I have booked a cab frm old airport road to the centre and back.. pm me if anyone's interested in sharing the fare.. i'll be on airport road (leela palace) by 6:15am
does the l2 paper label the subject name for the questions in the first page like the schweser practise papers and the level 1 exam? its not so in the mock exam... that helps in directly going to the subject of preference...
Hi Guys ,
I have this doubt in Reading 59 (FIXED INCOME) -
Pg 514 - CASH FLOW DURATION - It is mentioned that the 'valuation model in the case of cash flow duration is based on the naive assumption that there is a single prepayment rate over the life of the MBS for any given interest rate shock.'
I do nt understand the reasoning behind this. Acc to me , the valuation model used to get the values in the duration formula is Monte Carlo , in which a prepayment model is used which has different prepayment rates for eaxh month on each interst rate path. Then how does this assumption about a single prepayment rate arise?
In cash flow duration the prepayment rate is statistically observed and changes with each months interest rate only, i does not take into other factors like "prepayment burnout" etc so it is not a good assumption so they call it naive.Hope this helps
ne who solved the mock paper for l2?
harrypotter24 SaysHi im a level 1 candidate. I just wanted your opinions if the real CFA level 1 will have similarities to the mock papers given by the institute? i mean can we expect same level of questions and same topics being tested as given in the mock paper?
l1 paper was easier than mock paper when i gave it
Anybody interested in sharing a cab ride for Delhi center in Greater Noida. I stay in DLF Phase 2 Gurgaon.
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Subrat
Implex..how much you expect to score?...I also fared not too well...but hoping against hope...If PM session can drag along the AM session. I just hope MPS is in early 60s.
Actually from my discussions with some of the candidates, they felt the paper was much easier than expected and they think MPS should be around 67-72 with a passing percentage of 38-40.
Lets see how it turns out
In hindsight the exam always looks easy, or the ppl you talked are going to be in top percentile. It could have been easy in fact if some of the minor readings were crammed. The numbers quoted by people are the usual ones. Read the bottom part of link for some different info:
CFA Minimum Passing Scores
By 67-72 are you talking abt the number of correct answers or the percentage require to pass...I have heard the percentage reqd to pass is typically between 65-70% which roughly means getting around 80 questions right.
I thought the paper was easy too but I made a mess with my time managemnt not answering around 6-7 qns in each exam- I hope I do well enuf on the other qns to compensate
Actually from my discussions with some of the candidates, they felt the paper was much easier than expected and they think MPS should be around 67-72 with a passing percentage of 38-40.
Lets see how it turns out
IIRC, MPS is never above 70%. This is as a result of the calculation method used. The highest MPS can only be 70% (i.e. 0.7*highest score).
paper was ok lil more confusing
like ff factor we had to only do ff n i multipled G as well
did few silly stuff n didn get answer for 4 q
scored around 78-94 in mocks
not sure wat i ll get
might get around 78
wat do u guys think mps should be
Hi fellows..
I felt i was satisfied with my performance in morning session, only downside is unanticipated silly mistakes.. like my frnd said abt the FF factor. i did tht mistake too..otherwise i think i have done well.
Felt the same too in Afternoon session until i completely made mess of it in last ten min of exams. due to little miss management of time and habit of dealing ethics only at last. i ended up having to crack ethics item set in just 10 min left. i don think i tackled any question properly in tht item set due to pressure of reading the ethics para complete. max i might get one rite.
considering i get 4 rite in morning session.
Total 5(optimistically) , i below 50% most probably in ethics.
IS there a possibility of failing cos of ethics, evenafter doing ok in other section. i hate to think abt it again n again.. last five min of exam has completely changed the way i would have thought abt the much awaited results.
i would appreciate if any one actuallY remembers the aftersession ethics vignette, n would open to discuss it with me..i might feel better abt it if i got any lucky shot.
One has to score above 50 % in Ethics to clear the exam. It is the only section which has sectional cut off. I wish u get ur answers correct in Ethics.
castroby SaysOne has to score above 50 % in Ethics to clear the exam. It is the only section which has sectional cut off. I wish u get ur answers correct in Ethics.
Actually I was over simplistic in my explanation. I copied two questions from FAQ from CFA institute hope this gives some insight.
What is the "ethics adjustment"?
The Board of Governors instituted a policy to place particular emphasis on ethics. Starting with the 1996 exams, the performance on the ethics section became a factor in the pass/fail decision for candidates whose total scores bordered the minimum passing score. The ethics adjustment can have a positive or negative impact on these candidates' final results.
CFA Institute has a policy of not releasing either the minimum passing score or individual candidate scores. Consequently, CFA Institute does not release specific information about the ethics adjustment or the candidates who were affected. The adjustment has had a net positive effect on candidate scores (and thus pass rates) in most exam sessions. The published pass rates always take into account the ethics adjustment for borderline candidates.
Do I have to pass each of the individual topic areas in order to pass an exam level?
No. As long as you achieve a total score above the minimum passing score (MPS) set by the CFA Institute Board of Governors, you would pass the exam regardless of your performance on any individual topic. However, we advise against any "test wise" strategy that recommends ignoring a topic in your study. Offsetting a zero score in a topic could be difficult. Also review the ethics adjustment FAQ for additional information.Most important, an objective of the CFA Program is to develop candidate knowledge and skills to a generalist level in all covered topics. Employers have found this is one of the competitive advantages of charterholders.
Also be sure that you have clearly stated your intended answers. Candidates who change an answer or copy material from a template to lined pages (or vice versa) should cross out any material they do not intend as part of their answer. Graders must consider all material you submit, and if there is confusion or contradictory information, you will not receive credit.
I found the exams very tough, surprised to see people finding it easy. Nevertheless this is my first Level 2 attempt hope to do better next time.
I had a terrible paper..did well in ethics and didn't make any silly mistakes..but i still find the paper tough and won't be clearing the exam this time.
castroby SaysI found the exams very tough, surprised to see people finding it easy. Nevertheless this is my first Level 2 attempt hope to do better next time.
Hey, can you please tell me how many people gave CFA L2 at your centre and kind of jobs oppurtunities that are there after level 2.
Are you doing a job on your CFA L1/2 credential or your MBA degree?
Also have you given FRM L1?
Even I found the L2 paper to be more difficult than expected. Ethics was fine but the rest of paper was not easy barring few straightforward questions. Would definitely need some luck on my side to clear.
hey all,
Hope u have all done greatly in the level 2 exam. I am planning to give the december Lvl 1 xms but I have only recently started (only finished the Quantitative methods SS) dont know if i have sufficient time to be properly prepared for the test. Further I had a few doubts:
1> most of my seniors say that although level 1 is comparatively easier level2 requires some serious effort and so if I give lvl 1 in december, will I hav enuf tym to prepare for level 2 since level 2 and 3 can only be given in june. If not, then I would rather give lvl 1 next june since it makes no sense to give lvl now and wait 1.5 yrs to give lvl 2 in 2013!!
2> Secondly how much weightage does CFA level 2 (saying I complete it) has in terms of Jobs prospects etc .. I have heard that cfa is a career enhancment course not a career development course. I ask this coz i am currently in a core technical job and hence to get the final charter I need to switch to a finance job sumtym (u require 4 yrs exp in finance) ..so does CFA certification help me with the switch or do i need mba for that...
I know this is not the correct thread fr this query however i did not recieve any satisfactory answers in other threads so thought mayb since u ppl have done lvl 2 .. u mite have a better knowledge. thanx in advance
hey all,
Hope u have all done greatly in the level 2 exam. I am planning to give the december Lvl 1 xms but I have only recently started (only finished the Quantitative methods SS) dont know if i have sufficient time to be properly prepared for the test. Further I had a few doubts:
1> most of my seniors say that although level 1 is comparatively easier level2 requires some serious effort and so if I give lvl 1 in december, will I hav enuf tym to prepare for level 2 since level 2 and 3 can only be given in june. If not, then I would rather give lvl 1 next june since it makes no sense to give lvl now and wait 1.5 yrs to give lvl 2 in 2013!!
2> Secondly how much weightage does CFA level 2 (saying I complete it) has in terms of Jobs prospects etc .. I have heard that cfa is a career enhancment course not a career development course. I ask this coz i am currently in a core technical job and hence to get the final charter I need to switch to a finance job sumtym (u require 4 yrs exp in finance) ..so does CFA certification help me with the switch or do i need mba for that...
I know this is not the correct thread fr this query however i did not recieve any satisfactory answers in other threads so thought mayb since u ppl have done lvl 2 .. u mite have a better knowledge. thanx in advance
1. In case you clear L-1 in dec, do appear for L-2 in June. It's not a very hard task and i know a large number of people who have successfully done it. 4-5 months of serious preparations are sufficient for L-2.
2. CFA L-2 can help you in switching to finance sector provided a lot of other factors such as overall personality and desire to excel in the sector. However, MBA would be the best bet if you are thinking bout a change in profession.
Hope it answers your queries
Guys...let the jitters begin once again!....announcement on cfa website..result on July 26!
.."CFA Exam ResultsJune 2011 CFA Exam Results Information
We will e-mail June 2011 Level I and Level II CFA exam results Tuesday, 26 July 2011, no earlier than 9:00 am ET. They will be available online Wednesday, 27 July 2011, no earlier than 9:00 am ET.
We will e-mail June 2011 Level III CFA exam results Tuesday, 16 August 2011, no earlier than 9:00 am ET. They will be available online Wednesday, 17 August 2011, no earlier than 9:00 am ET.
To ensure that you receive your exam results, confirm that the e-mail address we have on file for you is correct.