So much for the theory that with all the retakers, the pass rate was going to be high. A lot of good people unfortunately didn’t make it through this year.
Its the economy. They dont want too many CFAs without jobs. Not good for the designation.
yup, I feel the clamp around my neck.
We should also throw out the theory that the pass rate would be higher because we are forced to buy the books.
former trader Wrote: ------------------------------------------------------- > We should also throw out the theory that the pass > rate would be higher because we are forced to buy > the books. CFAI probably kept the pass rate low just to spite everyone who was thinking this
Yeah, I was a pretty vocal proponent of the book theory. I was completely wrong.
I partially based my decision to take level II on JDV’s support of this theory. So your “I told you so” isn’t quite as good as it could have been JDV. 
I always assumed the book theory was bogus. I just don’t think the CFAi gives that much of a crap what we think, particularly not enough to alter the pass rate. They’re hardcore purists down there in Charlottesville.
I hope they keep the pass rate as low as possible. Now that I’m going to be a charterholder I sure as hell don’t want its value being watered down at all. 40% pass rates across all three levels would be nice.
53% pass rate is pretty high if you ask me i know many candidiates are going in under-prepared if you did prepared for 250 hrs or more, that should be a pass
Has anyone looked at this link. The trend should make you happy - once you pass L3 that is: http://www.cfainstitute.org/cfaprog/pdf/candidate_results.pdf
With the 53% pass rate, the writing is on the wall: You need to expect 50% every year from now on and Level 3 is now probably the most difficult level to pass. I do believe that repeaters have an advantage (although not as big as you might think because the tested subjects in the AM session are such a crap shoot), so if you assume that repeaters have a slightly higher pass rate, this year was probably even more difficult than last year because of the high number of repeaters. I went into this thing thinking that the game had changed and expected a 50% pass rate, and I just eked out a pass. Last year I expected around 60% and was horrified when it didn’t work out. So my advice is, prepare for the worst and expect one of the nastiest tests you will see in your life!
I was also a proponent of the book theory. We were actually a little stupid proposing this theory because no matter what we say or think, CFAI are going to charge you for the books going forward, whether you use it or not. They get their income and they control who passes… simple formula for them. You can’t mess with power like that! Level 3 is by no means a walk in the park and I also reckon they are going to stabilise pass rates around 50% for the next few years…
"53% pass rate is pretty high if you ask me " Just take a look at the charts. Its been MUCH higher for a while.
Black Swan Wrote: ------------------------------------------------------- > I always assumed the book theory was bogus. I > just don’t think the CFAi gives that much of a > crap what we think, particularly not enough to > alter the pass rate. They’re hardcore purists > down there in Charlottesville. exactly. they get your $$$$ whether you think the books are useful or not. not for profit. BS
Just my two cents, but I don’t think anyone here or anywhere else outside of CFAI has any idea what the pass rates are going to do in the future. The book theory, retaker theory, alignment of the stars, reading tea leaves, etc. is just speculation (sorry if I have offended any believers in the above). The tests appear to be getting harder, but that’s about all we know. Study hard, do the work, and do your best on exam day. No point in worrying about things you can’t control.
Pass rate was low again and will probably gett lower, but it looked like the minimum passing score was between 55% and 60% at Level 3. Should anything lower than this be considered a pass anyway? If they actually raised the minimum passing score to 65%+, pass rates would probably be like 25% or lower at level 3.
after last years 40, 40, 50, and when the l1 this year came out at 35, i was kinda figuring it was going to be around 35, 45, 55 this year. Just my opinion, but i think the rates will stabilize at 35-40 for L1, 40-45 for L2, and 50-55 for L3
I am in shock about the pass rates. Last year’s was the historic low and this is only 3% higher. I was sure CFA would correct because of last year and trump the inclusion of the books for this reason - several years ago the II pass rate was lowered significantly and CFA issued a PR response, I assume due to irate candidates, that in their view too many candidates were relying on study notes and not CFA readings. I thought for sure they would set the bar low last year and raise it back this year to justify candidates being forced to buy their materials. Look, I’m bitter because of my circumstances. I accept the responsibility but there is major frustration when I look at my pathetic Level II scores that passed and the III scores that didn’t pass. Plus, once upon a time it was I is intro, II is the weed out and III is a pat on the back. That was then and perhaps a myth although it depends how far you go back. I see higher fees and lower pass rates and that is frustrating and it signals to me they want to keep the cash rolling in. Non-profit my arse. Fail more, make more to the point where candidates say no more. The key for them is knowing where the line falls until prospective candidates hear the experiences, see the pass rates weigh the cost and benefits and go with an alternative. The pass rates are all over the board in recent years. 76% followed by 50% and 53%. The lack of consistency suggests they are artificially Fing with the pass rates or they just can’t write a consistent exam. Both are frustrating to a lot of people. But, at the end of the day, you either want to play their stupid game or you quit. I probably should quit but I just can’t.
They are absolutely artificially f-ing with the pass rates due to the Angoff BS.