Errata

Revised 11 May 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

2025 Level II Mock Exam #1 Morning Session

Question 10.4, Answers: the calculations have been revised.  Download the latest files to see the full changes.

2025 Level II Mock Exam #1 Afternoon Session

Question 5.3, Questions and Answers: the answer choices were incorrect, and have been revised.  Download the latest files to see the full changes.

Question 10.2, Answers: the correct answer is a.  It is now circled.  Download the latest files to see the full changes.

2025 Level III Mock Exam #1 Morning Session

2025 Level III Mock Exam #1 Afternoon Session

2025 Level III Mock Exam #2 Morning Session

2025 Level III Mock Exam #2 Afternoon Session

2025 Level III Mock Exam #3 Morning Session

2025 Level III Mock Exam #3 Afternoon Session

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