The Exam

A girl next to me came with wrong calculator.!!! Which was obviously not allowed. That did not seem to bother her as she did both sets without a calculator. !!!

watch her still pass =P

If you have a spare one, would you lend it to her? smiley I brought two with me (but left one at the personal belongings room) and would be willing to do that if it was the case …

One candidate at my test center left his passport somewhere during the lunch break. I didn’t know if he had found it before the PM session started …

No I did not. I can post the results if you want to see them. I did, however, score less than 50% in derivatives which, by itself, don’t think causes you to fail. I think that coupled with relatively low scores in Econ and FI was what killed me.

I think that the exam was very fair. I am happy that they did not make it to wordy like a scheweser practice exam. After all that was said and done I cmae away with a good feeling about my performance. Of course, its all relative

what bout corp fin,port mgt,A.I etc? what band did u fail in

some between 50-70% and some >70%. I failed in band 10. The only one I got less than 50% on was derivatives.

To be precise:

CF: 50-70%

PM:>70%

AI: >70%

Equity Inv.: 50-70%

Well,all I can say is tuff luck bro…I have seen previous students with marks less than this and still clearing level I.

remember its total points with an ethics adjustment, you cant just go by the rankings

I don’t know if that’s true, but what do I know…

maybe s2000 can clarify, i think he did saythat though

Imo, I did not expect at all that exam would be like this. I thought they would give some crazy equations to solve like my undergrad math professor but it was very straightforward but highly conceptual.

When I first looked at the exam, it looked like a piece of cake but when I started attempting questions, it really pushed me to apply the concepts. Sometimes they looked extremely easy which made me second guess myself. :confused: All in all, I felt it was a fair test.

Best of luck to you all. The next 1.5 months are going to be very long.

P.s I really felt like nobody gives a crap about not discussing questions/formulas etc. People were discussing questions and asking each other what were the right answers.

I definitely agree with Finkid. The exam was a lot more conceptual than I anticipated.

I used Schweser books and Qbank to prepare for the exam. Honestly, I am not quite sure how I did; I’ve done 4 mock exams prior the actual test ( unfortunately, did not hit 70% in any of them… frustrating).

I don’t want to half guess neither what the MPS will be nor passing rate, as such especulation would drive me insane.

If I pass the exam, I would be both shocked and happy. Worst case scenario, there is always a second time.

Not sure if I agree with this. In every single exam I took (and I took Level 1 twice and Level 2 twice), I found one session to be easier than the other, but it seemed to flip-flop every year.

Welcome to the CFA exam!

This test, more than any other that I have taken, forces you to understand and internalize the concepts, not just memorize random bits of trivia. That is, they want you to understand how to APPLY CONCEPTS, not memorize lists.

For those of you who go on to Level 2, you should remember this. CFAI is not likely to ask you to calculate a regression line given 30 data points. They also won’t ask “What are the four common pitfalls of using an ordinary least squares regression?” I guess they COULD do that, but that’s not in keeping with the conceptual nature of the CFA exam.

Rather, they are likely to ask, “Analyst A performed a regression on the growth rate of the economy. Is his estimate of year 5 a good estimate?” And a trained analyst would automatically know the common traps. (EG - Should he take the log of the data points so they are more linear? Are there any spurious correlations? Is it in-sample or out-of-sample, and is that appropriate for this kind of analysis?)

Can somebody enlighten me on how the ethics adjustment work ?

^No, because nobody knows how it works or if it even exists.

I think that there used to be an unwritten rule that if you were barely failing, but scored well in Ethics, CFAI would bump you up to a “Pass”.

I don’t know if this is true in practice, though. I have heard of people failing Band 10 (which means they were in the top 10% of all who failed the exam), but still scored 70%+ in Ethics.

I felt the afternoon was harder. Overall, like most here, I’m unsure of how I did, but that’s probably because the questions were designed to be tricky. I felt confident going in since I had scored in the high 70s on several Schweser practice tests as well as on the CFAI Mock. I found I was more confident in my answers if I came to the conclusion before I looked at the options; if I had to look, it made me more unsure.

I see… thanks for the clarification !