotted time.
Paraguay Wrote: ------------------------------------------------------- > > Can someone explain why there is 25% tax over and above the 40%? > > Gift Tax. Ah! thanks-- stupid mistake-- NOTE to self-- move cautiously, read the Question! Think! Scores: Schweser Mock Exam AM 80% Schweser Mock Exam PM 78% BSAS was really bad: BSAS Mock Exam AM 57% BSAS Mock Exam PM 62% Do others see such wide variability? I just don’t know where I stand !?
AM 76 PM 82 Wouldve been higher in pm if not for the nasty ethics. PM appeared too easy honestly and alot of sections were left out. Could be murder on June 4th nevertheless.
Does everyone agree with the answer for Q53? It stated that the style fit was 93%; therefore the portfolio was passively managed.
wake2000 Wrote: ------------------------------------------------------- > AM 76 > PM 82 > > Wouldve been higher in pm if not for the nasty > ethics. PM appeared too easy honestly and alot of > sections were left out. Could be murder on June > 4th nevertheless. I think you are well prepared. Performance from 402 submissions is still 64% average.
where do you see the overall average results? where is it on the site?
mcap11 Wrote: ------------------------------------------------------- > where do you see the overall average results? > where is it on the site? Click on mock exam, review exam, performance tracker.
feel a little better after seeing that some people struggled as much as i did. dont have the exact numbers in front of me, but rougly: AM~70% PM~65% Thought PM was really tough - ethics and some others that I almost feel like I misinterpreted the question. Or, I thought they were trying to be tricky on some cases and they were not. Example: Last set in PM - asking if comment 1 and 2 are correct/incorrect. Comment #2 reads that “currency risk will be diversified away in a large portfolio of foreign stocks.” I agree that there is a diversification benefit here, but my first reaction was to think that not ALL of the currency risk will be eliminated…so i said incorrect.
Paraguay Wrote: ------------------------------------------------------- > jbaphna Wrote: > -------------------------------------------------- > ----- > > 
> > > > Re: question 3 B. Answer key says: > > $3,700,000(1 + R)7(1 − Toi)(1 − Tg) > = > > $3,000,000 > > $3,700,000(1 + R)7(0.60)(0.75) = $3,000,000 > > > > Can someone explain why there is 25% tax over > and > > above the 40%? > > Gift Tax. I got this problem wrong too. Not sure I entirely agree with it. I think we should be accounting for the annual 36k (21.6k after tax) in royalties and 39k in annual gifts. So that would mean an annual payment of -17.4k. I forgot to account for the gift tax since he is gifting 6.67m (3/.6*.75) in 7 years. All told, I think the actual return should be: PMT: -17.4, FV= 6667mm, PV=3700, N=7, CPT I/Y = ~8.41%
CFABLACKBELT Wrote: ------------------------------------------------------- > Paraguay Wrote: > -------------------------------------------------- > ----- > > jbaphna Wrote: > > > -------------------------------------------------- > > > ----- > > > > > > > > > Re: question 3 B. Answer key says: > > > $3,700,000(1 + R)7(1 − Toi)(1 − > Tg) > > = > > > $3,000,000 > > > $3,700,000(1 + R)7(0.60)(0.75) = $3,000,000 > > > > > > Can someone explain why there is 25% tax > over > > and > > > above the 40%? > > > > Gift Tax. > > I got this problem wrong too. Not sure I entirely > agree with it. I think we should be accounting > for the annual 36k (21.6k after tax) in royalties > and 39k in annual gifts. So that would mean an > annual payment of -17.4k. > > I forgot to account for the gift tax since he is > gifting 6.67m (3/.6*.75) in 7 years. > > All told, I think the actual return should be: > PMT: -17.4, FV= 6667mm, PV=3700, N=7, CPT I/Y = > ~8.41% I believe the problem said the 13k gifts were made out of the taxable account not the tax deferred account. “He takes three $13,000 annual gifts out of earnings on his taxable investment portfolio and plans to continue these annual gifts until his death.” Problem also stated he would no longer be adding to the TDA. I think it was correct.
Actually, on question 1, did anyone else get a slightly different return requirement because they did the (1+inflation)*(1+real return) instead of adding it? I am just assuming that would be okay. And same thing on the core capital, I think it’s okay to be slightly off the answer because you do the geometric calc instead of the arithmetic. I went: Real risk free = (1+nominal risk free)/(1+inflation), which results in a number slightly lower than 2% (1.94%) Someone please tell me they did the same thing…
K finally graded morning. 70.66% versus 77.66% afternoon. Made alot of stupid mistakes like not writing “long” on the futures contracts necessary to hedge a position. I gave myself full credit on the core capital problem though my #'s were a bit different because i used the exact method of 1+nominal/1+inflation to get the real rate versus nominal minus inflation. Doubt it would make me lose points. Lol i didn’t read the post above this until after I posted, thats ironic.
markCFAIL Wrote: ------------------------------------------------------- > K finally graded morning. 70.66% versus 77.66% > afternoon. Made alot of stupid mistakes like not > writing “long” on the futures contracts necessary > to hedge a position. > > I gave myself full credit on the core capital > problem though my #'s were a bit different because > i used the exact method of 1+nominal/1+inflation > to get the real rate versus nominal minus > inflation. Doubt it would make me lose points. > > Lol i didn’t read the post above this until after > I posted, thats ironic. I gave myself 2 points on that question for discounting by the nominal RFR. I was kind of wondering what CFAi would give. If you work a 6 step problem completely wrong based on one number.
lhskev Wrote: ------------------------------------------------------- > Does everyone agree with the answer for Q53? > > It stated that the style fit was 93%; therefore > the portfolio was passively managed. Is there a rule to follow on this? On the CFAI 2007 morning exam, they say 88% style fit means a portfolio is actively managed
This was one of my questions too… I was wondering what the magic number is to consider it active. In my mind 7% is still active, meh. Paraguay: I would tend to think (though really have no clue, just guessing) that if you just made that one mistake, the graders wouldn’t be as critical as Schweser mandates. But who knows.
63 - AM 67 - PM Studying as much as possible for the next 12 days…
Schweser Mock 1 AM: 73% PM: 70% Schweser Mock 2 AM: 75% PM: 72% --------------------------------- I’ve been marking these fairly, perhaps even on the harsh side. To be honest I’ve found them so far easier than I imagined, the hardest part being where Schweser aren’t clear about something. The CFA past papers have been far more clear on what they’re talking about IMO. Plenty plenty plenty left to do before exam day. I plan on constructing my own fake paper made up of all the things I really don’t want to deal with on exam day and do that. Hopefully will give some additional confidence.
Unilever Wrote: ------------------------------------------------------- > Schweser Mock 1 > > AM: 73% > PM: 70% > > Schweser Mock 2 > > AM: 75% > PM: 72% > > --------------------------------- > > I’ve been marking these fairly, perhaps even on > the harsh side. To be honest I’ve found them so > far easier than I imagined, the hardest part being > where Schweser aren’t clear about something. The > CFA past papers have been far more clear on what > they’re talking about IMO. > > Plenty plenty plenty left to do before exam day. I > plan on constructing my own fake paper made up of > all the things I really don’t want to deal with on > exam day and do that. Hopefully will give some > additional confidence. I like this idea.
so I did online schweser mock today, AM: 76 %, Taxes killed me, but I do not really care PM: 85 %, for one question I thought correct answer is A and chose C (number 60)
pfcfaataf Wrote: ------------------------------------------------------- > so I did online schweser mock today, > > AM: 76 %, Taxes killed me, but I do not really > care > PM: 85 %, for one question I thought correct > answer is A and chose C (number 60) Good score, how did Ethics go? I still think Ethics blew. but it could be my bias of getting 3/12.