yes
More than that, this sort of “logic” is probably what costs people points in the exam…half-baked ideas with unjustified enthusiasm.
Now, regarding the questions that were left blank I am going to respond in the same way as I did on the CNN website of ireports. The average candidate with a passing score providing that his or her performance on the afternoon section is good is usually awarded about 55 % of the total number of points available during the morning session, i.e. 99 points. Leaving unanswered questions that bring me only about 14 % or 26 points means that I am left with 180-26 or 154 points available in total which actions makes me do my best and get 64 % or 115 points instead of 99 points. As you can see the difference between 115 points and 99 points is only 16 points which is less than the number of points, 26, that I am delibarately loosing. So, in my opinion it’s better to concentrate on the questions that I am good at and on which I have comparative advantage over the other ones. This action is the same as the famous David Ricardo in 1817 said in his economic theory.
You can easily check the performance of the passing CFA Level 3 exam takers who reported their results here and observe that the meadian score for the morning session they got is about 55 %.
I don’t know how L3 scores are given, but if they are anything like L1 and L2 (broad ranges), you don’t really have the information to get a median or average score, because you’re given categories (attaching numbers to categories doesn’t make them quantitative)…
In any case, I would agree with you it’s best to attempt your strong areas first, and if anything is left blank, it should be your weaknesses.
I disagree with people who decide that they should prepare for the exam and then leave questions blank, so that they can unmask what they believe to be either a conspiracy theory or a broken process. If you’re actually prepared, you won’t waste your time being caught up in these things (in my opinon).
Just to clarify, when you say you left two questions blank, do you mean sub-sets with in the same item set? That is, if there were A, B, C, D sub-sets within an item set, you leave C and D blank, for example?
I can’t believe someone has the time to intentionally fail a test written once per year by omitting answers. Seriously, find something better to do with your time. You’re a fool, this blabbering has no credibility.
i miss the old geo, this new fella is all bizness
No GothamSenator,
In 2014 I left two essay questions totally blank consisting of all their corresponding sub-sets, i.e. A,B,C,D and etc. That’s why, I was very suprised to have positive points within the 51-70% range on one of them in the CFA 2014 exam but I was seriously downgraded on some other questions where I am sure that I have answered them correctly. At that time I didn’t put any complaint, but this practice has continued even during the the current year, 2015, where I have left the question dealing with currency management totally blank. When I asked the CEO of the CFA Institute about those particular questions that I was left blank I got a responce that they had found gradable content on those questions exluding just one essay question in 2014. But for the 2015 exam the answer was that they had found gradable content in every single question either in part (sub-set) or in total (all sub-sets) which actually is not true!
The point here is that to what exrtent I can believe in the integrity of the exam as I got points on blank questions and I was downgraded on some other questions at the same time?
I don’t know what you should have done if you were in my position but I felt that I should address this issue on the internet about the unfair grading practice after I had sent those official letters to the CFAI CEO and the Chief Legal Officer. Just imagine, they claim that they found gradable content no matter correct or not on questions that I had to leave unanswered i.e. without any sort of gradable content and moreover, they stated that everything with the grading and reporting was OK even without checking for a corresponce between that gradable content, i.e the hand-written answers and the assigned grades providing the case precedent here. If you believe that this practice is fair and it is in a full compliance with the Code of Ethics and the Standard of Professional Conduct which the CFA Institute promotes then I don’t have anything to say.
Even in our post-totalitarian country, Bulgaria, when one files a complaint against some organization he or she has more prabaility to obtain adequate answer(s) on the issue than the adequateness of the answers I got from such an ethical and transparent institution such as the CFA Institute is supposed to be. That’s why I am very surprise to see how much negative reaction I got by some participants in this forum.
this is some wild talk. Why would you want to leave it blank and risk coming back again next year after putting in another 400 hours because you did not spend 4 minutes on the problem?
Plus this whole thing is with too much unknowns. You don’t even know the median, mean scores of passers and don’t even know the passing scores. Without these valuable information, how can you even go forward with your argument?
This thread makes me 
Thank you for such a thorough clarification.
In the beginning I didn’t want to but when I ran out of time I had to decide among some answer choices to leave blank and ofcourse the natural course of action for everyone us is to try to concentrate and get more points in areas where the time allocation of that particular essay question is much more in minutes that you can spend writing and giving correct answer on the essay question. And the most important thing is that I have completely remembered the essay questions and the sub-sets where I didn’t give any answers and that information doesn’t correspond with the answers I got from CFAI CEO and its subordinates such as the Chief Legal Officer and Compliance Officer who have decided to follow herding bahavior and to use a copy-paste strategy answering me on the very specific questions I have asked in my letters. This is not a compliance of any kind but lack of Misconduct and Professionalism on their part.
Yes, you are right that I don’t know exactly the passing score but having so much data contained in the passing and failing results that were announced shortly after the exam results day you can calculate some estimates for both the MPS and the width of the bands on the failing side. To me, this year the MPS according to my calculation is a little bit more than 59%.
It would not be advisable for a Level 2 passsed candidate to try leaving 2 questions blank and see the consequence.That too after making genuine efforts,except for the two questions, to pass an exam.Even If someone really did that out of frustration of failing repeatedly and getting surprised on one occasion,and seeking confirming evidence on another,It’s not the best option.Was the candidate trying to take the risk of not passing(leaving questions blank if you had time, amounts to that), while seking confirmation of his apprehension?Does not sound very credible.Very costly proposition,CFA does not need the candidate’s character certificate,Candidate needs the charter.But i would like to believe that a candidate would presumably not write an answer,and yet write to CFA Institute that he did not write.Period
If that is what happened,and yet CFA institute finds the paper graded,there are issues.As was the case with accidental release of relsults.CFA institute is not final because it is infallible.It is infallible because it is final in all matters related to exam and results.That’s the way it should be.The final word has to be theirs.But such feedback should help the institute plug the loopholes, if any. After the accidental unconfirmed release,the institute definitely handled the matter really well.
The candidate is NOT saying the institute is not a good exam conducting body.Out of 6 exams for the three levels , No one is even questioning the credibility of 5 exams (multiple choice).That’s 87.5% of the exam already-a very high confidence level.
The sixth exam is constructed response ,and by its very nature, subjective-which means grading it objectively is not easy.And I believe the institute does a good job at that ,compared to other such Institutions offering certifications.If I am convinced they are not good at it,each time I take the exam,i will think I am buying a lottery ticket.Or may be I will quit.
Reforming the Institute?I will not attempt.I will leave my feedback and say goodbye,after I am convinced after multiple honest attempts that I won’t succeed.The institute can’t be wrong on each occasion.And Constructive response section is still only 50% of the exam where cutoff may not be more than 65%.At most
70%?A >70% Matrix in all PM topics is possible(people get it every year)If we are really so sure of our conceptual clarity,(and so sure of Institute’s unfairness)not much really needs to be done in AM thereafter.Reason why people have 6/7 out of 11 <50 in AM and yet through.If one is not getting >50 in even 4 areas of AM,it can’t be due to institute’s fault.
But even those who pass the exam are surprised by the ranges they get.Partly because they erred in reading the question/writing the appropriate answers.But we are talking about Level2 candidates ,who PASSED Level3.They may be right and there may be some problems with grading of some questions,some times…Well who knows.But from what i have gathered,the second and third quartile answersheets are subjected to grading by senior graders.If that is the case the chances of error are indeed very low.
Of course,we should continue to have the AM session.The Institute is listening to prospective Charterholders for the first and the last time!And they just want to make sure they are churning out those who really deserve it.Multiple choice questions have a limitation-you may get some answers right by luck,and pass if you are borderline-but only if borderline.Not all guesses!
A few things can be done/duscussed:
1.The exams ,with guideline answers, should be released asap after the exam.Releasing it in December is a guideline for next exam,but no help for those who failed,and want to figure out why.Logistically,I don’t see a problem.
2.The guideline answers are not truly “guideline”,in the sense,the length of the answers is not a good guiding factor on how to write answers in the real exam.I don’t think we can write such long answers and yet finish the paper.In case a key to graders is provided for key words,They may be given alongside guideline answers to candidates as well,when the exam is released on CFA institute website.Or,as some third party providers do,there can be an “exam answer” and a “guideline/Discussion” answer.Coming from CFA Institute,it can be authentic for candidates.
3.Releasing answers to candidates is a tricky issue.Yet it can be done, for a price to be paid by candidates, in case the institute is sure that the grading key system is so objective that frivolous complaints can be handled easily.That’s a tall order though.And we may like it or not,Institute’s decision will have to be final even in that case.So probably,it’s easier to look closely at improving the integrity of the process,if required,rather than opening up Pandora’s box.The institute does exercise due dilligence,reason why it takes them so long.I don’t buy into their delaying results just to appear exerxising due dilligence.Their curriculum,and their questions,even with some errors in some cases,are way more rigorous than most of institutions offering accrediatations.
- They apparently grade by question,to ensure subject experts do the grading.That’s understandable.But in attaching and detaching,things may ,just may ,go wrong,even if that means a very small no of question/candidates…Is it not possible to for CFA Institute to have on it’s panel,paid or honorary, people who are themselves Charterholders,who are supplied Guideline answers and answer keys will grade all questions.
I don’t doubt the competence of Charterholders,equipped with keys and guidelines,for grading the full AM exam,rather than per question.this may be regraded for 2nd and 3rd quartile candidates for those closer to MPS.The need to detach/attach will be done away with-if that is the practice.
By no means the list of suggestions is exhaustive.And we are all allowed to send our feedback to CFA institute.We cannot and should not have the authority to ensure that they implement them.They are deciding if we are competent.Not the other way round.
tl;dr
wow elementary… that is a long post.
this has more guestimations than when I was standing on the tee looking at a dogleg left par 4 with OB on the left and water on the right with 20mph wind in my face and my school leading by 3 shots. My plan (estimation) was to aim at the left corner of the hazard and hit a draw to hug the dogleg and follow along the fairway line. Since I am a firm believer in “hit the big daddy as much as possible” I will wail at the ball and probably end up over cooking my draw and end up in the left rough with no shot to the gree (but not OB). From the left side rough, I would need to hit a perfect knocked down hook 7 iron to bend around the trees and onto the green. I visualize in making the shot even smelling the fresh divot I am about to dig out with the shot.
But in reality I striped my drive straight down the middle. The ball was on a rope 290 into the wind. Then I hit my three quarter 8 iron to 2 inches from the hole. Easy birdie.
IcebreakerH- do you realize why your proposition is not being seriously considered by others?
#YouWentFullRetard
Yes, I do realize completley. First of all the people who have passed the exam don’t have any interest in discussing something which is of no concern to them and in case they comment something their comments are either negative are irrelevant. Second of all, peple even here are generally afraid of stating thier true opinions on the premise that they might have negative sanctions to them by the CFA Institute.
I’m pretty sure that this isn’t true in general.
