|Author||Topic: Anyone taken an on-line sample exam on CFA web site?|
Has anyone out there taken any of the $50 on-line exams posted on the CFA web site?
My biggest concern is getting too used to the syntax and format of AnalystNotes' TestBank questions. I wanted to know if the CFA sample exams are very similar to the actual exam.
|Here is an earlier (2005) post I copied and pasted from the forum. Hope this helps:
Candidates of all levels, please mind the new leadership at AIMR (I still prefer to refer them to AIMR, and I don't want to use the respectful CFA name in their organization name) who did a lot of things differently from before:
Drop the passing rate of Level I and II to historical lows in 2004. They were saying you guys are not using the designated textbook. but this have been true for many many years, not only in 2004. The only difference is the leaders changed and the new leaders don't want to lower the min passing score (that's why they never reveal real minimum passing score, because they want to give themselves flexibility to abuse their sacred rights of confering CFA charters).
They introduce fee based sample exams. This really is only for money making. I am in III, only 2 hour exam charges you $50, and you don't have a chance to go back at look at it again. It's not worth it at all. But, for AIMR, they made a lot of money selling these exams. I guess I and II candidates must have paid a couple of $50 for the sample exams.
They no longer issue a printed ticket. You guys have to download the ticket yourself. That saves them a few pocket money (mailing expense). But what if candidates in Harare (capital of Zimbabwe) cannot get access to US web address (due to Mr. Mugabe's blockage?)? They will not get a ticket at all???
Introduced a web based broadcast to smooth the anger of I and II takers after so many people failed in 2004. That broadcast add no value.
Sum up everything you see here, it would down on you that what they are doing is to make more money, cut costs and make itself more profitable.
Then you go to the questions in the exams. For Level III, I'd say it's the irrelavance that really matters (irrelavance of questions to the curriculum). No matter how hard you prepare, there is still big chance that you don't pass. I spent 4 months, and the last month extremely intense studying the material. I have good background (finance related), hard work (spend every minute studying except sleeping, eating and going to bathroom). Still, after the afternoon session of Level III, I felt I am going to fail.
My point is that it doesn't matter what the results are (I might pass actually). What it matters is that this exam DOES NOT reward hard work. No matter how hard you study, you don't necessarily get a headstart from those who didn't study hard. You are presented with the same lengthy question, which you don't have a clue on where you get the needed information from under time pressure. Even if you have perfect knowledge of the subject, remembered the formulas, and know what the quesiton is about, you still have a big chance of picking up the wrong answer, just they burried the inputs (information you need) in to the lengthy thesis.
Why they do this? Becasuse of AIMR's OBSSESION of "TRANSFORMING" body of knowledge of the curriculum to real life issues. The problem is that you can never give out the real life issues on the exam. Those questions in the exams are simply MADE UP by test writers! The test writers did their best to conceal relevant inputs by presenting a lot of irrelevant information, arguing you should be able to pick up the inputs yourself. This is OK if we don't have extreme time pressue.
By doing this, AIMR basically does not differentiate candidates who studied hard, and those who didn't study hard. Because results would be similar. I would think the distribution of the exam results would be a very narrow bell shape, meaning concentrated distribution, without producing outstanding performers (who really studied very very hard). Everybody is close to the mean.
I understand it's AIMR's best interest to keep as many candidates as possible, not as many charterholders as possible. With the new leadership at helm, they recently raised the bar of passing the exam (definitely this is true for III). They want to scale back the increasing numbers of charters newly conferred each year. So I don't think they are going to keep the 60% pass rate of III. They know you guys are desperate in getting this designation, you are going to write it again no matter what, because you have already passed I and II (for Level III candidates). You have nother to do except continue. Sad, pretty sad for our candidates of all levels.
Candidate, especially those highly motivated and dedicated candidates who see a good part of their life in endless studying without paying off, are being taken hostage of by the all mighty and all ethical AIMR.
Who is auditing AIMR? Like people asking "who is auditing mutual fund industry" in the inverstment world. What if AIMR not consistent in their criteria in exams and minimum passing score? I don't know. The only thing I know is that only you and me, who are candidates, who spend tremendous amount of time and money, and sacrificed family and personal life, will become victims of this unfair treatment. Only to safisfy the best interests of AIMR, whose best interest, presumbly, is to make money.
You perhaps won't see me in Level III exam next year, because either I passed, or I refused to continue to fall victim of AIMR.
CFA Discussion Topic: Anyone taken an on-line sample exam on CFA web site?
I am using your study notes and I know of at least 5 other friends of mine who used it and passed the exam last Dec. Keep up your great work!