What yall think: "CFA Institute is committed to maintaining and improving the standards and consistency of the CFA exams. Research and our own experience indicate that the fourth answer option on multiple choice and item set exams is unnecessary to assess a candidate’s knowledge and skills. Three answer choices are sufficient and effective in discriminating between those candidates that possess the knowledge and skills and those that do not. As a result, we are changing the format of the multiple-choice and item set questions on CFA exams from four answer options to three. This change will be effective on the 2009 CFA exams. "
I thought this was BS. But its legit.
This has got to mean that the score required to pass will go up right?
Does it cost more to do Scantron with 4 choices than with 3? Anyway, I’m sure they’ll just come up with nastier questions…
April Fool’s??? I don’t see this on the web page. Do you have a link?
So what do you guys think? Is it for the money/time or do they actually care? And how would they even save money/time…
One reason 3 choices gives the test taker an edge over 4 choices is that you spend less time reading the possible answers. Granted, one answer can often be eliminated immediately, but you still have to take that few seconds to read it. That could add up to minutes on the entire exam. I’m sure they’ll make an adjustment elsewhere, though.
one of the “brilliant” explanation they gave: "Remember that most four-choice questions include at least one choice that does not appear plausible to candidates and is not often selected by candidates. CFA Institute has decided to focus our efforts on ensuring that every question has two plausible incorrect answers rather that spending the effort to write a third incorrect answer that, despite best intentions, is often not seen as plausible. "
I can’t see them making the exam any easier. If anything, they’re just going to work hard to craft the second incorrect answer as more plausible than it was previously. CFA Institute is tending back towards making the exams more difficult and the program in general tougher to complete, and I don’t see this as a diversion from that track, merely a different route to the same end-goal.
think about this. using probability, our chances of passing by merely guessing will go up… http://en.wikipedia.org/wiki/Monty_Hall_problem
I can’t wait to see what Joey has to say about this.
hmmm… if the percentage of people choosing the correct answer whether by skill or chance goes up, CFAI using the modified angoff method, will it be harder for people to pass based on skill alone…?
hmm…plausible incorrect choices i think the test is about to get more conceptually demanding. good, will separate wheat from chaff.
In a sense thats what it is, becasue the most obvious thing is to think that the exam is going to the easier but did they ever say the questions were going to be the same? Perhaps conceptually it will get harder as I dont see the CFA getting too loose with the pass rates…
CFA_Halifax Wrote: ------------------------------------------------------- > I can’t wait to see what Joey has to say about > this. They are actually kinda right about the about 3 choices vs 4 choices and its psychometric importance. The s.e. of your score estimate is like 0.33% with four choices and 0.4% with three choices on 120 question test - not much difference. They shouldn’t be messing with something that nearly everyone will think makes the test easier and dilutes the quality if the charter.
rohufish Wrote: ------------------------------------------------------- > hmm…plausible incorrect choices > > i think the test is about to get more conceptually > demanding. good, will separate wheat from chaff. Of course there is never a shortage of people who are certain that nno matter what CFAI does, the test is getting harder.
I personally think they should have gone to FIVE options to increase the time/pressure factor of each question. Willy
JoeyDVivre Wrote: > Of course there is never a shortage of people who > are certain that nno matter what CFAI does, the > test is getting harder. whats your point, Joey?
WillyR Wrote: ------------------------------------------------------- > I personally think they should have gone to FIVE > options to increase the time/pressure factor of > each question. > > Willy Actually, that’s a point - more answers mean more time so s.e. might not be relevant.