The CFAI isn’t concerned about Sam and John privately discussing number 14, they’re concerned about Sam and John surveying a bunch of exam takers and trying reconstruct the exam along with correct answers. When protecting intellectual property, it’s always best to err on the side of being over aggressive.
I suppose you’re right. It’s just a little frustrating to me. But oh well! That’s what we sign up for haha. If we dont like it we dont have to do it
Eh. CFA exam questions are not exactly priceless treasures. Any respectable university professor designs questions like this year over year for their own classes. I suspect that CFAI is just taking precautions in case there are inconsistencies or problems in the exam, or if so people don’t question their MPS procedure.
People are giving thre Institute too much credit and the benefit of the doubt.
According to the institutes own reports, a large chunk of their change is spent on psychometrics. The average university professor doesn’t hold a candle when trying to evaluate a group. Not even in the same ballbark. Teaching and evaluating are not the same discipline, yet teachers are expected to evaluate without any training in the subject. At least some primary school districts are starting to separate the two. I wonder how many people questioning the institute’s methods have any training in psychometrics??? There is a reason there are no open-ended essay questions. They have been shown to be the least robust way to evaluate a group, but the ignorant continue to knock multiple-choice, a very effective method. Reminds me of when a plane crashes, everybody chimes in yet they don’t even know the difference between a turboprop and a turbofan.
I think you’re giving psychometrics too much credit. Does it really take some sort of elaborate PhD in psychometrics to analyze and deduce the dividing line between pass and fail? Seems to me that someone who actually knows finance and is familiar with the material would be better suited for determining what level of knowledge needs to be seen in order to be adequate for passing.
And you base your opinion on your PhD in psychometrics…case in point. Care to comment on how the level II curriculum compares to the actual exam?
And if you’re interested, many, not one individual, finance professionals are asked to give a weight to each question. They answer a question similar to, “What percentage of a group of qualified candidates would you expect to get this question correct?” Wow, at least read the wiki entry on psychometrics. Are you a median example of the next generation?
Based on historical CFA pass rates, it is reasonable to argue that CFAI simply wants to be as selective as possible without being so difficult that people are turned away. That is why the pass rate keeps declining steadily (until 2013, when fewer people signed up for the exam). This would also explain CFAI’s secrecy - they subjectively determine the pass rate based on what they think is the appropriate number of people that should pass.
I am sure that CFAI employs “psychometrics” or statistical methods to help determine pass rates. However, in the end, the decision is made by a bunch of old guys in Virginia who huddle in a secret room. There is no reason why this decision should be fair or consistent across years. Instead, it is probably just made to further the program’s interests.
Complete speculation. Is unskilled and unaware still covered in the curriculum…
I have read the wiki entry on psychometrics Twice, actually
I know this is no comfort to a candidate in the thick of it, but I can tell you, once you’re on the other side of the fence, the secrecy and protection of the integrity of your hard-earned charter becomes something you learn to appreciate.
To sum it up:
CFA maintains secrecy that is why it is a elite designation and >>>> certifications like Indian CA.
indian ca > cfa > rahul boy