When I discover an error in my Survivor’s Guide to CFA Institute Command Words 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.
Survivor’s Guide to CFA Institute Command Words
Under the command word Conclude, the second sentence of the second paragraph should begin, “When that occurs, you will get no marks if you circle the incorrect conclusion . . . .”
2020 Level III Morning Session Mock Exam #1
Question 2: In Exhibit 3, the price of the 30-year EUR bond should be EUR 1,688.06, not EUR 1,774.06. In Exhibit 5, the price of the 30-year EUR bond should be EUR 1,678.01, not EUR 1,762.68.
Question 5-B: the value of the Cruzes’ total capital is IDR 1,800,000,000, not IDR 2,100,000,000. The amount they can donate is IDR 747,267,500, not IDR 897,267,500. Download the latest answers to see the full calculation.
Question 6-B: the answer template is missing the directive “(Circle one)”.
2020 Level III Morning Session Mock Exam #2
Question 10-B: The last paragraph on p. 45 should have this sentence at the end:
“He notes that the weighted average coupons for short-term, mid-term, and long-term bonds in the portfolio are 1.95%, 2.53%, and 3.87%, respectively.“
In the full guideline answer for question 10-Bii, the first sentence should read:
“Benchmark returns were not only positive in each duration bucket for both government bonds and corporate bonds, they were greater than the respective coupon rates of 1.95%, 2.53%, and 3.87%:“
In the short answer for question 10-Bii, the first bullet point should read:
“Benchmark return in each duration bucket higher than coupon rate for government, corporate bonds“
2020 Level III Morning Session Mock Exam #4
Question 1-B: The full guideline answer should read, in part, EXRQXS = 431 bps = 4.31%, not EXRQXS = 264 bps = 4.31%.