Because it weeds people out. I bet there’s a lot of people that don’t study much for L1, try it out, fail, and never come back… Just my opinion…
people get smarter man/… study harder, know what it takes
the pool of candidates are at a higher level. I’m not sure why it would make anyone feel better. The 54% of L2 failures were part of the 35% that were smart enough to pass L1. The 50% of failures for L3 were among the 46% who were smart enough to pass L2.
cfaboston28 Wrote: ------------------------------------------------------- > in 1964, difficulty level was similar to series 7 > exam. All they asked us them to do GGM for 120 > questions. No derivatives, FI, time series etc > invented at that time. It was just equities and > economics I have read it somewhere on CFA site…in early years…text book used to be Security Analysis - By Benjahim Graham… It used to be subjective type paper with option to choose as in Equity or Fixed Income