Errata

Revised 19 January 2025

When I discover an error in my Survivor’s Guide to CFA Institute Command Words, in my Level III List of Lists, in my Investment Objectives for Institutional Investors, or in one of my mock exams, (or a candidate discovers one and tells me about it), I’ll post an erratum here and make the correction immediately.  Therefore, if you see an erratum here, the error may not appear in your copy; I may have corrected it before you downloaded your copy.  If your copy has an error listed here, please download a new copy; that error will have been corrected.

To make the corrections easier to spot, I’ve shown the old, incorrect text in blue and the new, correct text in red.

2025 List of Lists

Core Curriculum, Overview of Asset Allocation: A new list was added: “Strategic Considerations in Rebalancing“

2025 Level II Mock Exam #1 Morning Session

2025 Level II Mock Exam #1 Afternoon Session

Question 2, Portfolio Management Pathway, Case Scenarios: The portfolio value at the end of paragraph 1 should be USD 207,001,500, not USD 203,653,500.

2025 Level III Mock Exam #1 Morning Session

Question 6, Case Scenarios, Questions and Answers: This question has been replaced. Download the latest files to see the full changes.

2025 Level III Mock Exam #1 Afternoon Session

Question 7, Private Markets Pathway, Case Scenarios: Exhibit 1, Exits, Cost Basis, 2020 and 2021 should be, respectively, BHD 6,000,000 and BHD 13,000,000, not, respectively, BHD 7,000,000 and BHD 12,000,000.

Question 7, Questions, Full Guideline Answers, Short Answers: The third and fourth components of the question (“Expected price change from investor’s expected change in yield and yield spread“, and “Expected credit loss“) have changed to “Expected price change from investor’s expected change in yield“, and ” Expected price change from investor’s expected change in yield spread“, respectively.  Download the latest files to see the full changes.

Question 10.2, Portfolio Management Pathway, Full Guideline Answers: The calculation for the profit should read, in part, “XCD 2,068,150“, not “XCD 2,061,800“.

2025 Level III Mock Exam #2 Morning Session

Question 4.3, Full Guideline Answers: The calculation for Problem 2 should be BOB 476 / BOB 7,000, not TMT 238 / TMT 3,500.

2025 Level III Mock Exam #2 Afternoon Session

Question 3, Portfolio Management Pathway, Full Guideline Answers: The answers given were mistakenly from the Private Markets pathway.  They have been replaced with the correct (Portfolio Management pathway) questions.  Download the latest files to see the full changes.

Question 6, Portfolio Management Pathway, Full Guideline Answers: The currencies in the calculation of rolldown return should be GBP, not CHF.

2025 Level III Mock Exam #3 Morning Session

Question 6, Case Scenarios: The option strike prices in Exhibit 1 are incorrect.  Download the latest files to see the full changes.

2025 Level III Mock Exam #3 Afternoon Session

Question 4, Case Scenarios: The first paragraph has largely been rewritten.  Download the latest files to see the full changes.

Question 4.1, Questions, Full Guideline Answers: The question and answer have been rewritten.  Download the latest files to see the full changes.

Question 8, Case Scenarios: Statement 3 should read, in part, “. . . BBD 6,200,000 . . . .“, not “. . . BBD 3,100,000 . . . .“.

Question 8, Case Scenarios: Statement 5 should read, in part, “. . . BBD 10,000,000 . . . .“, not “. . . BBD 5,000,000 . . . .“.

2025 Level III Mock Exam #4 Morning Session

2025 Level III Mock Exam #4 Afternoon Session

2025 Level III Mock Exam #5 Morning Session

2025 Level III Mock Exam #5 Afternoon Session