This is totally wrong:
I’ve seen several other examples as well. Jeez!!! We rely on these guys to give us the correct information, and they constantly let us down. How can you trust the CFA Institute, when they make mistakes all the time??
After the test, I’m going to write a letter to them; the jist of it will be:
#1) You promulgate transparency and full disclosure, but you refuse to explain how the tests are actually graded and how pass/fail decisions are made. Furthermore, you refuse to give candidates their own tests back. The entire grading process is a perfect black box. I’m sure there are many people passing, which they fail, and I know for sure many people should fail, and yet they pass. I’ve studied with people who were completely clueless about finance-related matters just 1 week before the test, and they get a pass score about 2.5 months later. What??!!! I’ve worked with CFAs who literally don’t know the difference between a stock and a bond. How can these guys get through??!!!
#2) You promulgate diversification, but you force everyone to take the test only 1x per year. This is a form of extreme concentration.
#3) You take a stance against misrepresentation. Nevertheless, you misrepresent the actual test by giving lots of over-simplified practice exams. Furthermore, you recommend about 300 hours of study to prepare for the exam, but the actual number is at least 4x or 5x more than that.
#4) You state that Candidates & Members should practice ‘Loyalty, Prudence, and Care’ for clients. However, you don’t do any of those 3 for your own clients (Candidates & Members). You don’t ‘care’ about anything except money.
#5) You promote ‘Fair Dealing’ but you do NOT deal fairly with Candidates & Members. For instance, you impose sanctions on Candidates & Members, and don’t even consider the meaning of ‘fair dealing’.
#6) You tell Candidates & Members to distinguish between fact and opinion. Your own actions are based entirely on opinion, and you refuse to consider any facts whatsoever.
These guys are complete hypocrites!!! Jeez!!!
20 years to get a credential??? I could easily get 3 PhDs in much less time, and with much less effort. It’s totally NOT worth it!!