|Author||Topic: Here is what I did to fail the level 1|
|1) I used the Schweser Notes (I did not know analystnotes until today)
2) I had a Study Partner and every single week (Starting in February) we got together and did example problems. She used different notes, so we shared and doubled the number of problems we each had.
3) I took a 5 month review course sponsored by the Security Analysts of San Francisco. This spanned from January till May. This course met weekly.
4) I am working on my MBA (Finance) and took an investment valuation course and did respectable in the class. The professor is CFA Charter holder.
5) The semester before the exam I then took a Portfolio Management course towards my MBA. The professor is also going through the CFA program. I received an A+ in this course, and have the transcripts to prove it. The university I go to is located in the San Francisco Bay Area and is as accredited as they get.
6) Starting in November of last year I outlined for my own wonderful enjoyment every single Learning Outcome Statement of every single fucking Study Session.
7) The week before the exam I did nothing but problems and drown myself in Portfolio Management questions.
These are the steps I did to ensure I fucking failed this fraudulent exam the CFA Institute endorses.
The results of my exam say I pretty much fucked the pooch in the first half of the morning. 1-5 were all below 50%. They were also all portfolio management questions. Of which I got an A+ for a graduate level finance course provided by a soon to be CFA Holder himself. Portfolio management was all I focused on in the final stretch.
CFA Institute may say I don't know anything on the topic of portfolio management, but I have a transcript from an accredited business school that says I know absolutely everything about it.
This exam does not sit well with me. It is my sincerest and honest opinion that CFA Institute is lying, and they will provide compelling evidence to no one that they are not.
I will continue to progress and take the exam next year as well. Only because jobs that I am interested in frequently say in the description, CFA REQUIRED. However, I will shut up, join no study groups, rely on analystnotes and some textbooks, and just meander through the next year.
|CFA Institute advocates transparency in the accounting practices of public-corporations, why is CFA Institute do not follow the same principal? I think they should:
1. Disclose annual exam questions and answers, and give candidates access to their answers and how the grader graded.
2. How they determine pass and fail scores.
3. Give industry compensation information based on voluntary feedback from CFA chartholders.
4. What are the guidelines for picking the exam writers.
5. How do they grade written part of the exams.
It is time for CFA Institute to provide transparency in their own practices.
|broggi, you're not alone in your agony. I logged into CFA Institute's site yesterday and was greeted with the standard BS message... "we regret to inform you...". I too am baffled that I could have done so poorly in the AM, which I was sure I did much better on than the PM section. I spent a good 300+ hours studying this year, all with texts supplemented by schweser questions.
CFA Institute is clearly out of control. It is not statistically possible to have this much variance in the passing rates between years, assuming the material tested and the grading of this material is reasonably consistent. I can only conclude the following:
- After 40 years, CFA Institute has no clue how to write and grade an exam.
- CFA Institute provides one set of knowledge to study on, they test on another set of knowledge, and on top of that the pricks apply a completely different grading standard than the one communicated in the guideline answers... so the CFA is now just a an expensive and time consuming game of chance.
- CFA Institute is great at talking out of both sides of their mouth regarding transparency. Maybe Bowman should spend more time making sure the exams are administered correctly than he spends in DC sucking up to politicians. I know of no other program that leaves its participants without any viable form of remedy to contest an exam. It is completely disrespectful to participants, particularly under the circumstances that commit hundreds of hours studying and all we get is a swift kick in the arse and a registration form for next year's joke of an exam.
I have lost a lot of respect (all of it, in fact) for CFA Institute. I am seriously considering dropping out of the program based on the principal that this organization is not a worthy recipient of my exam fees and a possible annuity of membership fees.
If you are reading this message and you just passed Level I, congratulations on surviving a game of chance. If you are sitting for any level of the CFA exam next year, you should be scared to death of CFA Institute's testing practices. I don't know what we can do, perhaps that's why I'm so pizzed off right now. If anyone has any ideas that will get CFA Institute's attention that could perhaps lead them into to disclosing their absurd policies, I would love to hear them.
|I agree that CFA Institute seriously lacks transparency in how they administer, and grade exams, and I can definitely understand the disappointment of failing the test after months of studying. But to say that anyone who has passed the test has just won a game of chance is a bit bitter, don't you think?? I passed and I know exactly why I passed. Every question on this test (almost) looked familiar and I knew the answers. Maybe you're just not that bright? But don't discredit everyone else on this site that has put in hard work and is ready to take Level II.|
|dvk5f -- well said indeed.|
I have just thought of joining CFA and thought of registering for CFA level I exam in 2010. The messages were really MORTIVATIONAL. Now I'm not even sure how I should start this course. SO does it mean just hard working can not guarantee a pass ?? Do U need lot of luck to pass the exam too?
|broggi: I passed with analystnotes's question bank. I am so happy that many people failed since I passed easily.|
|I believe after the GFC the world doesn't need so many CFAs, that's why they want to raise the entry bar.|
What's so hard? If you think there is a mistake - pay the $100 re-tabulation fees!
|Man did this make me laugh though.|
|So let me get this straight: During the "final stretch" leading up to the exam you focused mostly on the topic that was already by far your strongest area? And it's a topic that only makes up 10% of the exam?
Strategy-wise, I think you have some work to do before you can indict the CFA Institute.