Previous Exam Questions and Guideline Answers
Please note: the formatting of the answer pages has changed for the June 2016 exam. The 2014 and 2015 exam PDFs below have been updated to reflect this new answer page format. The 2013 exam is also provided below but the format was not updated.
https://www.cfainstitute.org/programs/cfaprogram/candidate/Pages/level_III_essay_exam.aspx
Thanks for the heads up.
if you are talking about this
there is no change in this at all. FYI.
No, the format did change. The 2014/2015 AM sessions I had downloaded a few months ago were different than the ones that are available now. It was mostly cosmetic from a quick comparison I did (I hadn’t taken them yet and didn’t want to uh… spoil the “fun”).
Hmm… The only real difference seems to be that they have now provided seperate boxes to answer each sub-part… i.e 1 a b c have seperate boxes for themselves. Also no longer ruled… NOT going to help my handwriting…
completely different… no lined paper!!
^this part is completely different from last year’s exam… the answer sheet on last year’s exam was lined paper, nor did the page indicate that it was for a specific subpart of the question (i.e. 4.c). Rather, you had to indicate which subpart you were answering where you wrote your answer.
I liked that you could write in the which part you were responding to. If you screwed up and labeled a subpart wrong, you could just change it though I suppose there’s no difference in crossing out the one CFAI pre-marks if that happens. Also, lined paper was helpful - boo.
the only difference between the papers posted online pre - 2013 and post was that the earlier paper had
Pg 1, 2 Question 1 and its parts.
You answered q1 and its subparts on pg 3,4,5 - which was not shown on the posted paper.
Pg 6,7 Question 2 and its parts/
say Pg 8,9, 10 answer sheets for Q2 and its parts (not provided).
From the 2013 paper onwards they started to show the ruled sheets on Pg 3,4,5 where you answered Q1 etc.
That was all the difference.