If you look at the historical pass rates… http://www.cfainstitute.org/cfaprog/pdf/candidate_results.pdf It really only got tough in the late 90’s early 2000’s when the pass rates fell below 50%. The recent pass rates have been steaming towards the tough mark Level I 08 35% Level II 08 46% Level III 08 53% People say it’s hard to compare Kobe Bryant and his 81 point game with Wilt’s 100 point game due to the difference in time. I argued that it’s harder for 81 points in modern times, vs. 100 points where Wilt was dominating easy but i still consider it a feat. However, can we make the same comparisons to people who took it in the 80’s with 50, 60, and 70% pass rates for level I through III respectively? What do you guys think?
There is different accounting rules and theories now then back in the 80’s and 90’s. I imagine that the curriculum will only become tougher in light of the additional regulation that is likely on the way. I imagine that the test is tougher now, but I would not discredit previous generations of charterholders. I am sure it was still a very hard test back then. I also don’t think that Level I and II was all multiple choice back then so you had essays, etc. I think essays and handwritten problems can be easier since you can get partial credit. BUT, if we had that now and it was all multiple choice back then…people would probably complain about the essay format. On the other hand, with a multiple choice test…if you have no idea about where to start on a question, you still get a 1 in 3 chance of getting it right simply by guessing. There is not a correct answer to this type of question. Just respect previous charterholders, you (when you become one) and future charterholders.
a short story: when i took L1 there was this guy sitting next to me who started with L1 two weeks before, because his professor at the university told him to do so. i dont know if he passed or not, but without proper preparation you wont get any cookies…
We should just through them all in a cage with some makeshift weapons and see who comes out victorious. Best, TheChad
it’s definitely a different test now that it was back then. just ask joey, he has admitted it in the past. i think the cfai admits this when they say that they change the mps to reflect what the minimally qualified analyst needs to know to move to the next test. so it’s a relative grading scale based on current market conditions (by market i mean the market for analysts). i don’t really think you can compare the tests from year to year (probably more like decade to decade or some longer period of time). it’s like asking “is seventh grade harder now vs 1970” or “is it harder to get a driver’s license now?”
Heck no! John Wayne was a true toughguy bada$$ Charterholder. John Thain has nothing on him!