**Revised 19 February 2023**

When I discover an error in my Survivor’s Guide to CFA Institute Command Words, in my Level III list of lists, 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**.

**2023 Level III Mock Exam #1 Morning Session**

Question 1.1 Full Guideline Answers: “**1 mark for correctly interpreting the positive sign as buying / taking the long position**” should read, “**1 mark for correctly interpreting the negative sign as selling / taking the short position**“.

Question 1.2 Full Guideline Answers: “**1 mark for correctly interpreting the negative sign as selling / taking the short position**” should read, “**1 mark for correctly interpreting the positive sign as buying / taking the long position**“.

Question 7 Case Scenario: To provide more clarity, the paragraph at the bottom of p. 14 has been changed from “**The Vassells have decided to make a donation of 50% of their excess capital to a local hospital to be used for research into a cure for leukemia.**” to “**Oscar has determined that the Vassells have more capital than they require to cover the remainder of their expected lives. They have decided to make a donation of 50% of that excess capital to a local hospital to be used for research into a cure for leukemia.**“

Question 9 Case Scenario: The list of transactions should include a footnote that **BBD = Barbadian dollar; BBD 2.00 = USD 1.00**.

Question 9.1 Full Guideline Answers: For the calculation of missed opportunity cost, the formula should read, in part,”**(20,000 − 16,000)**“, not, “**(20,000 − 4,000)**“. The rest of the calculation is correct.

Question 11.4 Full Guideline Answers: The explanation should read, in part, “**The Furtado Fund has a 1-year 99% CVaR of −21.2%, which exceeds the trustees’ loss threshold, so it is inappropriate. Both the Fortès and Rosa Funds, however, have 1-year 99% CVaRs that meet the threshold.**“

**2023 Level III Mock Exam #1 Afternoon Session**

Question 1 Case Scenario: In Exhibit 1, the convexity for Bond C should be **74.87 years ^{2}**, not

**74.07 years**.

^{2}Question 9 Case Scenario: In Exhibit 3, then spot exchange rate should be, “**EUR/USD 0.9595**“, not, “**EUR/USD 6.77**“.

**2023 Level III Mock Exam #2 Morning Session**

Question 6.2 Full Guideline Answers: The calculation should read, in part, “**−[(0.487)(−0.10%) + (2.384)(−0.20%) + (2.201)(−0.50%)]**“. The final answer should read, “**EUR 3,311,406**“, not, “**EUR 1,358,980**“.

Question 6.2 Short Answers: The answer should read, “**EUR 3,311,406**“, not, “**EUR 1,358,980**“.

Question 8.1 Questions: The answer choices should be:

**2.17%****3.09%****3.77%**

Question 8.1 Full Guideline Answers: The answer choices and explanation have changed completely. Download the latest version to get the full update.

Question 9.4 Questions: The question should read, “**For the AUD bond that Young-Gwon intends to purchase, determine whether or not he can hedge the currency exchange rate risk fully. Explain your determination, based solely on the information given.**“, not “

**For the AUD bond that Young-Gwon intends to purchase, explain why he cannot hedge the currency exchange rate risk fully, based**“

*solely*on the information given.**2023 Level III Mock Exam #3 Morning Session**

Question 4 Case Scenarios: There was a typographical in the second paragraph. It should read, in part, “**. . . Ismail decided to buy 15,000 shares of Jibon Manufacturing Corporation . . . .**“

Question 8.2 Full Guideline Answers: The denominator should read, “**XPF 9,500 billion × 7.63%**“, not, “**XPF 9,500 billion × 6.19%**“.

**2023 Level III Mock Exam #3 Afternoon Session**

Question 4.2 Full Guideline Answers: There was a typographical in the formula for the duration of equity. Download the latest version to get the full update. The final answer was correct as shown.

**2023 Level III Mock Exam #4 Morning Session**

Question 3.1 Questions: The exchange rate should be, “**ORM/EUR**“, not “**KWD/EUR**“. Similarly for the Full Guideline Answers.

Question 11.1 Questions: The stock should be, “**BYA**“, not “**RCA**“. Similarly for the Full Guideline Answers.

**2023 Level III Mock Exam #5 Morning Session**

Question 7 Case Scenarios: “**Confirmation bias**” should be removed from the list of possible biases. Similarly for the Questions, Full Guideline Answers, and Short Answers.

Question 8.4 Questions: The answer choices should be:

**−5.80%****−5.37%****−4.94%**

Question 8.4 Full Guideline Answers: The answer choices and explanation have changed completely. Download the latest version to get the full update.

**2023 Level III Mock Exam #5 Afternoon Session**

Question 1.1 Full Guideline Answers: The correct answer is **Ovalle**, not **Botello**. The explanation has been adjusted to reflect the correct answer. Download the latest version to get the full update.

Question 2.2 Full Guideline Answers: The explanation was updated to correct an error regarding broadly available pooled investments. Download the latest version to get the full update.

Question 4.1 Full Guideline Answers: The calculation of the effective allocation to fixed income has changed. Similarly for the Short Answers. Download the latest version to get the full update.