" We hope your studying is going well! In our effort to ensure you are as well prepared as possible for exam day, we want to inform you that starting with the June 2019 exam, there will be a slight change in the format of item sets. Specifically, there will be more item sets but now with a varying number of multiple-choice questions attached to each. The length of the exam remains at 6 hours. For Level II, the total number of multiple-choice questions will remain the same at 120 and will still be worth three points each. For Level III, the total number of multiple-choice questions will remain the same at 60 and will still be worth three points each. We wish you the best of luck in your exam preparations over the next several months. CFA Institute "
This just increases unpredictability of exam and allows institute to test on more topics. Progression of what cfai started last year to induce candidates to go through all topics, it just came to late in time for this year
Does it mean that the probability of appearing more readings and topics has increased? I guess since they reduced the weight of “fat” topics such as FRA, Equity, but added new readings in them, they are going to put those topics, increase item sets, and reduce questions in exam without affecting the lower weights.
I think that the same number of topics can be tested without changing the exam format, nothing wrong with asking about block technology and subsequently asking you to do a T test in the same item set.
Basically what this boils down to I think is that the topic weights remain the same, however will be more info to check and potentially, more topics that can be tested.
The percentage weighting of each topic is unchanged from what we’ve already known for the 2019 L2 exam.
I agree with FrankieCheng that there’s a possibility of more reading, depending on how vignette length is adjusted (e.g., if there are 20% more sets, but each set’s vignette is only 10% shorter, on average).
Maybe I’m wrong, but my sense is that it doesn’t change much for folks who weren’t planning to skip topics. Though it would be nice to have mock exams that are reflective of the changed structure.
Vignette length will probably be more variable to account for the increased number of item sets - I would say that there will be more drilling down into the minutiae on the back of this. Could definitely be more challenging, probably a reduction in the number of ‘easy’ questions that might otherwise have been asked. Just gotta be on our game!
I believe serious candidates do not skip topics. However, based on individual preference and perception of the importance of any topic, one concentrates more on certain topics which he thinks to have more probability of showing up in the exam. It is natural because one cannot fully remember every topic in the entire curriculum equally. The way I see this change of CFAI, at least more study hours for candidates and more challenge.
Here are the important takeaways from this email as per my understanding:
There will be more than 10 item sets in each exam session.
If a subject’s Topic weight is between 10-15%, the CFA Institute can now ask exam questions with a weightage of 12.5%. Earlier, it was only possible to ask either 10% or 15% if the Topic weight was 10 to 15%
Smaller Item sets are now possible. Earlier, exam writers were supposed to write an item set for minimum of 6 questions only.
The CFA Institute can ask questions on more topics in the exam because smaller Item sets are possible (with 2-3 questions in one item sets)
Those who were planning to focus on only big 4-5 subjects to pass the exam, would have to study all the 10 Subjects now.
A quick context switching will be required in the exam because you might have to switch from a bigger/ smaller item set to smaller/bigger item sets with varying number of questions.