Revised 3 August 2026
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.
2026 List of Lists
2025 Level II Mock Exam #1 Morning Session
2025 Level II Mock Exam #1 Afternoon Session
2026 Level III Mock Exam #1 Morning Session, Private Markets
Question 5, Case Scenarios: In the second paragraph (“Mohammed Al-Dhanhani . . . .), the second line should read, in part, “. . . distribution of electricity and natural gas . . . .” Download the latest files to see the full changes.
Question 5, Case Scenarios: In the third paragraph (“Abdullah Al-Owais . . . .), the quote from Al-Owais should begin, “Due diligence for this type of project generally distinguishes the construction or development phase from the operational phase.“, not “Due diligence for this type of project generally involves two phases: the construction or development phase, and the operational phase.” Download the latest files to see the full changes.
2026 Level III Mock Exam #1 Afternoon Session
2026 Level III Mock Exam #2 Morning Session
2026 Level III Mock Exam #2 Afternoon Session
2026 Level III Mock Exam #3 Morning Session
2026 Level III Mock Exam #3 Afternoon Session
Question 5, Case Scenarios: In Bwire’s second comment, the first sentence should read, “Convertible bonds are more common for startup companies.”, not, “Convertible bonds are more common for growth companies.” Download the latest files to see the full changes.
Question 5, Full Guideline Answers: The second sentence under Convertible Debt should read, “Convertible bonds are most commonly used by growth companies, not by startup companies.”, not, “Convertible bonds are most commonly used by startup companies, not by growth companies.” Download the latest files to see the full changes.
2026 Level III Mock Exam #4 Morning Session, Private Markets
Question 9, Case Scenarios: The second sentence at the top of p. 18 should read, in part, “. . . to secure JPY 5 billion in first-round financing . . . .” Download the latest files to see the full changes.
2026 Level III Mock Exam #4 Afternoon Session, Private Markets
Question 5, Questions: Question 5.2 was missing. It’s been restored. Download the latest files to see the full changes.
2026 Level III Mock Exam #4 Afternoon Session, Private Wealth
Question 5, Case Scenarios: The investment account was removed from Exhibit 1. Download the latest files to see the full changes.
Question 5, Case Scenarios: In Exhibits 1 and 2, Catalina’s age should be 37, not 39. Download the latest files to see the full changes.
2026 Level III Mock Exam #5 Morning Session
2026 Level III Mock Exam #5 Afternoon Session, Private Wealth
Question 2, Case Scenarios: The asset classes in Exhibit 2 were mislabeled. They have been corrected. Download the latest files to see the full changes.