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　　Q. I have begun studying for the Level I exam and discovered that there are many formulas presented. Are candidates expected to memorize all these formulas?
　　Candidates are expected to be able to perform the actions specified in the Learning Outcome Statements (LOS). If a formula is required， then it should be committed to memory.
　　Q. On the Level I examination， is Corporate Finance tested as part of Financial Statement Analysis?
　　Yes.
　　Q. I heard that some of the questions on this year's Level I exam may not count. Is this true; and if so， how will it affect my score?
　　There are 120 questions on the morning section and 120 questions on the afternoon section of the Level I examination， and all questions count toward your final score. In the past， AIMR pretested a small set of questions on each exam for potential use on future CFA examinations. This practice has been discontinued.
　　Q. In the quantitative methods book we often refer to the z-table， t-table， and F-table. Will these tables be provided during the exam?
　　AIMR will not provide distribution tables with the exam. If a question requires information from a specific distribution table， that information will be provided with the question. But the tables themselves will not be provided. Similarly， time value tables (present value， future value， etc.) are neither needed nor provided; the two AIMR-approved calculators are capable of performing any required present value and future value calculations.
　　Q. If a 12-minute essay question asks me to provide three reasons in my response， can I assume that each reason is weighted 4 minutes and thus is worth 4 points?
　　Yes， if the question does not contain any information or instructions to the contrary.
　　Q. Why do some learning outcome statements contain command words that obviously will not appear on a particular exam?
　　For example， "draw" is a command word used in a Level III derivatives LOS， but the Level III derivatives material is tested in item set format， which would not allow candidates to draw a diagram or picture. All learning outcome statements use commands words， such as analyze or calculate， which tell you what you should be able to do after you read that reading. Although many Level I multiple choice questions and Level II and III item set questions do not use specific command words， part of your preparation and study should include becoming familiar with these command words as they are used in learning outcomes statements. Even though candidates obviously cannot "draw a profit or loss diagram" in a multiple choice or item set context， for instance， they CAN *uate， analyze， or interpret a drawn diagram that is provided. Developing the ability to draw the diagram certainly improves the ability to *uate， analyze， or interpret the diagram.
　　Q. Since scratch paper is not allowed at the examination， am I allowed to do scratch work in the examination booklet?
　　You are permitted to do scratch work in two places in the examination book： on the question pages or on the extra pages in the back of the essay book. Any marks on the question pages will not be graded. Any marks on the extra pages in the back of the book that are not labeled as being a continuation of an answer to a specific question will not be graded. The only pages that are graded are the designated answer pages and the extra pages in the back of the booklet that are labeled as being a continuation of an answer.
　　Q. The Level IICFA exam has business combinations (pooling and purchase) as one of its LOS. With the adoption of new accounting policies from FASB， business combinations can no longer be pooling transactions， but purchase only. How will this change be addressed on the exam? Should a candidate answer the question based on the out-of-date textbook， or based on the new policies?
　　Please refer to the Level II Study Guide， where it states： "Some of the accounting concepts in the Financial Statement Analysis study sessions may be superseded by updated rulings andor announcements issued after a reading was published. Although candidates are not expected to learn material that is outdated， they should be familiar with the overall analytical framework contained in these sessions. Candidates will not be penalized for applying updated rules."
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