FRA - "Eagle" from CFAI assessments

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SHoot85

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are you kidding me with this?? if actual exam questions are going to be this difficult and expected to be completed in 18 minutes…i’m done.
this was very hard for me, and i thought I knew the material reasonably well…sigh
 
How are you doing on the rest of the FRA assessments? I thought FRA was one of my stronger sections and these assessments just destroyed any confidence i had.
 
That was a tough one - got knocked for a 2/6. Dont worry about it - note the mistakes you make and move on to the next one.
For me I am averaging just about 4 right. I think (or at least I am telling myself) these arent going to be as hard on the test. Hopefully they just test my competent sections
 
Don’t feel too bad…I got 1/6 on Eagle. Just devestating. Even with that included I’m right around 60% on these CFAI assessments for FRA, and given the difficulty and my weakness in this area, I’ll take that all day.
 
Just reviewed this one, is it pretty safe to assume if we are doing any PV of leases stuff., like capitalizing the costs of operating leases, or measuring a sales-type lease like in one of the question here, that we have a payment in year 0? That seems to trip me up more often than not…
 
The key is with beginning payments, set your calculator to begin mode.
this one i actually did 4/6 but one i actually did 1/6. which demoralized me.. just missing one entry in the question can make everything come out wrong..
I would say over half of my mistakes lately are not from learning material but mistakes juggling many numbers/thoughts at once.. and its still taking me much longer than the 18 minutes to do each set.
 
I opened it, read a problem or two, exited and pulled out my FRA book for review. Ive spent the last day wondering if it makes more sense to walk away from the subject and polish points I can count on (CF, EQ, DI).
 
^for beginning payments, you can also do calculations as you do for ending payments then multiple the result by (1+x%). It’s quicker than switch modes back and forth……
 
Are beginning payments only an issue for leases? Every question that I’ve come across with it I have missed because I didn’t notice it!
 
i’m going to chalk a couple of the FRA assessments up to just silly hard and not what to expect on the exam. i got 6/6 on a couple other ones which made me feel a bit better.
honestly, the EOCs for the most part seem much easier than some of these assessments. and judging from Level 1’s actual exam straightforward-ness compared to it’s mocks, I will assume our actual exam will not be nearly as difficult as some of these tests. it’s a hope, mind you..
 
I’m finding the FRA assessments to be challenging. Let’s just say that after 25 vignettes (150 questions), I’m 20% lower on FRA than everything else. I feel like I’ve got some of the trickier parts of FRA nailed down, and I’m missing stuff that should be a bit easier…or getting caught up on nuances (GAAP/IFRS differences, Beneish model, etc.) Next worse in the assessments is ethics. I’m finding everything else to be a little easy, with maybe 2-3 per vignette almost Q-bank-esque in their simplicity. No time pressures. I’m really hoping these are reflective of the exam. They are helping me get my confidence back up since I scored lower than I had expected on Schweser mock 5 over the weekend, and posted a cuspy score on the CFAI mock two weekends ago.
 
pmond, so far the 2 item sets i specifically recall where this one - Eagle with a sales type lease (which I’m glad I just brushed up on because I wouldve missed the year 0 payment thing),
and AEOLUS case which has you have to capitalize the PV of Operating Leases.
So, lets make sure we get these right if its on the test!
 
Its absolutely not representative. The mocks are testing multiple tricks and calcs/processes per question in a way that I wouldnt expect to see on the real thing. When I failed in 2013, I had enough time to poke around and brute force through a number of problems. Only had to guess for time in one of the sessions for maybe 5 questions. Be aware that I failed pretty badly so maybe I was completely missing the depth of the questions.
 
Yeah, I did the Eagle assessment this afternoon. I’m pretty sure that in one of the opening paragraphs there was mention that the leases would be paid in advance. The moment i read the words “paid in advance” I circle, draws arrows, & otherwise mark up my page so I don’t forget to change my change my calculator to an annuity due setting.
 
I averaged about 75% across all online practice tests on my first run through….however I got 0/6 on that Eagle assessment TWICE!! haha FML!!
 
S666 wrote:
I averaged about 75% across all online practice tests on my first run through….however I got 0/6 on that Eagle assessment TWICE!! haha FML!!
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^ It’s sad, I know. But the FRA practice assessments destroyed everyone I think.
If I was a practice exam question writer trying to “help you practice” for this test, why wouldn’t I create insanely hard questions so you can screw up on, learn from your mistakes, and know you have to review and not take this shit lightly?
 
honestly, i’m a little upset at myself for getting discouraged at this online assessment, b/c I realized the lease/lessor section has no LOSs even instructing us to calculate anything. i think it’s a little suspect/disappointing they’d choose to give us those types of questions on the online assessments if we’re not expected to or asked to in curriculum, but i obv need to take ownership for getting down about it. not saying it’s not helpful to know the lease PV calcs down, but i really can’t imagine this type of thing being there if they never explicitly tell us in the LOS we need to know how to calculate them. seems more like a level 1 question..
 
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