And what could this opinion-changer be?
cross the finish line = receive charter
I clearly understood that. My question is why would my opinion suddenly change after I had received the charter?
It’s called the endowment effect ; you’ll study it at Level III as part of Behavioral Finance.
S2000magician, thanks for your response. Always inspiring and helpful as ever. That said, I will wait till Level III then and hope this topic changes my opinion. But if it still doesn’t, I will sure return to tell you. LOL.
Brainy: best of luck!
As I stated earlier, I am still a L2 candidate and agree with the once per year exam offering for L2 and L3.
That being said, it’s incredibly disappointing to see how majority of the current charterholders act who post at this board (S2000 obviously not included). That’s not necessarily just based on this topic, but a general observation over the past two years of lurking/posting here. But I guess that’s the internet for you.
One thing I have noticed from time to time is a specific attitude (again, not S2000 and a few others).
The attitude is one of “I’m a charterholder, and you’re only a level X candidate. You can’t speak authoritatively/you don’t know anything until you have the charter.” It’s negligent to the fact that every charterholder was, at one point, a candidate-- possibly failing a level multiple times. It’s akin to teachers who don’t respect students for the simple fact that the student is only a student…somewhat disappointing It’s also obvious (from my posts) that I agree with you that L2 and L3 should only be offered once per year…just adding support as another L2 candidate.
Well, they do have seniority status in the CFA process over us lowly candidates don’t they? They’ve been promoted to membership-payer status, whereas we are still stuck in exam-payer status.
My main point is the only differential between some candidates and some charterholders is the aspect of time. Some of those “lowly” candidates will achieve the charter-- the whole “I’m better than you because I’m older and started first and pay different fees” doesn’t really seem like a bragging point, in my opinion.
- 1 million. I don’t have a problem with the difficulty, but to fail by the skin of your teeth and then have to wait a year seems punitative. At least allow 7s and above to sit in December, if you don’t want to allow full entry. It’s more money for the CFA, I think, as fewer people would give up (at least after L2).
How can they objectively justify letting some failing candidates retake early and other failing candidates not retake (early)?
Without exact knowledge of the MPS and other relevant grading information, how can you be sure that higher band candidates are just barely below the passing score? The fail bands only tell you your performance relative to other candidates who failed. The literature (CFAI) that I have skimmed does not indicate that the failing bands can compare to a passing candidate (i.e. Band 10 is only X questions behind a pass). It’s important to remember that most of what you hear about the MPS and the grading process is unsubstantiated and is offered by people who are unqualified to speak on the process.
^^ You can make some assumptions based on a normal distribution… -If the passing rate is less than 50%, then the average score is a fail, someone missing MPS by 1 question is by definition Band 10 “Top 10% of falling scores”… Each Band represents 2-3 questions. A band 1 probably scores a 30% which is difficult to do since random guessing should be better than that. Most people will agree that MPS is between 60%-70%, my guess is the lower end of that. That’s a range of 12 questions… I like the suggestion of Band 7 and above get the option to retake early in Dec, would be a compromise to the logistical issues of CFAI
Nah, that’s crap. They tell you when the exam is. You have like 10 months to prepare for it. If you aren’t ready and fail then that’s on you, not bad luck. Band 7 is a bad result. I’ve read on this forum that people got that without even being close to prepared and guessing on over half the questions. That’s worthy of a “bonus retake option?”
Plus there’s that wonderful topic you gave us.
On a lighter note, the duo of Tickersu and Itj just do not seem to support this idea- all they keep doing is trying to nullify every possible suggestion. Right now, I am beginning to suspect both of you are charterholders already… 
LOL
How about just pass the first time? Just as how you are taught passing is passing (regardless of whether you got >70 on all or not), failing is failing (whether band 10 or 1). Just because you got band 10 does not make you more prepared than a band 1 to take the exam again in December, similarly to how they tell you passing 3/3 or with superior scores does not make you a better charterholder than someone who took 3 times to pass each test and barely got above what would have been a band 10 (one could argue that it does though but I wont go there). Study enough to pass the first time and you wont have this problem of wanting the test twice a year. If you fail, then you failed…why do you deserve a sooner chance just because you “barely” failed? Youre the same as the person with the lowest score…you could not hack a passing score…nothing will change that…except taking it again…1 year later…and passing.
#Ramos4rm3/3 #Actually5/5withCAIAinbetween
I beg to disagree, please. The CFAI didn’t create these bands for no reason- they are intended to convey certain meanings. Failing isn’t failing really. I disagree with you, please!
Whoever claimed Charterholders are “better” than Candidates? I’d love to read that quote. But there is one very important element that *many* (not all) Charterholders have compared to *many* of the Candidates who post here at AF…
#KnowledgeWithExperience
Hashtag, you forgot to add your trademark work “Guaranteed”…
They created them to give you ease on how bad you failed. It doesnt say whether you are better prepared to take it again…it simply says you may have been better prepared than another failing candidate but in the end you both had one thing in common, which overrules everything, and that is that you both were not as prepared as passing candidates. Just dont fail.