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Preparation for the CFA exams

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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 9:50am
I think it's absurd that any exam is only given once or twice a year in this day and age.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 9:52am
I agree.  You would be surprised at how much they think needs to go into it.

Even the CFP exam - 3 times per year?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jersey33 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 10:03am
Partly why I dropped my case to take the CFA exam. It's ridiculous that you have to wait a half a year to take an exam after you fail.  I rather take the CFP exam, it's aligns with my career aspirations.  Sorry for the mispelled words.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote acumenjay Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 10:10am
I think it highlights the fact they have trouble creating an exam that can consistently evaluate all of the topics they throw at you.  Theoretically, it would give people a much higher program completion because it is easy to get unlucky when you have hundreds of possible questions and they hone in on just a few for a specific topic.  If one were to know the specific readings that were going to be tested, than it would be pretty easy to pass.  Also, if someone had a bad outing and the test had some readings they were weak on, they could just jump back in a month later and pass it.  It helps them keep it exclusive to some extent.

I think it would be better to have more chances.  At least twice a year like level 1.  Level 2 if multiple choice.  You can't have the L2 guys sit in with the L1 in december?  You already have the test center logistics planned out.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rowjimmy Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 10:27am
It is my understanding that the grading process is very extensive. It is not a traditional "% correct model" where you run the Scantron and immediately have results and I'm not even sure if it is the Angoff scoring method, which is supposedly used by the CFP(r) exam graders. Perhaps having Level 2 twice a year isn't as easy as filling in more rows in the Level 1 conference center when we consider the time spent to determine the minimum passing score. Level 3 is graded by volunteers over a two week period and thus I don't ever see Level 3 moving to 2 times a year given it is impossible to ask the same people to take a month off work each year. Even if it was two different grading groups it could introduce inconsistency in the scoring, which I imagine is something the CFA Institute would want to avoid.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jersey33 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 10:38am

They can offer Level I at least 3 times a year.  I don't see why they can't at least do that. If you really think about it, when you fail a level at least the topics are  fresh in your memory versus waiting till the end of the year to take the exam. My suggestion to CFA  is after you fail level 1 the first time you have 30 days to take it again and if you fail for the second time you have to wait five to 6 months to take it for the third time.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 10:50am
[QUOTE=Rowjimmy]It is my understanding that the grading process is very extensive. It is not a traditional "% correct model" where you run the Scantron and immediately have results and I'm not even sure if it is the Angoff scoring method, which is supposedly used by the CFP(r) exam graders. Perhaps having Level 2 twice a year isn't as easy as filling in more rows in the Level 1 conference center when we consider the time spent to determine the minimum passing score. Level 3 is graded by volunteers over a two week period and thus I don't ever see Level 3 moving to 2 times a year given it is impossible to ask the same people to take a month off work each year. Even if it was two different grading groups it could introduce inconsistency in the scoring, which I imagine is something the CFA Institute would want to avoid.[/QUOTE

Both the CFP and CFA are modified Angoff grading methods. 

The problem isn't that it couldn't be done, it is that for a group of quantitatively thinking professionals (CFA Institute), they prefer to introduce human error (having a group of people determine the cut score) into the program.

It makes little sense to do it this way, when you can have a computer algorithm objectively choose the cut score.

Level 3 I could potentially agree with you, but only the written portion of the exam needs to be scored this way.  Also, I disagree with Level 3 of the exam anyway (likely my bias is because of the multiple failures on L3).  Subjectivity is introduced when you grade exams like that.  You should be able to make an oral defense of the written portion if you fail.  Or maybe you should be required to defend it. 

That is one place where the CFP is actually doing well.  You may get some sort of crap report on your plan that you have to give as part of the education requirement, but at least if you can defend it, you can pass.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cyrano Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 11:06am
Mo, did you sit for L3 this year?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rowjimmy Quote  Post ReplyReply Direct Link To This Post Posted: Aug/01/2013 at 11:36am
Level 3 is definitely challenging and I think in my own experience it was the most difficult level. I think the morning session was the first time I have ever felt intense time pressure to finish an exam in my life, most of which was caused by me writing my answers in the wrong places and having to cross out and re-write half of my answers. It is debatable whether that should be a component of the experience, but I guess I need to do a better job following directions!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nova02 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/05/2013 at 3:07pm
Originally posted by Moraen Moraen wrote:

I agree.  You would be surprised at how much they think needs to go into it.

Even the CFP exam - 3 times per year?

My wife actually helps develop the CPA exam and you'd be surprised how much goes into that exam.  They are continually testing new questions for validity, and have specialists in so many areas.  She was an auditor so she works on that portion of the test, but they have psychometricians and statisticians and all kinds of other "icians" that test how questions will sound, what they portray to different people, etc., etc.  

The process is actually quite intensive.  I can imagine the CFP Board and CFA Institute have very similar test development.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Aug/05/2013 at 3:10pm
Originally posted by Nova02 Nova02 wrote:

Originally posted by Moraen Moraen wrote:

I agree.  You would be surprised at how much they think needs to go into it.

Even the CFP exam - 3 times per year?

My wife actually helps develop the CPA exam and you'd be surprised how much goes into that exam.  They are continually testing new questions for validity, and have specialists in so many areas.  She was an auditor so she works on that portion of the test, but they have psychometricians and statisticians and all kinds of other "icians" that test how questions will sound, what they portray to different people, etc., etc.  

The process is actually quite intensive.  I can imagine the CFP Board and CFA Institute have very similar test development.


My wife has a Ph.D. in curriculum and instruction, and one of her job functions is as a psychometrician, so I know what you mean.  She has designed assessments, given them and so on. 

But most of that can now be done (and done better) with computer modeling. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote timreck Quote  Post ReplyReply Direct Link To This Post Posted: Aug/05/2013 at 4:19pm
Once per year is pretty ridiculous considering that virtually every other professional exam has managed to administer several times per year and still preserve the integrity of the exam and material.

I can also think of much better times than the first week of June, especially for those involved in academia.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rowjimmy Quote  Post ReplyReply Direct Link To This Post Posted: Aug/05/2013 at 6:11pm
I found it more motivating to have Level 2 and 3 offered once a year. The thought of taking it again and having to wait a year was something that pushed me through that extra hour of studying each night.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ulairi Quote  Post ReplyReply Direct Link To This Post Posted: Aug/13/2013 at 12:35pm
Anyone willing to post their results? I'm one of the 51% that didn't pass level III this June. I'll retake it next year and hopefully without new baby I'll pass
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/13/2013 at 1:17pm
Originally posted by Ulairi Ulairi wrote:

Anyone willing to post their results? I'm one of the 51% that didn't pass level III this June. I'll retake it next year and hopefully without new baby I'll pass

You're getting rid of your new baby? Pretty extreme.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ulairi Quote  Post ReplyReply Direct Link To This Post Posted: Aug/13/2013 at 1:40pm
Originally posted by B24 B24 wrote:

Originally posted by Ulairi Ulairi wrote:

Anyone willing to post their results? I'm one of the 51% that didn't pass level III this June. I'll retake it next year and hopefully without new baby I'll pass

You're getting rid of your new baby? Pretty extreme.
 
I'll do whatever it takes.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/13/2013 at 1:45pm
Originally posted by Ulairi Ulairi wrote:

Originally posted by B24 B24 wrote:

Originally posted by Ulairi Ulairi wrote:

Anyone willing to post their results? I'm one of the 51% that didn't pass level III this June. I'll retake it next year and hopefully without new baby I'll pass

You're getting rid of your new baby? Pretty extreme.
 
I'll do whatever it takes.

LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Aug/13/2013 at 1:53pm
Originally posted by B24 B24 wrote:

Originally posted by Ulairi Ulairi wrote:

Originally posted by B24 B24 wrote:

Originally posted by Ulairi Ulairi wrote:

Anyone willing to post their results? I'm one of the 51% that didn't pass level III this June. I'll retake it next year and hopefully without new baby I'll pass

You're getting rid of your new baby? Pretty extreme.
 
I'll do whatever it takes.

LOL
Hah, reminds me of that one book with the dedication: "To my loving wife and wonderful children, without whom this book would have been out two years early."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rowjimmy Quote  Post ReplyReply Direct Link To This Post Posted: Aug/13/2013 at 1:56pm
Originally posted by Ulairi Ulairi wrote:

Anyone willing to post their results? I'm one of the 51% that didn't pass level III this June. I'll retake it next year and hopefully without new baby I'll pass

The Analyst Forum has an interesting "40/60/80" discussion going...
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Post Options Post Options   Thanks (1) Thanks(1)   Quote knuk Quote  Post ReplyReply Direct Link To This Post Posted: Aug/13/2013 at 2:24pm
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