Exam - Twice a year?

Exam resit in December - at least we’d be able to use the same books. If CFAI was so ethical, it would consider this and save the trees… lol

I asked an exam writer this very question about a month ago. Level 2 is all multiple choice, so why can’t it be offered twice a year like Level 1? His answer, the item sets in Level 2 take much more time to construct, test, etc than a stand alone question for Level 1. I got no feedback if Level 2 will be offered twice a year in the future. I’ve heard this too from an insider. Re: Exam - Twice a year? new Posted by: Robert A (IP Logged) [hide posts from this user] Date: June 8, 2010 06:39PM For me it really sucks because I have tax season from February through mid-April. I passed L1 last December and would love to sit for L2 next December. Instead, I have to wait until June 2011. A colleague of mine who’s somewhat on “the inside” (he grades L3 exams) said the reason they give L1 twice a year is that some countries require passing L1 as a prerequisite to working in the securities industry.

When you think about the time and effort it takes CFAI to construct these exams, just consider that they collect close to $100 million per year in exam fees. With that kind of revenue base, I think they have the resources to offer the exams twice a year if they choose to.

I agree at getting a shot at L2 again in December. You should be able to take it when you are able not just 1 day a year. If they don’t offer L3 twice a year then you end up in the same situation as me this year, passed L1 December and in a short window turned around for L2. I would NEVER EVER tell anyone unless they don’t have a job and a family to ever do that it sucked, bad. I think by most people getting killed at L2 it forces them into the 4 year plan. Which is what I think CFAI want’s. I think they do not want bright 20 year olds passing L1 in school, having allot of time to get through L2 then turn around and bang out L3. If they offer all 3 levels every 6 months you could be done in a year. Even if you fail one level that makes it 18 months. They do not want a ton of people with no experience passing all three levels. I realize that you can’t get your charter until you have experience but you can put what is factually true, “Passed All Three CFA Exams”. The reality is there is not much difference.

I passed L1 in 12/09 and I knew that there was just no way to start L2 in late January. I have a family and a job, and couldn’t make that kind of sacrifice. So I took a pass, and decided to start this summer/fall. Moreover, it was like CFAI worked against you because you couldn’t enroll in L2 and study while waiting for your grades. Your only option was to buy the books separately, only to have to pay 2x when and if you could actually enroll. Not only that, but by the time you could enroll (assuming L1 was passed), you missed an early enrollment discount. I don’t know the purpose of making it that difficult on us.