they might even start negetive marking which means if you answer is incorrect your score will be less by .5. Ex: out of two questions, you answer 1 right and 1 wrong…you will +1 for correct one and -0.5 for wrong one so total score is 0.5
oh those tests are brutal, because everytime your unsure of yourself, you just don’t answer the question instead of following yoru gut, which is normally right. It’s sort of counter-productive. With those tests, the passing score would be so much lower, or else hardly anyone would ever pass.
“Posted by: former trader (IP Logged) [hide posts from this user] Date: April 9, 2008 11:06PM cfastudent Wrote: ------------------------------------------------------- > Oh, and the main reason I posted was to encourage > charterholders to submit complaints online at the > CFA-I website. I did. They should know our > opinions and they should have incorporated the > views of us that pay dues and took these exams!!! If the pass rate once this format is implemented is similar to the previous years, would you still be pi$$ed?” Yeah, Forumtrader, I would because even if they maintain the same pass rates, they harm the brand by doing this. The CFA-I and all their fancy initiatives and glossy website enhancements are founded on their administration of these exams. If the tarnish the image that the exams are rigorous (an image that exceeds reality, by the way), then what do they have? Nothing…
I love they way they go “Our analysis of the comments of CFA Charter Holders world-wide indicates that, that, that…” BS! There must be some innane, ridiculous ex-AIMR reason for this balogna. Willy
"Won’t the exams be easier because candidates have fewer answer choices to read and consider? Although candidates need to carefully manage their time to perform well on CFA exams, the CFA exams are not primarily designed to as a test of time management skills. They are designed to comprise a fair sample of the knowledge and skills taught in the CFA Program curriculum. The exams provide a framework in which candidates can demonstrate mastery of the knowledge and skills. " dammit. why cant they do this for the GMAT? maybe i’d break 750 if that were to occur…
I really got to take the opposing view here, you guys are all acting like the CFA exams went from hard to easy just by getting rid of one multiple choice question. Anyone who had to do a lot of guessing during the exam is going to fail. And this includes the so-called mediocre people who will now magically pass this exam due to it having less multiple choice questions.
But Maven, the fact remains. Fact. That with only three options it becomes statistically MORE probable [not less] of guessing your way to a CFA Charter. Willy
Fact and perception. The CFA is a brand as much as anything. They should be doing all they can to protect the image of the exam and earning the charter being very rigorous. What is the benefit to doing anything like this that gives the impression of the exam being less difficult? Those of us that have earned the charter and pay dues should not have the image of the rigor of the exam watered down by actions like this.
Does this mean that getting a score of 70% is no longer a “supposed haven”? The bar is raised? Could be… "Further, it is true that for an unprepared candidate in the CFA Program, the probability of successful guessing on any single question will increase. However, the probability that such a candidate could guess correctly enough times to pass the exam is mathematically infinitesimal. This is true whether there are two, three, four or more choices. It is also at least theoretically possible that a candidate with enough knowledge and skills to achieve a reasonably high score might achieve a higher score through successful guessing on just a few questions. Again, it is important to note that there is not a fixed score that candidates need to achieve to pass a CFA exam. Standard setters evaluate the difficulty of each exam in making their minimum pass score recommendation. "
It all comes down to the pass rate. Only after we see '09 results will we know if it made a difference. If the pass rates spike up, I think we’re going to have a lot of ticked off charterholders (including me).
The CFA should be as much a test of your ability to read quickly as of your investment knowledge. CFA’s minted after 2009 will definitely be slower readers, which generally indicates poor investing ability. How are they supposed to read the tickers on the bottom of CNBC. Those things move fast.
Maven right guessing will increase frm 25% to 33%…it would definately help those people who fail by around 8-10%.
my guess is that all they’re doing is removing the obviously wrong choice. in the past there was the right answer, close to right answer, right idea with major flaw answer, and then the bogus answer. they’re getting rid of that last option because it doesn’t add any differentiation between close to passing candidates and those who pass. now, occasionally there would be a question where the choices were: a: .15 b: .145 c: .16 d: 2,025 and the correct answer would be D. But that was just there to mind uckf you and test your conviction in your answers. going to three choices shouldn’t be a big deal. i’d question whether this brings back more multiple items per choice questions. iow: a: yes, no b: yes, yes c: no, yes
LOL I guess the no, no choice is just completely out of the question
jdv, look for something like this. a: yes, maybe, no b: maybe, no, no c: maybe, maybe, maybe
They can always make really confusing answers… What is 2*2: Pick the correct statement: a: 6, but answer B is really correct. b: 4, and answer C is incorrect. c: 2, but answer a is incorrect and b is really correct.
WillyR Wrote: ------------------------------------------------------- > But Maven, the fact remains. Fact. That with only > three options it becomes statistically MORE > probable of guessing your way to a CFA Charter. > > Willy Moving form 10^-10 to 10^-9 does not mean anything in the real world. You still can’t possibly guess your way to a charter. As for the image, my employer could not care less if it’s out of 3 or 4. All they care about is (when it comes to the CFA specifically) is how many of us are available for him to hire. The fewer available the hire salary I can negotiate. The format of the exam is irrelevant, I don’t even think anyone of the “money guys” here knows the subject covered.
Your employer won’t care if it’s out of 3 or 4, but over time if the exam and charter develops a reputation for being easy or easier than it is now he/she may not care if employees have the charter or not since it is not viewed as representing much. Get it?
How ironic that the majority of people complaining of the change in format are the same people that benefited from the change in format at level 2 when it became exclusively multiple choice.
“How ironic that the majority of people complaining of the change in format are the same people that benefited from the change in format at level 2 when it became exclusively multiple choice.” FormerTrader, I mean 3 options on a multiple choice exam? Three. Like seriously, that’s most ri-goddam-diculous thing I’ve ever heard and I take some exception to the fact that you would suggest that current CFAs are doing it to thwart the progress of current CFA candidates. WE want the exams to be harder so more skilled canddiates make it through not the other way around. Willy