I feel this is very very unfair, how do we know if the questions are not wrongly set? The Mock exams have so many errata and even some questions completely wrong. If we do not see the actual answers and explaination, how do we learn from our mistakes? At least release the answers on Ethics, since that is what we need to learn to practice in real life!!!
My suspicion is that they don’t release exams because the difficulty has increased over the years, and they don’t want to give the impression that charter holders from 15+ years ago had it easier.
That wouldn’t make much sense because I doubt current CFA holders would go back and check what the latest exams are like.
Would definitely love to see an answer set.
That is not right, they actually released the actual AM papers of level 3, those questions that need written answers. I do not know understand why they do not release MCQ questions though
The CFAI does release past exams – but only the morning half of the Level III exams.
I believe the reason that the CFAI doesn’t release all parts of the exam for all levels is because when the candidates see the actual exam and find errors, this forces the CFAI to re-tabulate all candidates’ scores accordingly, and pass any candidates that was erroneously failed.
This is exactly what happened with the June 2012 Level III exam.
If CFA cares so much about ethics, it will take the responsibility to re-tabulate, in stead of hide them, should there be mistakes. Unless it is really hard to defend their “right” answers if case people challenge them. I found some answers on practice/mock tests contradict to each other.
Guy at my work was a beneficiary of the L3 retabulation last year. Got a fail letter in August and then a pass letter in December when they threw out a question. Pretty crazy.
this is horrible, they said they adopt the best testing practice in industry but I think they should say the safest testing practice for the organization. How can they not release the questions and answers and expect theexam to be a fair test?
They’re too lazy to write new questions. :). No actually they do it to reduce the chance the test can be gamed because some questions will be repeated eventually.
They probably don’t release past exams to prevent gaming the test. I believe that certain questions repeat regularly and those questions are used to help evalate the skill of the candidate pool. I wouldnt worry about the lack of testing transparancy. The testing and grading controls have to be stringent or the CFA program wouldn’t be as respected as it is.
^ +1.
The challenge of the exam is to expect the unexpected and come out unscathed. IMHO I think thats the way it should be too. You feel that adrenalin rush when you clear it and while writing it…
I believe that that is not true.
I think that the CFAI spends millions of dollars to write brand-new exams from scratch each year.
I think you’re probably right. However a good friend of mine who is closely involved with the CFP program (which also uses Modified Angoff) said he believes they insert certain questions to guage the level of the candidate pool.
Frankly, the CFA should release the answers to the Ethics questions a week after the Exam and well before passing/failing notifications are released. That would give everybody the time to discuss these twelve answers and learn from their mistakes. There is at least one ethics question that was not clear in the CFAI text on the appropriate answer.
I can see not releasing answers to the other questions. However, I wouldn’t mind paying for the ability to go into a testing center for a review of the test and answers (and then everybody has to return the materials). You think that CFAI would want to make money on that!
Of course, this is my wishful thinking and I know candidates have been complaining about this for ten + years.
^^
Why should ethics be treated differently from others?
because that is the most subjective section
Merrrry Christmas!!! You are getting the Charter! That would be sweet after thinking you failed and probably thinking about starting your prep for next year.
i think we should be allowed to at least review the answers to the questions even if they follow the format of the sample exams where we can only review it once. It’s really unfair that we can’t learn from our mistakes in more specificity. The grid definitely does not cut it.
If candidates have previous actual exam books (with or without answers), they could enhance their testing skills and pass even their learning and grasp on the knowledge do not reach passing point. I do understand why they do not release exam for a few years. I agree they should hold them at least 5 years.
But I do think they should release the ethics parts. That’s the part that they want everybody be as clear as crystal. Ethics part is the most interesing one. One can study his ass out of it and may still get shitty results. And some may only need to remember the two page of code and standard and apply common sense and other analytical skills and still get decent results.