Should you always assume semi-annual compounding in fixed income?

When you are given a bond evaluation problem on the actual CFA exam, and the problem does not provide you with any information regarding how often it is compounded (annually, semi-annually, etc) do you just always assume that it is semi-annually compounding? I recall from my fixed income class in undergrad, the teacher beating it into our head that always assume semi-annual compounding unless told otherwise. I wonder if the same applies on the actual CFA exam?

Yes: semiannual is the default.