^ RED ALERT RED ALERT BAN HIM
around 5 mins left, only able to double check 2 to 3 questions and make some changes
Max 2-3 minutes just to make sure numbering and stuff was ok…30 mins sound amazing and if that is true and result in a pass
I had just a couple of minutes. But thats because I had no clue to answer a particular topic. It was my mistake as I never read that topic in the last three months. And as luck would have it, I had completely forgotten that… Talk about not trying to game the exam, Ive learnt it the hard way 
The center were I was writing, last year they had a big wall clock. I assumed this year it would be available, but then it was not to be and I dont wear a watch either 
I panicked a little (actually quite a lot) answering the first question and lost 15-20 minutes there… Had to catch up and the fact that I didnt have a clue about one question actually helped as I answered the rest decently
Learnings…
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Dont game the exam, hard fact learnt over three years. Hopefully I dont have to learn it again next year
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Dont believe CFAI or the exam centre, take your own watch
Took and passed the test in 2012. Nobody in my section got up early and none of my study partners felt particularly good about their performance. I used the full alotted time and didn’t answer (or didn’t properly answer) some questions that under better circumstances I could have easily handled.
I think a lot of people crush for time because they are not used to writing full words on the exam - think about it, when you do practice exams at home, you probably write alot of short-hands and abbreviations don’t you?
It’s important to practice writing concisely but in complete words (if not complete sentences).
if you’re used to writing “Long hzn - 2, til retirem’t & post” at home and then switch to writing “Long time horizon, 2 stages. 20 years until retirement and 25 years+ post retirement” during the exam, you will probably be caught off guard.
ps* that was NOT one of the answers on the exam, it was purely an example
NANA Hachiko I think thats a very good point. When I did practise tests and I did do them as a real practise tests, I remember writing bullet points and some kinds of short forms… (Not necessarily hzn for horizon…) But all these habits faded away in the exam hall
Looking back, thats something which should be improved upon as well Thanks!
^ Agree. I found myself writing full sentences in the exam, despite knowing that bullet points will score just as effectively. I did remember to use a couple of techniques to shorten the time. One was to say M (M = million) at the beginning of the answer and then use M throughout the answer. Another was for plug-and-chug questions- write the formula first, substitute numeric values, get the answer; and then explain what each term in the formula meant, in English. The advantage is that you can skip the explanation in English part if you’re short on time, with (hopefully) no noticeable impact on your score.
Example of the second technique
"FVIF(ecg) = (1 + r*)^n (1 - T*) + T* - (1-B) Tcg
= (1 + 5%)^10 (1 - 10%) + 10% - (1-1) 20%
= 3.4567 (or whatever)
where
r* = 5% = effective rate of return
T* = 10% = effective tax rate"
etc etc.
If you are in a time crunch, just leave out “where” and all the explanation that follows.
EDIT: removed potential violation
Wow hats off to you if you had the time to explain what each term meant. If penalised for not then i stand no chance. Wonder if the rest explained. If you use schweser i noted that not all notations in a formula is the same with assigned readings. I used schweser. Notwithstanding, no time to explain.
I didn’t explain. I put the formula. Like in the above example, I would have written just:
= (1 + 5%)^10 (1 - 10%) + 10% - (1-1) 20%
edit: then obviously I would calculate down for the answer as well
Maybe I’ll get hit for assuming that I’m not being graded by a kindergardener. Plus I have to assume I didn’t make any stupid calculator errors since I did try to double and sometimes triple check. It would be helpful if the CFAI posted, for like even just one IPS question, what a “bare bones” minimum answer is that would get all credit. That way we can extrapolate from there, what the other questions would be. But that will obviously never happen.
Plug and Chug were the real culprits for me… I actually started explaining what each variable means then realised I dont need to do it…
Well said 1Recho/klumzyfule66 … Very good point made.
Surprisingly, I did just fine at home practise tests and somehow didnt in the final exam…
Learning -
I think the best way to answer the paper is to believe that the one correcting it is a CFA charterholder as well. Using standard short forms does no harm whatsoever… So he knows what the variables mean and dont have to sit and explain it. FVIF, TVM, M for million are all just fine…I wasted precious 5 mins in the exam doing just the same
When using Schweser notes, they keep repeating “write down your forumulas for part marks!” and that’s what i do at the very least in the AM, because sometimes i can grab the wrong numbers or punch in the calculator incorrectly!
I don’t mean you have to have a “legend” for every symbol used on the exam, i think the ones that are widely used are fine as is, but using your own short-hand is probably not a good idea.
Point forms are also okay, but under pressure, most people tend to write more and hope to increase the chance of hitting their “key words”.
CFAI does post the guideline answers for the past 3 years’ AM exams on their website (and if you do a search on “essay” you will find more there.) These exams include answers to IPS questions.
Yes, I know they do, but they also disclaim by saying “some people wrote less than the guideline answer and still received full credit.” My question is just that I wonder exactly how much less can one write and still get all available credit?
I think thats something which will always remain a mystery, mate!
They also say that these are not the only acceptable answers, you know!
Graders who have just eaten and who’s glucose levels are higher will give you more martial credit than if your paper is graded near end of the day when people are hungry. This is true psychologically. A study was done in the criminal justice system. Judges were more lenient and granted parole shortly after lunch than other times of the day when glucose levels were depleted.
Did anyone notice that in quite a few problems, the data needed to be adjusted before using the obvious formula for the calculation.
I demand that all graders be put on steady IV drips with adequate glucose and electrolytes, and not be allowed to move from their beds till they have graded all papers.
I bet this would cause the CFAI to release results way earlier than July 23 / August 6. Two birds with one stone.