Would it be a good idea to limit the number of times one can retake each level?
No. It adds nothing to the overall viability of the Charter and it increases CFA’s revenue, thereby reducing annual dues (at least in theory) for all current Charterholders.
The counter argument is probably that by limiting retakes, you would thin the herd of potential competition. I don’t agree with that because your real competition is going to pass 3/3 anyway or perhaps have one retake. Someone who takes 8 tries to pass is not really going to be a gunner for a top front office type of job anyway so there is nothing to worry about.
Why? Then they lose their primary source of revenue.
I think that once you pass L1, you should have five years to complete the program. Otherwise, you have to start over and take L1 again.
I kinda like the way the CPA exam does things. There are four parts, and you can take them in any order. But once you pass the first part, you have 18 months to pass the other three. After 18 months, they start “dropping off”.
So there are some people who take Part A, then can’t pass parts B, C, and D, so they have to take A again. Then B drops off (because it’s been 18 months), so they have to take B again. Then C drops off, so they have to take C again.
Not if you want to keep your spleen.
Why are you asking this? From CFAI’s perspective, they have zero reason to limit retakes. 1) This would decrease revenue, and 2) This would increase the pass rate, making the charter appear less exclusive.
Limiting retakes would benefit some test takers, since that guy who takes 5 tries to pass Level 2 should really be doing something else with his life. However, when CFAI shows any signs of caring about candidates, let me know.
I think my primary concern is if someone’s retaking it for the 4th or the 5th time he/she should really be doing something else with the time instead of having your life consumed by one exam.
^God you’re controlling. If people want to take the test 8 times, fricking let them. what business is it of yours on how someone spends their time.
Yeah, worry about your own life.
If a man wants to take Chartered financial exam 12 times. Goddamnit it’s a free country let the man do as he please
That would be like the drug dealer refusing to sell drugs to the drug addict.
You’ve been on a roll lately
@ klaudenine, your next question would probably be,
“Would it be a good idea to limit the MPS only for those who don’t score <50 in any topicor even limit the pass only for those who score only >70 in all topics?” Please leave these worries to CFAI.
No, it’s all about the $$$$
just out of interest, how many fails are tolerated at you firms? I’ve heard of places where they hire grads and if they fail they just get booted.
at my shop, in the front office failing level 1 is a no-no and failing levels 2 or 3 once is ok but more than once starts to raise questions.
2-3 times raises some eyebrows. Failing 1 big nono
Twice in one day!
I think the crux of the question is, “Does CFAI have some strange moral duty to protect people from themselves?”
You don’t butcher your Cash Cow after she gives her first milk. Milk that bitch.
The FAA does not limit the attempts for the various pilot certificates. Do you think there is a correlation between the number of attempts and the quality of the pilot?
Well, this is an anecdote, but my 85-year-old great aunt failed the driving test multiple times. Finally, she passed after many tries, and I think it’s partly because the tester pitied her. If you have a 10% chance of passing each time, eventually you should still passed.
Anyway, the conclusion here is that someone who has no business driving now has a license. Even the most incompetent person in some skill might pass if they take the test often enough.