If the multiple choice questions for level 1,2, and 3 were computer based we probably would be getting the results quicker. Say within a week or so…guys what do u think
…Or CFAI handing everyone a tablet to input answers. Walk out of the exam and get an email with your result.
This isn’t the SAT or USMLE or CPA or LSAT, you can’t expect to get these results back within a month, and be allowed to take them multiple times a year. Unlike any of the other test for college, medical certification, accounting, or law, there is a more rigorous process at work to determine the MPS which takes months.
every questions is statitistically analyzed based on worldwide distribution of candidate choices… if a significant number of candidates all chose © for whatever reason (beyond what would be predicted in a normal distribution) while the actual answer is (A)… CFAI will review the question and may award points for both or throw out the question entirely.
still… given the scantron format of level 1 and 2, the turnaround could a bit faster
Because they would have to find secure locations across the world and then set up over 100,000 computers at those locations which is extremely expensive.
They only write one test per level per year (bar level 1, which is twice a year) and if they were to administer it like other standardized tests it would be too costly to have to write up so many different tests for people to take them at computer centers. This would also increase the probability of question sharing and cheating.
Do you think it’s cheaper to print out a paper booklet for each candidate or to buy a computer tablet for each candidate that will require security updates and upkeep?
^Hand out secure tablets for the exam, keep everything else unchanged, then the exam becomes no more than a glorified version of the practice test. Tablets are expensive, but so is shipping 170K of paper copies from across the world to Gainseville each year, and the whole handling and security process that must be part of it. The tablet investment would probably pay itself off over a few years.
FTFY
Do you think it’s more expensive purchasing, securing, then shipping 170k tablets or 170k paper printed booklets? What happens if you get a tablet issue with one of them?
Do you not know how many people around the world take this exam?
This. For all the topics L3 covered on risk management, I don’t see many of the posters advocating this switch discuss the risk possibilities on computer malfunction/issues. Given all the points listed above, it just doesn’t seem to be a worthwhile investment for 1 day a year, but who knows.
CPA converted to computer-based exam in 2000… 16 years ago… perhaps CFA will sometime this century, but I probably won’t live long enough to see it.