What % of L3 takers do you think went in to the exam knwoing that they had not prepared enough but needed to follow through for the experience and/ or to get their reimbursement from their employer?
I would be surprised if it was more than 20%. L1 tends to weed out the unintelligent and L2 tends to weed out the undedicated. If you’ve made it to L3, you’re shown you know how to prepare. A change in life plans or unexpected obstacles may have made people unable to prepare as they knew they should, but I don’t imagine anywhere near the percent underprepared as L1.
Why would this matter? If you go off the CFAI statements that the passing rate is roughly 70% of the top 1%, then the bottom of the cruve means nothing.