I failed L1 and it was FAIR, since I didn’t study at all. What is UNFAIR and really bothers me ? Lack of transparency!!! This stinks big time. Closed “range-based” scores for such an expensive exam ??? Hmmmmm…Maybe some companies should divulge EPS in ranges too…I am sure that shareholders would be very happy…LOL When you are determining pass or fail scores, the process has to be fully open, otherwise… Take a look at the facts (no judgements attached) My FAIL Results Level 1: Fail The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area. Multiple Choice Q# Topic Max Pts <=50% 51%-70% >70% - Alternative Assets 12 * - - - Derivatives 12 - * - - Economics 24 * - - - Equity Analysis 24 - * - - Ethical & Professional Stnds. 36 - - * - Financial Statement Analysis 68 - * - - Fixed Income Analysis 24 - * - - General Portfolio Management 12 - - * - Quantitative Analysis 28 - * - Some PASS Results posted : - Alternative Assets 12 * - - - Derivatives 12 * - - - Economics 24 * - - - Equity Analysis 24 - * - - Ethical & Professional Stnds. 36 - * - - Financial Statement Analysis 68 - * - - Fixed Income Analysis 24 - * - - General Portfolio Management 12 - - * - Quantitative Analysis 28 - * - ??? Multiple Choice Q# Topic Max Pts <=50% 51%-70% >70% - Alternative Assets 12 * - - - Derivatives 12 * - - - Economics 24 - * - - Equity Analysis 24 - * - - Ethical & Professional Stnds. 36 - - * - Financial Statement Analysis 68 - * - - Fixed Income Analysis 24 - * - - General Portfolio Management 12 - * - - Quantitative Analysis 28 - * - I am happy since, because of recent career developments, the questionable career value of the certification for me has become zero. So, I don’t have to deal with this CFA Institute typical stuff anymore in my life. For those who cleared, kudos (of course, those who studied hard and passed have nothing to do with these crappy happenings), but with my sincere wishes that you get rid of the program and of CFA Institute, as soon as possible. Regards,
You can think of CFAI as a money making company. If you don’t like their product, you don’t have to buy it. Isn’t capitalism grand? 
Obviously, if you like to bitch about it, it is also well within your right as well.
Agreed. I am happy that I don’t need their product anymore. LOL The facts @#$%& about the institution by themselves. Best,
But apparently their business is booming, so either they are lucky or good.
Bubbles are not that strange in a capitalist market 
only the 9805th time this has been brought up… give it a rest
I had to make my contribution before we reach the 10000th mark
Did you not know this was the format of the score reporting? I’m pretty sure, or would assume, most people would know this is how they report scores before they take the test. You knew this was coming, and if you passed, I doubt you would be requesting for more transparency.
- Companies have a responsibility to disclose pertinent financial details because it’s the law and they need to inform owners of the company of the condition of their own company. Financial disclosure by public companies is nothing at all like disclosure of grades on CFA exams. 2) CFAI fully disclosed what they were going to give to you before you bought it (a disclosure that does matter) and then you bought it. In every way this is a fair transaction. 3) The “grades” are given to you as a guide in studying next time not as a way of comparing performances. 4) CFAI has a solid justification in not releasing grades - as soon as they do, people will start writing their scores on their resumes and the next thing we know the CFA exams are not about learning a body of knowledge but about getting a 95 on the exam to beef up the resume. CFAI, wisely I think, needs to somehow limit the burnout they impose on people by not making it so obviously a competition. 5) Expensive exam? I don’t see how the cost of the exam has anything to do with any of those reasons. They charge that much because they can get it. God Bless America. So sorry that your exam was a fail that was close to someone else’s pass in this broad sense. You two were probably only a few points different. Try to take some solace in coming close to a passing score.
Passing or failing, I want fully open scores with clear cut marks in any exam I take. Well, the fact that I agreed to sit for the exam doesn’t make the scoring system less questionable and crappy.
And yet they have very good reasons for not giving it to you. That would normally be an impasse except you have a choice whether or not to accept those rules and take the exam.
Hi, Joey, Thanks for the nice words. You are right concerning the price, except for the fact that I have paid much less in some other standardized exams for much better services. This was my point when mentioning the price. I was not trying to make any connection to the scoring criticism. But, thinking better after your post, even $1.00 would be expensive for this scoring system.
I don’t plan to retake, as I mentioned in the initial post. Best,
And, addressing the CFA justification, I think it is fair that people try to beef up their resumes with top scores, as long as these scores are open and obtained under fair exam conditions. If they really performed much beyond average in the exam, they deserve an extra credit, why not ?
For the reason I gave above. They actually did this years ago where they gave some designation to people in the top 5%. It was an unmitigated disaster as everyone exept those in the top 5% resented being a second-class charterholder and the people in the top 5% resented all the extra study time for topics they didn’t care about. I personally enjoyed saying that I could let some of FSA slide and still be pretty sure I would pass the exams. I would have done whatever it took to be in the top 5%.
HDSLJ, The scoring system is not ‘crappy’. In fact, its perfect for weeding people like you out of the program. Someone who passed knew the material very well, and someone who didn’t pass is either overly confident or they realized they weren’t as well prepared as they were. Its understood that it is very difficult to balance work, fun, family, and CFA prep, and the CFAI understands that by issuing an actual grade, it would introduce far more competitiveness than is deemed necessary to become an “analyst”, whatever that means. If you are interested in competitiveness and being an alpha male (or female) and you want instant feedback, learn a martial art or box. I failed in June and came back more prepared, and I know now that the best part about the grading system was that it helped me hone my weak areas. Your argument is not bunk, but there are several pros and cons about the grading system that I think you would find sensible, but ultimately, as others have noted ad nauseum, CFAI is a private organization. Perhaps if it becomes more legitimate it may be more transparent about their grading system. I hope your reason for dropping out isn’t simply you didn’t pass and don’t like the grading system.
hdslj, wow you must have been so close… speaking of ranges… - on a 40/60/80 basis you scored 61% - this is probably the most likely score. But the range of possible scores is big - based on your results - all the way from an absolute minimum of 47% to a max of 73%. Here’s what my little model spits out for your scores: bottom middle top score absolute min 0 51 71 47% random min 25 51 70 51% likely 40 60 80 61% absolute max 50 70 100 73% I call a “random min” if you just got 25% random (“tick B” or whatever) for the categories you scored in bottom band. (but if you didn’t finish and didn’t even have time to tick B for the rest, then use “absolute min”) So, if the actual cut-off score was say 65% (they will never reveal it but it’s probably something like that) then the probability that you got 65 or above on your scores is about 30% (assuming uniform distrib), or about half that (assuming normal), etc. So it’s not really as borderline as it looks. If you still want to fight on, have a look at re-grading - tho’ I haven’t heard of anybody getting marked up (but I’m sure it’s been done). In terms of cost - I reckon the CFA cost would have to be the best bang for the buck in the world - if it relates to your work. There are a lot of dud post-grad programs out there which cost $50k+ and aren’t worth the paper they’re written on… re-doing L1 might be the most cost-effective avenue… Good luck whatever path you choose… cheers
Dear mto1985, Your effort is admirable and truly valuable. Nevertheless, I should just remind you that Financial Markets most of the time (e.g. in a Trading Desk) are an alpha male, instant feedback game. Said that, I am not a fan of box or martial arts I have been advised against continuing in the program from some people in my current area of interest, who think that the time should be used for other activity. This is a decision strictly connected to my personal career developments.
Some of my friends who work at trading desks all signed up, but never showed any effort to passing it since most of the experienced people they knew said it would make so little difference, which is your point. I think it is the alpha male in them that they felt they could do it all, which if they really felt it worthwhile, they probably would have succeeded. As long as people entering the program understand that it is a marathon with few perks along the way (as opposed to a quick trade), and geared more towards boring analysis and PM, then they would be saving themselves some time, money, and frustration.
Joey, Maybe I should be more naive, but I personally don’t believe that they were really worried about any candidates’ resentment when changing. An alternative explanation (more reasonable, for me) was that this “95% resentment” would surely harm the interest of future potential candidates, and thereby, decrease the future revenues from the Program.