May 2021 Level 1 Pass Rate

In my opinion the exam was not that hard, i.e. not any harder than the mock exams provided by CFAI. Here I’m referring to the 3 mock exams that can be downloaded from the CFAI web (A, B and C with AM and PM sessions with 120 questions each). I would say it was in line with these mocks. So really can’t give any clever explanation way the passing rate was so low.

Also can’t compare with any prior exams as this was my first time taking L1.

Quick background: I passed with around 330h of studying (started preparing at December 2020). I was preparing with Bloomberg and as main advantage I would point out that all topics are covered though a series of 3-answer questions so you can master answering these types of questions.

Hope this will help.

1 Like

I wonder if the pool of candidates for this sitting was of much lower quality compared to the pool of candidates in previous sitting. As in, too many people taking the exam who were clearly unprepared and thought they could ace the exam after watching a few Youtube videos encouraging anyone and everyone to take the exams.

1 Like

Very interesting, I actually bought the Bloomberg - Prep
Later when I started studying, I didn’t like the style so much and then went on to read reviews… which all stated that its essentially garbage, then stopped using it. Maybe should have given it more time.

I also bought a few prep provider services that disappointed me. I haven’t used Bloomberg but I tried a few different providers especially at L1. My favorite prep provider (I’m always recommending them) is Chalk & Board. Just my own experience. There are also other great prep providers surely.

Don’t rely only on Schweser for Level 3. They had formulas wrong etc.

Yeah, i read a few bad reviews too. Again, can’t compare as I did not try any other prep provider.

In my view pros of Bloobmerg are that everything is broken down in number of smaller topics and as I mentioned, material is covered through series of questions which makes it more interactive and you don’t have to read long paragraphs of text. Cons are that you have to look at screen all the time, instead of reading a hard copy material, and also order which program/algorithm recommends is a bit crazy, i.e. jumping between sections, so I just followed my own order.

Anyhow, which ever prep provider is used, I would say that it is important to practice questions as much as possible and master in test taking skills. Best of luck :slight_smile:

1 Like

That is exactly right! Staring at the screen all the time was one of the reasons I changed. Also, often they would phrase these “learning questions” in a weird or very very long manner with loads of really just space filling words, not very concise.

1 Like

A few things that may have contributed to the low pass rate, besides the obvious higher score needed to pass this exam sitting.

  1. Some candidates were not able to sit for the exam due to covid restrictions, skewing the score distribution. If candidates who were unable to take the exam come from a population whose members, on average, perform well in the exams, then we would expect a downward shift in the average scores and pass rates.

  2. Some candidates may have under-estimated the exam and may not have taken their exam as seriously. In particular, people who had their exams postponed multiple times due to covid and had more time to study may have instead procrastinated and not studied consistently. This comes from one comment on Youtube, but I would not be surprised if this applied to a large number of candidates for level 1. It’s very tempting to relax and take a break when the exam seems far away.

  3. Alternatively, some candidates may have found themselves unable to keep a consistent study schedule due to their own life circumstances.

  4. Some candidates may not have actually understood the material, but rather just memorized all the relevant formulas from their study manual. This means that, if CFAI gives a problem where the shortcut formulas don’t work, these candidates may have trouble solving it.