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Will it be the case that different topics are tested in the 2 separate exams?

In other words, should ethics come up in the first paper, does that mean it won't come up in the second paper? Obviuosly due to overlapping of certain areas (i.e. equity valuation models, quants) some topics will definitely be covered in both papers, but afte the first paper, will we be able to determine what will and won't come up in the second (in terms of topic areas)?

This may make the interval on exam day quite valuable.

Any thoughts?

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