I called and asked cfai and they said bc there wasnt enough demand. I say BS on that. It is multiple choice so the extra expense of grading is minimal. I think it is bc they want to limit number of CFAs as much as they can.
Opinions?
This is just my theory/speculation:
L2 tests a variety of topics but they obviously can’t test you on everything in a 6 hour period. Imagine if the test were offfered multiple times a year. You could decide to only study certain areas and “hope” only those get tested… and if not, you can retake it again soon after. If only offered once a year, this strategy of gaming the system becomes less viable.
I think your conclusion is correct, just my 0.02
When L2 went multiple choice i figured it would only be a matter of time before L2 went biannual. I think it is just about limiting cfas and trying to maintain exclusivity. L1 is biannual to increase the number of people in the program.
They want to maximize people in the program to increase revs and then protect the brand by making it hard to complete in time spent in the program and making L2 once a year and a bear. L1 is their big rev producer and L2 is their way of protecting the brand and exclusivity so L2 will never b offered biannually.
The item sets are a lot more demanding to write than the L1 multi choice. I write questions for another exam and looking at the questions available from Schweser and comparing them to the CFAI mock the quality (and consequently difficulty) of the CFA material is much higher. I’m not sure they could produce another 2 exams a year and maintain the same level.
I know it’s frustrating and stressful but I would not like to see the charter become easier especially if I get through this time.
Because it’s very difficult to create Level II exams.
I heard from a CFA guy that the institute takes a LONG time writing the item sets, after which they spend months labouring over them to ensure they are fair and don’t have any cultural biasese, etc, etc. I don’t think there is any other reason.
And even if there were, we’d never know it.
(I’ve heard the same, by the way.)
your argument doesn’t hold that well, because L1 is given twice a year.
L1 twice makes a lot of sense. A lot of people don’t really know what they’re up against, so they walk into L1 sure to fail, hence L1 having the lowest pass rate despite being the easiest by far. having it twice surely generates a lot of revenue.
L2 and L3 have a significant jump in difficulty, so I would bet the questions take longer and are harder to produce. Then your argument makes sense here.
Item sets are a lot more difficult than stand-alone questions. Thus, it’s a good argument for Level II (and Level III).
I have no evidence, but I would imagine this is correct.
Also, there’s the “prestige” factor. L1 twice a year lets you in the club. L2 once a year locks you in.