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| *Ostroff, Fair and Company>>>Financial Services |
Why is the failure rate so high on taking the CFA Exam Level 1? |
Do they ask too many obscure questions, is there too much material, or are people just not studying enough? I heard only about 40% pass Level 1. Yes the pass rate was 40% this past June, and I was one of those 40% who passed. The reason the pass rate is so low is: 1) There is a very large amount of material to remember, including numerous formulas. 2) Some people don't understand that you have to begin studying 5 months in advance to adiquitely cover all of the material. 3) Many people who take the exam don't have to pay for it, their work does, this can make them indifferent, and leads some not to study. Source(s): CFA candidate Passed level 1 this June if they made it easy, what would be the point? Yes, the pass rate is about 40% http://minute-class.com/?p=70 This is because there is not absolute passing score. They use the curve to set the passing score. So, it is very important to try different studying materials. it is based on a curve -- so you have to have a well round knowledge of the material to make the grade. good luck There is no objective answer, but here is my opinion. It is not given enough respect. Many people walk into the exam expecting it to be simpler than it is. Many charterholders and the cfa website say that it requires hundreds of hours of studying. Most new candidates assume several things. First, that they did well in college or grad school, and that they are smarter than most, even though you must have a BA to take the exam. Many also assume that because they haven't heard of it, it must be easy. Just because it's isn't as popular as cpa, that doesn't make it easier. In fact, those few who have done both say they are equally difficult. Finally, people look for shortcuts because they assume there situation is unique. They look for notes or shortcuts because they assume they are the only test takers working 10+ hours a day, or are new parents, or both. The only way to pass the level 1 exam is to prepare at least 200+ hours, at least 4 months in advance, and done largely by independent study. You will NEVER find anyone who has earned the charter who will tell you otherwise. If someone tells you different, there 3 reasons. Either they consider themselves an expert because they failed Level 1. They dislike someone who passed, and projected the qualities of that person on all charterholders. They are trying to sell you something. Just took level 2 in june |
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