AuthorTopic: June 2007 Level I exam feedback
@2007-06-02 16:40:05
Hi Guys,

Hope you guys did good on your exams. Any feedback?

I found the morning exam little tough, especially the ethics whacked me, but the afternoon exam felt too easy (compared to the morning exam). Now let's sit back and relax for a month or two:)

Gabor (from Hungary)
@2007-06-02 20:44:19
I thought the afternoon was more difficult. How long does they take to reply??
@2007-06-02 20:49:36

Thought morning exam was easier than afternoon. Port man. was really tough! Econ and ethics tough as always. Stats was a bit easier than in the sample exams.
@2007-06-02 21:04:00

I thought too that the pm session was much tougher than am.
I didn't get surprised by the questions and I knew what I wouldn't be able to do...
I most cases I was able to strike out two answers but often I felt that the two remaining answers could be right. Many questions said "what is the least likely to ..." I wasn't really prepared for that

Hope everyone did well
have some well deserved rest now ;)

@2007-06-02 23:44:16
I found afernoon session tougher. I did finish the exam and did not have to do a mad dash for random guessing, though, so of FSA questions I have to do educated guess. this is difficult exam. I am starting to prepare for december session as if I failed on this one, though I read somewhere that you can get up to 40 to 50 questions wrong in each session and still pass.
@2007-06-03 02:30:16
The afternoon session was definitely harder than the morning one for me. WAY harder. The asset valuation part was big on bonds (qualitative stuff, not quantitative), and definitely study ethics and GIPS. I would suggest reading the whole ethics section one or two day before the exam. if it's fresh in your mind, it's a lot easier.

Oy, and time management was a lot easier than i thought it would be.

It takes them about 2 months.
@2007-06-03 03:21:13
What I really liked is the fact that question that I did on this site (I did quite a lot of them) were much more challenging in most cases than those that were asked in the morning session and maybe even in the afternoon session. Maybe on par with the afternoon session. So it was definitely a good preparation. Morning was surprisingly easy. I even started thinking that I am that good for a little bit - this thought disappeared starting from 2 pm :)

Was surprised that heavily questioned on this site topic of quant that deals with t and z tests was not tested pretty much at all. Maybe 1 or 2 questions.
@2007-06-03 06:00:19
Hi All

I realy liked the exam , much of it was realy qualitative rather than quantitative, of course PM and ETHICS were a DISASTER :) however overall i think the exam is passable if u REALY UNDERSTAND Z CONCEPTS rather than memorizing it. Well....hoping to pass... does anyone know what is the pass rates ??? is 67 % a pass rate ??Does this exam considered a tough one or average comparing it to jun and dec 2006

Best of luck to u all guys
@2007-06-03 10:56:02
I really felt that they did not cover the all the readings and kept hammering on the same topics, ie international tax was hardly tested, z and t-tests were hardly tested....

I finished 30min early for the am and 15 min early for pm. I thought it was great that the questions were not essays that you needed to read - they were to the point - excuse the pun!

I spoke with a friend and he said we should expect results from July 20 onward. CFA Inst will send an email notifying you of the results that are out.
@2007-06-03 12:53:08
yeah, agree with dimanyc -- the AnalystNotes questions are much tougher (and stranger) than the actual exam. I feel AnalystNotes ones are more on details and memorization, the CFA exam is focused more on concepts and basic skills. I was a little frustrated a few days before the exam when working on the AnalystNotes mocks -- there were just many little things I couldn't remember. But taking the CFA exam is quite a relief. Good luck all.
@2007-06-04 03:19:00
definitely much more qualitative in nature than i expected. also, i found there was no time crunch at all. i think i finished (before checking my answers) around 2 hours in. good luck to all
@2007-06-04 06:33:01
The aft session was tough.The morning session was cool.If pass mark is 65-70% i think that i will squeeze in. Above 70%- No chance....
Lets keep fingures crossed.

Yes i also wish to confirm that analystnotes is more then enough to pass the exams for level 1.The mack exams were definitely harder.
@2007-06-04 06:43:39
70% is a guaranteed pass. CFA has a whole PDF on the website explaining how the minimum passing score is calculated since 199x and the results are pretty much the same as in the 80s. In the 80s they used 70% of the top 10% which resulted somewhere in the range of 63 - 67%.

So 70% is a definite pass, everything close to it will be a pass as well but below 65% you're in trouble.
@2007-06-04 06:50:42
it's always a question to debate.. and noone knows for sure.. but a 70 seems like a guaranteed pass and slightly below that seems to be the real line.. all speculation on my part..
@2007-06-04 07:19:24
Am session was much easier than pm, i was smiling all the way until i got to financial statement analysis, which was a challenge. The rest of the sections were ok.

A lot of people didnt show up for the exam and the pm session was emptier than the morning. I guess that gives us who sat for both session a greater chance to make it!

Enjoy the 2-3 months of rest everyone

Mags (SA)
@2007-06-04 14:54:01
Afternoon session much tougher. Hopefully did enough before lunch.

Ethics was fine - definitely suggest reading through all the examples from the CFA notes the day before the exam. So many similar questions came up. Also GIPS was quite heavily tested.

Overall a fair paper. If you have a good understanding of the whole curriculum you should be fine. Here's hoping!
@2007-06-04 16:56:31
I really agree the AM session was easier. I finished one hour ahead and told myself, it isn't as tough as i thought. The pm session was harder, but much easier than mock exams. Where do you take mock exams-questions from?? They aren't similar to real-exam questions at all. Question bank is wonderful instead. I was scoring over 70 % correct in question bank (average of 78% of questions correct)and I reckon I'll be fine. Even when two days before the exam I did mock exam 5 and i got percentile 51 %. However, I'm sure I'll get over 70% in the exam, and probably over 80 % in AM session.

Good luck to everyone!!
@2007-06-04 20:49:31
And they also kept hammering the same topics, as someone here has already mentioned. There were at least 2 or 3 questions (all in the pm) if not more about interest rate risk and how it affects different cash flow statements.

@2007-06-05 02:21:42
wishing the best of luck to all , because we are all going to need it.
it was after all a fair exam but we still need to wait to have the result which is the most difficult part of all.
@2007-06-06 13:37:17
Did anyone got 8 straight D's in AM's Ethics session?

Overall, there are tons of concept questions (2 x 2 yes x no combination) either take less than 30 seconds to either answer or guess. So the overall distribution would be quite normal.
@2007-06-09 01:46:52
I thouht the am session was easier. However, the exam was quite challenging especially the most & least likely questions.
For persons that had read widely the exam was manageable. However, I still had to eliminate the two answers which made no sense and choose the logical answer between the remaining two on some occassions. In other instances(such as most of the quants I guessed).
I guess its alot of hard work (no pun intended).

All in all the exam wasn't bad. I wish you all well..
@2007-06-11 17:03:50
I think the feeling about the exams are generally similar. i wish everybody (including myself) success. i am using this forum for the first time and find it very useful and informative.
@2007-06-15 03:39:28
can anyone go in specifics to what topics are heavly tested. i take the test in dec, and just wanted to know what is the most underrated topic that was tested and the most rated topic that was not harldly tested. that way i know where to put my emphasis
@2007-07-03 07:50:01
Perhaps quantitative methods were not tested as much as I expected. And financial statements too, particularly, Study Session 10 (Liabilities). But this is, of course, my own impression only.
@2007-07-22 19:15:42
Really interesting exam, pm definitely tougher than am. However time was really a factor.
When do the results come out
@2007-07-23 13:53:36
I bet by Friday 27th July 2007 the results should be out. Are you shaking? I am!
@2007-07-23 19:02:44
The results are estimated to be out between 1pm and 3pm on 07/27/2007
@2007-07-24 13:54:56
Results are available guys (40% pass rate)...i'm too scared to chek. I will check tomorrow. How did every1 do?
@2007-07-24 14:50:48
The CFA result is already out, just recieved an email from them. Trying to access the site ...its pretty slow.
I can hear my heart beat !!!!
@2007-07-24 20:51:44
I got the result and I failed, so sad.
@2007-07-24 23:29:04
I passed - >70% in all except Portfolio Management (50% - 70%)
@2007-07-25 15:03:22
I passed level 1 with 5 sections over 70 % and 4 sections in the 50-70 % range. And I had got percentiles of 15 to 21 % in all the mocks exam I did, but over 75 % in questions from the bank (percentile around 60 %).

@2007-07-26 09:05:45
Congratulations to all who made it, i didn't...quiet dissapointing...oh well i guess i'll be in the exam room in December. I did though get >70% for Ethics...the rest were <50%....
@2007-07-28 03:56:58
I passed with 5 over 70% (incl FSA) and 4 in 50-70% range. Big thx to analystnotes (not an ad! :)) for the provided mock exams and questions that helped me a ton.
@2007-08-09 23:33:39
Gabor, were you preparing from the 2007 Curriculum books? If yes, could you sell them to me? Cheers,
Zsofi (from Hungary)

CFA Discussion Topic: June 2007 Level I exam feedback

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I am happy to say that I passed! Your study notes certainly helped prepare me for what was the most difficult exam I had ever taken.
Andrea Schildbach

Andrea Schildbach