Wait wait wait… Godism failed after raving night and day about that AMAZING bootcamp?!? Ouch…
based on passing rates exams were much easier back in the day
s
orry but nothing will beat QQQbee
youre a big bum you big bum!
This is a fair comment.
Fixed that for you.
i dont believe that. there was no stalla or scheweser so everyone was forced to read 3000 pages.
also not as many practice tests wee available back then.
hard to believe students were better prepared.
also most importantly, s2k was not around back then to help folks 
Test takers back in the day were also a much more targeted bunch. As the program gained in popularity, the pool got diluted. Anyone been in an American university in the last decade? Same story…
That said, I can’t disagree that the test has most likely gotten more difficult as content expanded, evolved and the entire program refined…
Not true: both Stalla and Schweser were in force in 1997.
I took a 3-day review course from Schweser for each level. My Level I course was taught by Carl Schweser himself. My Level II and Level III courses were taught by Andy Temte, who took over Schweser when Carl retired.
You got me there.
I concede.
I am intrigued to know how some people managed to pass their level 3, seeing the way they read, interpreted a message and structured their responses. Why does this have to become a post where people have to choose sides? (and it seems generally between those that finished the exam vs. those that are still struggling)
Whether it is something to be encouraged/proud of if you passed all levels by giving up your important moments within life, is very much dependent on 1) the stage of your life when sitting the exam 2) what you consider important 3) any other factors that you personanly consider relevant. I personally found some of the inspiring stories in this forum not so inspiring.
I don’t think simply pinning one’s failure to the CFAI is fair to CFAI or others who worked so hard to complete this exam, but the bottom line is: promoting more transparency and guidance is not a such bad thing. After all, the exam is a significant commitment for many, assuming that you have full-time commitments in addition to the exam.
Haha, I don’t think you’re alone in that opinion!
Right! Many almost took the wind out of my sail!
Very true. Promoting meaningful transparency and guidance I think is the only thing I’d tweak/add.
I heard from charterholders who are 10 years my elders that back in the day the quantity of material was a fraction of what it is nowadays.
back in the day there was no AI, Derivatives, GIPS, or PE and Im probably missing a few more
Well if the curriculum is half of what it is, and if I had to work as hard as bankers in the 80s (which is not very much compared to our generation), I could probably go to the gym every day, have a boozy lunch, play golf and still be prepared for the exam.
What a disgusting mockery! You are using my typos and stereotypes of Russians to derail my case.
What would you say if you knew that I am a gay man?
A Jewish?
A Black Guy from African Continent?
A hugly overweight woman?
a HIV - infected?
Sorority Girl?
I mean just come on, old man, do not constrait yourself, show your true colors!
The letter was sent 35 minutes ago
Attn: Paul Smith, the CEO and President of CFA Institute
CC: CFA Customer service and general public. Mr Smith, I would like to take an advantage that the reply to my original application is still being prepared by CFAI stuff and would like to add some, as it seems to me,valuable points. I’ll really appreciate it if you could address them also. Mr Smith, as we both know, the website of CFA Institute contains the Learning outcome Statement and the List of Readings of the next year exam only.The Reading list of the current year has been replaced for the next year’s after the exam and not available for the public. What is the reason that the Institute keep out of sight of the public the historic Curriculum? Is that because it would like to conceal the fact that Curriculum has grown significantly during the last 15 years? Is that the Institute would like to conceal that a Charterholder who passed in, for example, 2000 was tested only on small fraction of study material comparing to 2015? How the Institute would address the idea that such ‘non disclosure’ actually leads to serious misinformation not Candidates and potential Candidates only, but the whole financial market? Let me explain: if I was a trustee who is looking for a portfolio manager, the fact that a certain PM is a Charterholder and the other failed Level I exam for 4 times would cause me think that the former PM stands for higher professional standards. But if I knew that the Charterholder hot his charter 15 years ago, was tasted on 37% of current Curriculum material and never had a follow-up exam, I would, as a trustee,dismiss the Charter as an indication of professionalism and would likely to look into different criterias. Could you please comment on it? Follow up Exams.Mr. Smith, CFA Program is a Study Program based on 3 standardized tests.Why the results of the tests are valid forever for a Charterholder? That is not typical for professional exam. Every highly-valued designations of Microsoft Corporations, for instance, has been given for e certain amount of years. Developer who would like to keep her designation must retake the exam in order to prove she is still on the advance edge of the technology. Mr Smith, CFA Institute develops the Curriculum, as it is claimed, in order to reflect the changes in the financial markets. So why you do not ask the Charterholders to prove, say, once in 7 years, that their experience and knowledge are still let them to claim ‘the best of the best’ Most kind regards, [CFAilure]
Dear [CFAilure],
Thank you for your comments regarding your June 2015 Level III CFA exam result. I appreciate the time and energy you have invested in the CFA Program. I also appreciate the opportunity to discuss our policies with you. We invest a great deal of time and thought in these policies as we are determined to uphold the highest standards of quality for the CFA Program and to maintain our reputation for administering a rigorous examination which we believe all of our candidates and members support.
I know this is not the first time you have experienced frustration with not passing the exam, and I can understand your disappointment. As mentioned to you previously, the exam offers a uniquely challenging test of a candidate’s ability to synthesize what he or she has learned across all topics and levels to address a variety of investment challenges. Although discouraging, it is not uncommon to attempt the exam several times before passing. This rigor contributes to the CFA charter’s reputation of excellence in the industry, and we stand by that premium standard.
You are correct that all exam materials, including answers, are the property of CFA Institute and will not be returned to you. We do this to protect the integrity of the exam, which is independently evaluated after each administration to determine its difficulty and to establish the minimum passing score. Because questions may be used again on future exams, the multiple choice and item set exams are considered confidential property and are not released. The Level III constructed response questions are released, so that candidates might understand what an ideal response entails, and to aid them in preparing for a potentially unfamiliar exam format.
Regarding your question about partial credit, indeed there are some questions in the Level III AM session that are eligible for partial credit. How credit is awarded depends on the specific question and response given. We do not release specific answers and the scores they received, as doing so would require far more resources than are available. We also believe it would create a very large number of candidates who may wish to review and discuss exam scoring point by point, which is not feasible given the scale of the program. However, please be assured that we do employ multiple quality control steps, including a second round of independent grading for all exams in the range of a passing score.
We also do not offer customized advice based on candidate preparation or exam performance; this could certainly provide an advantage over unsuccessful candidates who did not receive such counsel. The standard results report provided to candidates indicates the strength and weakness of specific topic areas. If you are not satisfied with your exam result, you may request to have your score manually retabulated. Details regarding this process are available on our website.Retabulation confirms that your scores were recorded and totaled correctly. For the essay portion of the exam, a CFA Institute staff member pulls your exam book, verifies your candidate number, and each lined answer page and template is reviewed to confirm all your responses were graded. We then confirm the scores awarded are accurately reflected in the CFA Institute database.
I can understand your dismay associated with the adequacy of studying 300 hours for a level of the CFA exam. It is truly not a one-size-fits all endeavor to adequately prepare for the exam. So, we do not recommend a specific number of study hours to prepare for it. Moreover, the CFA Program, like most other credentialing programs, is a competency-based program. Learning-based programs, like most university classes, measure mastery partly in terms of contact hours and anticipated study time. Competency-based programs, on the other hand, measure mastery in terms of abilities candidates can demonstrate, which can be independent of preparation time.
You are correct; we report the study time candidates tell us because it provides directional guidance to other candidates and potential candidates many of whom might otherwise believe the CFA Program is something short of a rigorous program. However, candidates report a large variance of preparation time, so this guidance is not going to be helpful for some. You may wish to review the results of the June 2015 CFA Candidate Survey, including average hours of study reported by candidates and feedback on exam preparation resources.
Should you decide to sit for the exam again based on your topical performance and score band results, I encourage you to consider the following advice for candidates from testing experts, CFA exam graders, and successful candidates. I realize this may not fully satisfy your wishes, but I hope you trust that we are doing our best to meet the needs a large and diverse candidate base. Best of luck with your future endeavors.
CFA exam facts and advice:
• The only source of material for exam questions is the assigned CFA curriculum provided upon registration by CFA Institute.
• Use the learning outcome statements and practice questions and problems in each reading to guide your studies.
• Focus on learning the concepts and techniques and how to apply them in different situations; avoid only drilling with practice exams.
• Read each question carefully to be sure you understand the knowledge or skill the question is targeting.
• Each question can be answered solely with the information provided. Avoid introducing extraneous information or making unnecessary assumptions.
Essay/constructed response facts and advice:
• Answers are graded only on content. They are not graded for language and style.
• You may use short phrases and bullet points to save time, but it is critical that you ensure your meaning is clear.
• No points are awarded for general knowledge that is not responsive to the question or for repeating facts found in the case text.
• Focus on addressing the bold command words used in each question.
• If the question requires a decision (e.g., command words Determine or Recommend), clearly state or, in template questions, select your choice. When a candidate’s intent is unclear to the grader, or contradictory information is included in an answer, no points will be awarded. Provide reasons that clearly and directly Support or Justify your answers when asked to do so.
• If a question asks for one advantage or two reasons, provide no more than the number requested. Only the first advantage and the first two reasons that you provide will be graded.
• Show work for all calculations. Partial credit is often awarded for correct formulas and inputs even when answers are incorrect.
• Do: follow carefully the front cover and bolded instructions throughout the exam book; use the answer templates provided; manage your time in accordance with the stated minute allocations; assume questions address a generally accepted concept or principle.
• Avoid: overlooking any questions or question parts; answering sequential, related questions out of order; providing your answers on pages designated for questions or intentionally left blank (they will not be graded); avoid assuming that questions are designed to trick or test arcane exceptions.
I apologise for the response on IPad and the rough formatting but I am away from the office at present so have only this option. I wanted to get you a reply as soon as I could. Please forgive me. Kind regards Paul Paul Smith President & CEO, CFA Institute
Mr. Smith,
What a coincidence! I literally pressed the ‘Send’ button on my second portion of questions I sent you, and in a few seconds your email has arrived. So I sent you the second portion of questions when your reply was on its way. It could be considered impolite and I beg your pardon. I read your reply and cannot say I was disappointed. You are the President of the CFAI and perhaps it is your job to protect the Institute, regardless what it is. ‘Regardless’ - even that would mean that CFA Designation now looks like a pyramid, in the meaning that people who got it early got it for much less effort that people who are struggling to get it now. Your reply does not include any new information and merely recites the Institute’s website. I think Sir, that on this point of time we have exhausted our correspondence. I am not going to send you a letter a week and you would probably find the questions of comparing Charterholders who passed in different years and current Candidates as a issue of utter blasphemy to address them. I will consider my future steps and I am going to look for other opportunities to promote the case I have rized. I know, Sir, that I my English writing skills still need to be improved. I would like to thank you for your readiness to understand what I was trying to conway. [CFAilure]
all i can say for your last comment to the CFAI president - before you recommend that - maybe pass the one test you are up against - before you suggest a new battery of tests every couple of years to put yourself through.
You are tired, you are in a bad state - because you did not pass. Maybe take a little time off, consider areas you could improve upon, learn the material better. Pretty sure iif you reflect you can definitely find areas where there are weaknesses. Yes, the exam has a huge component of luck with it. I can tell you that myself. And a lot of folks would agree with me too. I went thro the pain 4 times, and each time I was doing well over 500 hours. And also working a full time job with over 60 hours per week.
It is not about my pass, it is all about of taking the charter of people who took it long ago for a fraction of effort. Every commenter here who told he loves rigor and the level of the program will agree with me. Follow up exam will put the program on highest standard.