Revised 29 October 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 8, Case Scenarios, Full Guideline Answers, Short Answers: the allocation in Exhibit 1 has changed, and dividends from REITs have been added. Download the latest files to see the full changes.
2025 Level II Mock Exam #1 Afternoon Session
Question 7, Case Scenarios: Mohammadi’s note #3 should read, “Stroll lent Aston EUR 10 million in early January, 2024, and Aston repaid it in late December, one year later for practical purposes. Stroll did not charge Aston interest, when market rates were at 4.5%.“, not, “Aston lent Stroll EUR 10 million in early January, 2024, and Stroll repaid it in late December, one year later for practical purposes. Aston did not charge Stroll interest, when market rates were at 4.5%.” Download the latest files to see the full changes.
2025 Level III Mock Exam #1 Morning Session
Question 3.3, Questions, Answers: the answer choices have been revised, as have the calculations. Download the latest files to see the full changes.
2025 Level III Mock Exam #1 Afternoon Session
Question 1.1, Full Guideline Answers, Short Answers: added low liquidity requirement to the acceptable answers. Download the latest files to see the full changes.
2025 Level III Mock Exam #1 Afternoon Session, Private Wealth
Question 7.3, Answers: added an explanation for the lack of the term TgTe in the formula. Download the latest files to see the full changes.
2025 Level III Mock Exam #2 Morning Session
2025 Level III Mock Exam #2 Afternoon Session, Private Markets
Question 3.3, Questions, Answers: the answer choices have been revised, as have the calculations. Download the latest files to see the full changes.
Short Answers: an incorrect file has been replaced with a corrected one. Download the latest files to see the full changes.
2025 Level III Mock Exam #3 Morning Session
Question 1.1, Answers: the correct answer is a. It is now circled. Download the latest files to see the full changes.
2025 Level III Mock Exam #3 Afternoon Session, Portfolio Management
Question 3, Case Scenarios: in Exhibit 1, the value for the daily trading volume, % of outstanding par for JRK should be 0.34%, not 0.39%.
2025 Level III Mock Exam #4 Morning Session
2025 Level III Mock Exam #4 Afternoon Session
Question 3: part of the vignette was missing from the Case Scenarios file, and one of the questions was missing from the Questions, Full Answers, and Short Answers files. Download the latest files to see the full changes.
2025 Level III Mock Exam #5 Morning Session
Question 1.2, Full Guideline Answers: the explanation for “Sell a receiver option” should begin, “Selling a materials sector index CDS receiver option . . .”, not “Buying a materials sector index CDS receiver option . . .”.
Question 10.2, Short Answers: the incorrect short answer has been replaced with a corrected answer. Download the latest files to see the full changes.
2025 Level III Mock Exam #5 Afternoon Session