2020 Level II Mock Exam (B) AM The morning session of the 2020 Level II Chartered Financial Analyst® Mock Examination has 60 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 18 minutes per item set (vignette and multiple choice questions) for a total of 180 minutes (3 hours) for this session of the exam. SUZY MERCER CASE SCENARIO Suzy Mercer, CFA, is currently working as a capital market adviser in a developing country. While attending a regional securities exchange conference, she introduces herself to Terrence Ong, CFA. Ong is one of several partners at Shangri-la Development Associates, a consulting firm specializing in capital market expansion in developing countries. When making her introduction, Mercer states, “I’m an independent adviser working with the government of a developing country to improve its capital market sector. I’ve heard a lot about the work you’ve done. Could we talk about my consulting assignment and a possible role for you?” Mercer continues, “I’m currently one of a handful of CFA Charterholders residing in the country right now. I’m looking for expertise to help with a capital market development project, but none of the charterholders are qualified to assist me with the assignment despite the rigor of the CFA exams. Frankly, I am a bit surprised I couldn’t find any one to assist me with this project.” Ong responds, “I can relate. I wanted to get the CFA charter, knowing it would help me gain credibility in the early stages of my career and eventually grow our firm. It helped me get capital market development assignments because of the reputation of the CFA Program, so I now have the experience you are looking for, whereas other CFA charterholders may not have had the same opportunity.” Mercer continues, “I’m looking for someone with your background and stellar reputation to help create a strategic plan to develop the asset management industry. The client’s goal is to get the Securities Exchange to be a part of a regional exchange. This will help the locally listed companies gain more exposure. However, given the budget I’ve been given, I can afford to hire only an individual. Ong, would this be of interest to you?” Mercer continues the conversation by informing Ong that she will also be approaching other industry participants, particularly in the fund management industry, who are attending the conference. Ong responds, “I sure hope you are not talking to Daniel Ngyue, who manages several startup funds. I think he has a drinking problem. There is a rumor his last startup fund was not well received by the investors, likely due to his drinking. As one charterholder to another, please do your due diligence first before you hire anyone. As you have already pointed out, my reputation is stellar. Why don’t we meet tonight for dinner at my ‘members only’ club to discuss your project further? I can introduce you to other influential people who are currently looking for By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose CFA®, Chartered Financial Analyst®, AIMR-PPS®, and GIPS® are just a few of the trademarks owned by CFA Institute. To view a list of CFA Institute trademarks and the Guide for Use of CFA Institute Marks, please visit our website at www.cfainstitute.org. © 2020 CFA Institute. All rights reserved