Partial Credit decide, example, required, receive, allocation

cfa10yrplan

On 2007 AM Question 1A, I neglected to subtract the first year's income needs of 200,000. Therefore, my investable asset base was 4.2M rather than 4M. Additionally, I did not index the first year's required assets to inflation, so my PMT was 200,000 rather than 205,000. Everything else was the same.

1. Out of the 12 points, how much would I receive?
2. The return did not have to be used in later sections, but if it did (for example to decide if an allocation met the return), would I receive full, partial, or no credit if I used the incorrect return from earlier?


Generally:

3. In the questions where you have to circle an answer and then provide one or two reasons, if you circle the wrong answer but provide a good explanation to explain that answer (i.e. to rationalize a risk tolerance or a type of investment), will you generally receive most of the points?

Colum

Where do you get the 2007 exam?

Roflnadal

i have heard that if you circle the wrong answer they dont even look at the explanation - they are both big fat zeros

pennyless

mcap11 Wrote:
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> i have heard that if you circle the wrong answer
> they dont even look at the explanation - they are
> both big fat zeros


i believe you are right about this. what about points 1 and 2?

Analti_Calte

I didn't do the question yet, but they probably have a list of things they are looking for

- Did you take this
- Did you take that
- Did you remember to add inflation to this

And then at the end if you got the right answer you get an additional 2 points.


If I was grading the exam, out of 12 I probably would give that a 6 (2 points for forgetting inflation, 2 points for messing up the investable portfolio and 2 points for not getting the right answer).

Doing everything correctly but using incorrect numbers from a previous question IMO you would not get penalized.

lcw77

jmac01 Wrote:
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> rojomc4@yahoo.com
>
> want to send me the 2007 (don't think it is on the
> website)? not that it will help.

Search on google. It is still on the website. CFAi website is a cluster though.

CFA Level III 2007 Essay
CFA Level III 2007 Guideline Answers

ll11

the way Schweser graded their mock for calcualtions was:

3 points for correct inflows
3 points for correct outflows
3 points for correct return requirement

so based on that, if you mess up one of the flows it is a zero

cityboy

What about the ones that ask you to list 3 terms/concepts or circle positive/negative for 3 different factors, and then ask for an explanation/justification for each...


i assume that if you get one completely wrong, you still get credit for the other two right? thats why a lot of those are 9 minute ones, with 3 points each.

i also assumed when i graded that for those 3 pointers, you'd get 1 point for circling right and 2 points for an explanation.


but i dono its crazy that my score could swing 15-20 points based on this

Unforseen

ok didnt notice until just now schweser breaks it down like that, i'll take a look..thanks