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re: The butthurt is Strong: CFA L1 Failure is Super Salty
Posted on 8/25/16 at 8:32 pm to TheHiddenFlask
Posted on 8/25/16 at 8:32 pm to TheHiddenFlask
That's fair. I suppose if we're stacking up exams, we would need to include the MPRE with is the required ethics exam. The overall passage rates for the two exams generally hovers around 55-60% each, at least based on my memory.
But we're likely comparing apples and oranges.
I'm genuinely curious: What do the three levels of these exams look like? How long are they? How often are the exams offered? How many attempts do you get?
But we're likely comparing apples and oranges.
I'm genuinely curious: What do the three levels of these exams look like? How long are they? How often are the exams offered? How many attempts do you get?
This post was edited on 8/25/16 at 8:38 pm
4
Posted on 8/25/16 at 8:51 pm to Joshjrn
I looked at passage rates.
Only 41% of people who take the MCAT and apply to med school get in.
However, the passage rates of the Step 1, 2, and 3 are in the mid to high 90s for MD programs, low 90s for DO programs, and in the 70s for international programs. So, pretty high pass rate. Then again, over half of the original applicants have already been cut before Step 1.
Only 41% of people who take the MCAT and apply to med school get in.
However, the passage rates of the Step 1, 2, and 3 are in the mid to high 90s for MD programs, low 90s for DO programs, and in the 70s for international programs. So, pretty high pass rate. Then again, over half of the original applicants have already been cut before Step 1.
Posted on 8/25/16 at 9:55 pm to Joshjrn
quote:
What do the three levels of these exams look like?
Exam 1: 240 multiple choice questions. A mix of all the topics below
Exam 2: 120 multiple choice questions, 20 vignettes with 6 questions each on the topics below again. Except insanely deeper dive. Like INSANELY deep.
Exam 3: Multiple choice and 10 write in questions. Exam is half port. management, half the other topics.
Ethical and Professional Standards
Quantitative Methods
Economics
Financial Reporting and Analysis
Corporate Finance
Equity Investments
Fixed Income
Derivatives
Alternative Investments
Portfolio Management and Wealth Planning
Posted on 8/26/16 at 9:45 am to Joshjrn
quote:
That's fair. I suppose if we're stacking up exams, we would need to include the MPRE with is the required ethics exam
MPRE is such a joke though.
Posted on 8/26/16 at 11:32 am to Joshjrn
Each level is different.
L1 is all standalone multiple choice and 240 questions given over 2, 3 hour, sessions. It focuses on mastery of basic concepts by pushing volume. You don't have much time to sit around and think about any single question, so you have to know the material well.
L2 is 120 questions, given in 6 question vignettes over 2, 3 hour sessions. The concepts become more abstract and complicated, but since there are only half as many questions, you have less time pressure.
L3 is 9 to 11 questions that require short answer/essay responses in the three hour morning session. The test (as all levels are) is only given in English and must be answered in English, which is an added degree of difficulty for ESL test takers. The afternoon section is 60 multiple choice. The morning session is difficult to finish, but the afternoon session is easy to finish. The concepts become very abstract and the essay questions make you band together knowledge from several parts of the curriculum to get the right answer.
I took L3 with a guy that also took the LA Bar and he said that L3 by itself was significantly harder than the LA Bar, for reference. I dated a girl that went through law school and passed the MPRE and Bar on the first try. The MPRE is a joke. More comparable to the series 7. The bar was a lot of work, but you spent the 3 years of your life before that prepping for it and then studied full time for a couple of months right before the test. The colume of the Bar prep books was about the same volume as each level of the CFA. The difference here is that most people studying for the CFA are employed full time and studying in the evenings.
The exams are offered once a year, the first weekend in June. They recently added a December test for L1 only, but that was after I started the process.
You have 5 years between passes. It doesn't matter if you attempt the exam or not.
L1 is all standalone multiple choice and 240 questions given over 2, 3 hour, sessions. It focuses on mastery of basic concepts by pushing volume. You don't have much time to sit around and think about any single question, so you have to know the material well.
L2 is 120 questions, given in 6 question vignettes over 2, 3 hour sessions. The concepts become more abstract and complicated, but since there are only half as many questions, you have less time pressure.
L3 is 9 to 11 questions that require short answer/essay responses in the three hour morning session. The test (as all levels are) is only given in English and must be answered in English, which is an added degree of difficulty for ESL test takers. The afternoon section is 60 multiple choice. The morning session is difficult to finish, but the afternoon session is easy to finish. The concepts become very abstract and the essay questions make you band together knowledge from several parts of the curriculum to get the right answer.
I took L3 with a guy that also took the LA Bar and he said that L3 by itself was significantly harder than the LA Bar, for reference. I dated a girl that went through law school and passed the MPRE and Bar on the first try. The MPRE is a joke. More comparable to the series 7. The bar was a lot of work, but you spent the 3 years of your life before that prepping for it and then studied full time for a couple of months right before the test. The colume of the Bar prep books was about the same volume as each level of the CFA. The difference here is that most people studying for the CFA are employed full time and studying in the evenings.
The exams are offered once a year, the first weekend in June. They recently added a December test for L1 only, but that was after I started the process.
You have 5 years between passes. It doesn't matter if you attempt the exam or not.
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