Hey There! I have done the last CFA I in DEC 2016 and I found it so difficult. I think I have 65 % chance to pass it, as I picked the correct answers for many questions so luckily, though I was not sure during the exam. I found many questions were not in the exam prep notes. Does anyone have the same feeling?
The CFA exams are getting harder each year. The questions used to be straightforward earlier but now the questions are slightly difficult. I have a feeling that the exam setters go through the prominent preparatory content provider notes and then ask the questions on topics that are not discussed in detail there. Though I agree that they won’t be having that much time.
I read somewhere in level 3 exam thread. The essay based exam has become much tougher now. It used to be very easy a decade ago. The candidates can at least say about CFA level 3 essay exam with confidence because the actual exams are available on the CFA website.
There used to be 4 options per question till 2008-09. Now the choices are only three and they are very close too, making it difficult to guess the right answer.
When CFA Institute changed the format from four answers to three answers, they said that they did it because they’d done a study that indicated that the least likely of the distractors (i.e., wrong answers) was chosen so infrequently that it wasn’t effective, and that dropping the ineffective distractor would not have any effect on the pass rate.
The comparison of the pass rates before the change and after the change was (approximately) 35% vs. 44%. Almost exactly in the ratio of 3:4.
Hmmm.
I think changing the format from 4 to 3 questions actually helps the candidate.
agree with S2000.
Hello!!!
Absolutely. With 4 options, the probability of choosing the correct answer is 25%. With 3 options, the probability of choosing the correct answer increases to 33.33%.