CFA 1 Mock Exam

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Frantelle

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Couldn’t find a thread for this, but has anyone done it yet?
What scores have you been getting?
How have you found it to other exams? i.e Schweser Boston etc
 
I did the morning part today with 63%. I was disappointed as I got 75% on the last Schweser practice exam that I tried. But I am going to do the afternoon part tomorrow and won’t give up. I couldn’t find some references of the answers in the schweser notes, only in the official books. I should have started preparing a lot earlier :-(
 
If you haven’t done it yet, I recommend you get on it. Since its the truest representation of what to expect on exam day, it can only help to know where you stand. I took it three weeks ago and got a 75 (when I say I took it, I don’t mean just one half, I mean that I took the full six-hour test with a one hour break in between the two sessions.). Don’t be afraid to jump in, take it and fall short of what you expect, or hope to, score. I think it’s more detrimental to wait and take it just a week before the exam and then scramble to tighten up the areas that it highlights as weaknesses.
 
I also did the thing full go and must say it was quite tiring. I scored a 70% on it which was a little disappointing as I had been low-mid 70’s in my Schwesser Practice Exams. I found it a bit more difficult in terms of asking some more obscure questions and more difficult questions. Although I found the questions that were easier to be extremely easy (Ex. finding a median in a data set). FRA and Econ seemed like most difficult sections and ethics was also difficult, quant seemed to be quite easy and same with fixed income in temrs of what questions they could have asked.
 
Is this just me or everyone is finding the CFA mock exam difficult? Besides can anyone please help me with a small issue i’ve regarding the GIPS.

For periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all:

A. fee-paying discretionary accounts.
B. fee- and non-fee-paying discretionary accounts.
C. fee- and non-fee-paying discretionary and non-discretionary accounts.

I thought the answer was A but solutions say C is the right answer.


Firms claiming GIPS compliance must make every reasonable effort to provide a compliant presentation to which of the following?

A. Existing clients
B. Prospective clients
C. Both existing and prospective clients
Here I wrote C as the right answer but the right answer unfortunately is B
Besides, is verification from third party needed to claim GIPS compliance or not? is it necessary? Schweser videos are not very clear on that.
Your help will be greatly appreciated.
 
All Fee-paying discretionary accounts are to be included in a composite.
Regarding total firm assets, all fee- and non-fee-paying discretionary and non-discretionary accounts are to be included.
Once the difference begins to click in your head, its hard to forget.
Verification from a third party is not necessary to claim compliance, but it is recommended.
 
Actually I am stuck at 75 score… I have given 2011, 2012 mock tests… I need to work a bit more on FRA… I am got 50% in FRA and Econ… I want to give one more mock test to make sure I get between 50-70% in FRA… So it would be really helpful if anybody could send me the mock test… All the best for the D-day…
 
Jehanzaib Zafar wrote:
Is this just me or everyone is finding the CFA mock exam difficult? Besides can anyone please help me with a small issue i’ve regarding the GIPS.

For periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all:

A. fee-paying discretionary accounts.
B. fee- and non-fee-paying discretionary accounts.
C. fee- and non-fee-paying discretionary and non-discretionary accounts.

I thought the answer was A but solutions say C is the right answer.


Firms claiming GIPS compliance must make every reasonable effort to provide a compliant presentation to which of the following?

A. Existing clients
B. Prospective clients
C. Both existing and prospective clients
Here I wrote C as the right answer but the right answer unfortunately is B
Besides, is verification from third party needed to claim GIPS compliance or not? is it necessary? Schweser videos are not very clear on that.
Your help will be greatly appreciated.
Click to expand...
1st and 3rd hav already been answered… 2nd answer is prospective clients…
As per GIPS,
1) REQUIREMENT - To make complaint presentation to every PROSPECTIVE CLIENTS
2) RECOMMENDATION - To make complaint presentation of the portfolio to the EXISTING CLIENT who holds the portfolio..
Check out for the words, “MUST” and “SHOULD”..
SHOULD is a Recommendation
MUST is a Requirement
I hope its clear now.
 
Jehanzaib Zafar wrote:
Is this just me or everyone is finding the CFA mock exam difficult? Besides can anyone please help me with a small issue i’ve regarding the GIPS.

For periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all:

A. fee-paying discretionary accounts.
B. fee- and non-fee-paying discretionary accounts.
C. fee- and non-fee-paying discretionary and non-discretionary accounts.

I thought the answer was A but solutions say C is the right answer.
Click to expand...


Answer A would be right if the question concerned what portfolios must be included in at least one composite. Total firm assets includes everything that the firm manages (including sub-advisor assets if manager has discretion on hiring/firing of sub-advisor).


Jehanzaib Zafar wrote:
Firms claiming GIPS compliance must make every reasonable effort to provide a compliant presentation to which of the following?

A. Existing clients
B. Prospective clients
C. Both existing and prospective clients
Here I wrote C as the right answer but the right answer unfortunately is B
Click to expand...
Good thing to remember about GIPS is that it is geared primarily to prospective clients. This theme can weave its way into practice problems in a number of ways.
Jehanzaib Zafar wrote:
Besides, is verification from third party needed to claim GIPS compliance or not? is it necessary? Schweser videos are not very clear on that.
Click to expand...
No. A firm can claim compliance without having been verified. They just have to disclose this fact in compliant presentations. Advertisements all carry the same claim of compliance; verification is not mentioned either way.
 
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