I just did the sample exam on line - the one cost $40 but I found it is a lot harder than I had expected.
Anyone found the same? Or is it just me?
How consistent are these sample exams compared to the actual one?
Thanks!作者: tarunajwani 时间: 2011-7-13 16:04
Sample 1? Yeah I found it a tad unexpectedly rough. Imo (and blind guessing) is that it will be the approximate difficulty of the real thing.作者: profil 时间: 2011-7-13 16:04
I found it is a lot harder than Schweser so really not sure how reflective it is of the real thing. Or maybe it is just because it is web based so difficult to read and work out?作者: mengxu 时间: 2011-7-13 16:05
I got a 69% on CFAI sample1. They couldn't have asked any more minor topics.
Ethics killed me - f****g 33% right...Was it just me or did you guys find Ethics tough as well? I am at my wits end as to what to do regarding Ethics. I will review the CFAI notes (for the first time) and do more questions..but this stuff is tricky..作者: Uranus08 时间: 2011-7-13 16:05
Does any one know why intrinsic P/E doesn't include franchise factor when inflation flowthrough is given?
intrinsic P/E = tangible P/E + franchise factor
tangible P/E = 1/r
However, in the P/E with inf. f.t formula
intrinsic P/E = 1/(real r + (1 - infl. f.t.)*inflation)). The denominator is effectively inflation adjusted r (adjusted for the flowthrough)... Where is the Franchise factor?
====
Also from the same exam:
How efficiently a firm uses it's assets is indicated by ROA or Asset Turnover? The example uses Asset Turnover, but shouldn't it be ROA as ultimately net profits matter more than sales?作者: ryanlb 时间: 2011-7-13 16:05
futurefinanceguru Wrote:
-------------------------------------------------------
> Does any one know why intrinsic P/E doesn't
> include franchise factor when inflation
> flowthrough is given?
> intrinsic P/E = tangible P/E + franchise factor
>
> tangible P/E = 1/r
>
> However, in the P/E with inf. f.t formula
>
> intrinsic P/E = 1/(real r + (1 - infl.
> f.t.)*inflation)). The denominator is effectively
> inflation adjusted r (adjusted for the
> flowthrough)... Where is the Franchise factor?
>
> ====
> Also from the same exam:
> How efficiently a firm uses it's assets is
> indicated by ROA or Asset Turnover? The example
> uses Asset Turnover, but shouldn't it be ROA as
> ultimately net profits matter more than sales?
where do you see that?作者: onelife1 时间: 2011-7-13 16:05
Inflation models in the books assume that there are no dividend payouts - so 100% retained. No growth, only inflation.
CP作者: bolligerallstar 时间: 2011-7-13 16:05
the show:
This is the formula in Schweser.
CPK:
That helps. But the question doesn't say anything to that effect.
