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CMA Final Level

You have finally made it to the last step of your CMA Journey. Along with the excitement of making it to the last level, CMA Final comes with its own set of difficulties and pressure. Finding the right teachers, notes, jobs is still a struggle. Don't worry, we have an answer for all your doubts.

Select the best teacher


Sanjay Saraf Educational 


Phone no.: 8100300400
Mail id:

Gold package - Rs. 24000
Platinum package - Rs. 28000



Utkarsh Jain

Phone no.: 8888077722
Mail id:

(depending on the attempt one chooses and type of subscription - online premium/online premium +/platinum)



Arif Irfanullah

Phone no.: +92 311 0222376

$150 (Basic), $275 (Basic plus), $525 ( Premium)


Sudarshan Agarwal  classes

Rs. 16000


Sushant Suri

live classes - Rs.29500
Online - Rs.17500

Study using Youtube Videos

Study using Notes

Test your preparation


Monique Gretta, CFA, is a research analyst at East West Investment Bank. Previously, Gretta worked at a mutual fund management company and has a long-standing client relationship with the managers of the funds and their institutional investors. Gretta often provides fund managers, who work for Gretta’s former employer, with draft copies of her research before disseminating the information to all of the bank’s clients. This practice has helped Gretta avoid several errors in her reports, and she believes it is beneficial to the bank’s clients, even though they are not aware of this practice. Regarding her research, Gretta least likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct because:

A. her report is a draft.      B. this practice benefits all clients      C. the long-standing client relationships are not disclosed.


The following information is available for a manufacturing company:
• Cost of ending inventory computed using FIFO $4.3m
• Net realizable value $4.1m
• Current replacement cost $3.8m

If the company is using International Financial Reporting Standards (IFRS) instead of US GAAP, its cost of goods sold (in millions) is most likely:

A. $0.3 higher.   B. $0.3 lower.    C. the same.


An investor gathers the following data.

2014--> Earnings per share: $3.20; Dividends per share: $1.92; ROE: 12%

2013--> Earnings per share: $3.60; Dividends per share: $1.80; ROE: 17%

2012--> Earnings per share: $2.44; Dividends per share: $1.71; ROE: 13%

2011--> Earnings per share: $2.50; Dividends per share: $1.60; ROE: 15%

To estimate the stock’s justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2011–2014). If the investor uses 11.5% as her required rate of return, the stock’s justified forward P/E is closest to:

A. 21.     B. 10.    C. 12.


The following table provides information about a portfolio of three bonds:

Bond 1--> Maturity: 17-year; Price: $109.2461; Par amount: $16m; Duration: 8.56

Bond 2--> Maturity: 20-year; Price: $100.4732; Par amount: $4m; Duration: 9.19

Bond 3--> Maturity: 25-year; Price: $84.6427; Par amount: $8m; Duration: 11.48

Based on this information, the duration of the portfolio is closest to:

A. 9.48.   B. 9.35.           C. 9.74.


When valuing a call option using the binomial model, an increase in the probability that the underlying will go up most likely implies that the current price of the call option:

A. increases.    B. remains unchanged.   C. decreases.

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