Revised 4 August 2024
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.
2024 Level II Mock Exam #1 Morning Session
Question 10.4, Questions and Full Guideline Answers: The answer choices for this question have been changed, and the explanation has been expanded. Download the latest files to see the full changes.
2024 Level II Mock Exam #1 Afternoon Session
2024 Level III Mock Exam #1 Morning Session
Question 7.1, Full Guideline Answers: The allocation of marks should read, in part, “1 mark for the correct option positions (long put, short call, long call)”, instead of, “1 mark for the correct option positions (long put, short put, long call)”.
Question 7.3, Full Guideline Answers: For the alternative answer, I added some more details to the calculation of the exchange rate loss. Download the latest file to see the full changes.
2024 Level III Mock Exam #1 Afternoon Session
2024 Level III Mock Exam #2 Morning Session
2024 Level III Mock Exam #2 Afternoon Session
Question 8.2, Full Guideline Answers: In three places, “GAILF” should read, “GAMF“.
2024 Level III Mock Exam #3 Morning Session
Question 8.2, Full Guideline Answers: In the explanation about security selection, “corporates” and “governments” are switched. Download the latest file to see the full changes.
2024 Level III Mock Exam #3 Afternoon Session
Question 6, Case Scenarios: In Exhibit 4, the correlation coefficient should be 0.65, not 0.60.
Question 6.1, Full Guideline Answers: I added some charts to help candidates visualize how the adjustments are made, and clarified the explanations. Download the latest file to see the full changes.
Question 6.4, Full Guideline Answers: In the formula for the variance of returns for the portfolio, the final factor (the correlation coefficient) should be 0.65, not 0.60. The remainder of the calculation is correct.
2024 Level III Mock Exam #4 Morning Session
Question 6, Case Scenarios: In the third paragraph, the second approach that Joseph is considering is Basic hedging/return seeking, not Hedging/return seeking.
Question 6.3, Questions: Answer choice b. is Basic hedging/return seeking, not Hedging/return seeking.
Question 6.3, Full Guideline Answers: Answer choice b. is Basic hedging/return seeking, not Hedging/return seeking. Also, the last sentence in the second paragraph should read, “At the moment, the Plan has a negative surplus: XCD −43 million (= XCD 820 million – XCD 863 million)“, not “GTQ −125 million (= GTQ 2.375 billion – GTQ 2.5 billion)“.
2024 Level III Mock Exam #4 Afternoon Session
2024 Level III Mock Exam #5 Morning Session
Question 5, Case Scenarios: I changed Exhibit 1 to clarify that the portfolio value is as of 19 June 2023, not 19 December 2023. I also added some clarifying language in the paragraph preceding Exhibit 1. Download the latest file to see the full changes.
2024 Level III Mock Exam #5 Afternoon Session
Questions: I accidentally uploaded a questions file that was not interactive. I replaced it with the interactive file. Download the latest file to see the full changes.
Question 3.1, Full Guideline Answers: I added some charts to help candidates visualize how the adjustments are made, and clarified the explanations. Download the latest file to see the full changes.
Question 3.2, Full Guideline Answers: I added some charts to help candidates visualize how the adjustments are made, and clarified the explanations. Download the latest file to see the full changes.