I’m back. Did I miss anything?
My imaginary CFA results are mid-80% area for both the morning and afternoon sessions. That sounds like it predicts a pass on Saturday, though probably not at a 95% level of significance. (Does it? I have no idea.) The effect of 1 drink before / 1 during the afternoon is hard to discern although there were more wrong answers towards the end of the afternoon session than at the beginning. Also I was heartily sick of it by the end. Are there really II more levels of this thing? Do they have more stuff on them? That seems excessive.
Now I’m not going to run afoul of ethics guidelines by discussing anything on the mock exam, or real exam, or anywhere else. (Also, this is important: CFA Institute, if you’re reading this, we’re just kidding about the whole guaranteeing returns thing.) But the sense I get is that people find the ethics section particularly daunting, which, COME ON PEOPLE, you are not doing much for public perceptions of your industry. Nonetheless, as a public service for those taking the test on Saturday and looking to sharpen your skills, here’s an extra practice ethics question suggested by a reader.
Jim Peterson is a hedge fund manager whose investors include a variety of taxable and tax-exempt clients. This year, he put all of their money into HPQ and BAC and gold miners and losing lottery tickets, and it went kerplunk. He is also on the board of a nonprofit institution where he hobnobs with fancy people and sends his children to nursery school. The nonprofit invests in his fund, but requires him to waive his fees and agree to reimburse it for any losses. He does so.
Has Peterson violated any CFA Standard of Professional Conduct?*
(A) No
(B) Yes, Independence and Objectivity
(C) Yes, Fair Dealing
(D) Yes, Additional Compensation Arrangements
(E) Yes, Diligence and Reasonable Basis
(F) Yes, Disclosure of Conflicts
(G) Yes, other (what?)
Good luck!
* I mean, probably no, right? But it’s indeterminate enough to be like a real CFA question …
i still got 99 problems, but your CFA exam still aint one
Matt, go home
You want a guarantee?? Buy a big ticket appliance.
Exactly -what- do you mean by “fancy people?”
That’s the kind of fucking bias that result in findings of (B) thru (G).
It’s not the test, or the punishing questions. Hosni passed the test, Gupta passed the test. It’s circumstance. What is the circumstance one is getting into while totally encouraged by the gestures of society?
Guy who tried this tactic during a philosophy exam and was run out of town.
Matt when you limit your material to the CFA exam and only the CFA exam, your articles are actually pretty good reads!
I got 99 problems and they're all percents
I'm waiting for you. Forgot to say*
Congrats on upvoting yourself.
Matt, I think you are terrific and would blow you in a NY minute.
Here's a better question, Matt: Is it bad that the most interesting part of your post is a CFA ethics question?
p.s. just bustin ya chops, buddy. but seriously, I want me some charts – I miss them. No i don't think you understand. I need them.
Matt,
These articles are a genuine accomplishment. Not only are they condescending and belittling but also depressing.
Thanks for the great work!
-Someone who has been studying for 6 months instead of 2 days and is still not sure he'll pass…
Hi, Guest, welcome to dealbreaker, an online business tabloid and Wall Street gossip site that covers the personalities and culture that shape the financial industry, offering original commentary, news and entertainment.
The single upvoting for named commenters is automatic on this thing and has been for a while.
Matth is hard.
-UBS erection arithmetic quant
(H) ???
(I) Profit
No only 2 levels left
-Roman numeral quant
My bad, I didn't know.
You just got automagically down voted.
John is the good friend of a sitting president, John has much history on the street and in politics. John loses an election to a better candidate, John decides to run a trading firm again while waiting for the disaster to happen that will allow John to unseat a little EFFING pibsqueek who presently holds the US Treasury position that John figures his GS credential entitles him to. John is not a good trader, in fact he is nothing better than a DEGENERATE GAMBLER! John takes bad positions in a archaic society of inbreed elietist degenerates across the ocean (this shit is all hypothetical, just pure EFFING FICTION! any resemblance to true life is just coincidental.) John uses customer funds to maintain his losing positions bringing down a global trading house (this shit is PURE EFFING FICTION I tell you!) Did john break any laws? How much jail time should John be given………
I have NYSSA on my Twitter feed, and today they "live tweeted" a biotech conference. They actually recommended shorting an IPO on any biotech stock that came to market, (ostensibly because anyone who has seen the way these things work means you get diluted to hell and back) but there is one problem with this- its illegal, especially if you're selling the same IPO to your clients.
dude- you're not funny
Kill yourself you peasant.
That depends. Do they let JP use the showers there?
(a) no
hedge fund manager is not a a charter holder nor a candidate, thus standards do no apply.
Good luck to those taking exams and watch out for Occupy CFA exam protests. Quote taken from previous experience:
I am from Bangladesh and on the day of the exam there was a planned strike by the main opposition party. We were expecting a major showdown and there was a chance that exam would be cancelled. The night before the exam around 20 buses were burnt by the opposition activists who called the strike. Fortunately it wasn’t but CFAI gave candidates deferment/or refund option which around 40-50% candidates took.
The rest of the candidates who appeared use one of the 3 strategies
1. Some traveled in ambulances which are allowed to ply even during strikes.
2. Some came to the exam center at around 6 am.
3. The last group managed living accommodations near the exam center.
I came back home in an ambulance myself. We were around 9-10 people inside one small ambulance.
Did you get to use the sirens? Because that would be cool.
I'm not even bothering this year.
Guaranteeing returns is legal now? Who knew?
A Ponzi what?
werent we supposed to get your mock exam scores, Mattie? WHERE ARE THEY?!?!?