Agree w/you on the February MPS. Originally a June 20 candidate with over a year of prep and assume many others have been rearing to go so I can definitely see both a higher MPS and a higher pass rate

Does the institute not have any respect for peoples life and time? Should one be punished for having spent more time studying and being better prepared? An institution preaching ethics so much - how can the institute defend this?

@Fr0s7y.

3 жыл бұрын

Welcome to cfa

@MarkMeldrum

3 жыл бұрын

The Angoff method sets the MPS before the test is undertaken by candidates. In such a case, yes, your father would be correct. CFAI uses a modified-Angoff method which allows the MPS to be set in light of test results and panelist’s ratings. So the true MPS is set after the results are known, and the pre-test MPS is just one input. The actual MPS is set, not just quantitatively, but qualitatively by discussion.

I was given the option of defering my exam due to covid in my province. Thank god. I'll be ready for november.

I've been watching your videos for a long time and they helped my throughout my undergrad and still continuing. I recently enrolled into the Canadian securities course (csc) and started just skimming through and noticed they offered interactive videos for each chapter. The site is outdated and their orientation video was done probably a decade ago. When I decided to view the video on chapter one I assumed it was going to be some old monotone guy just reading a script. Literally took me 2 seconds to notice that mark meldrum is the narrator! I jumped out my seat with excitement cause now I'm going to look forward to watching all the videos for the csc! Lol you have no idea how you made my day dr. Meldrum. Really want to know what courses you teach in the csi. Thank you!

@MarkMeldrum

3 жыл бұрын

Just the CSC.

@alekseigerasimov9073

3 жыл бұрын

Can you pleasy clarify where do your find material for csc course? What's the web site? Where can I find all the needed information for enrollment and etc?

73% for a pass is fun

Will we get blank paper to do rough work for level 2 or we have to do it on computer?

Hi Mark, Does the Prometrics system allow candidates to highlight parts of the item set, so we can more easily come back to the text when answering the questions?

Anyone here know whether it's item set or essay in the morning for Lvl 3 for sure? I'm assuming the format won't change from how it was prior to CBT (essay in morning) as I'm not sure why it would, but obviously a little confusing when CFAI sends out a document that makes it unclear.

Wow this is really a kick to the stomach

@MrDeadlyCrow

3 жыл бұрын

why?

@1234doawee

3 жыл бұрын

@@MrDeadlyCrow been pushed for 65- 70 mark and now the increased the mps

Will those giving L1 in November face this issue also of higher cutoffs

What about the November attempt for level 1?

Due to rounding, how precise do the numerical answers have to be to be considered correct answer? I find myself usually correct to the hundredths digit but not necessarily to the dollar.

Does Ethic and GIPS section at level 3 (the whole book 1) will always be multiple choice (without justification part, like level 2 format) or can also be Structured Response format?

hey mark, thanks for constantly updating us with the exam information. You have any idea about the exams situation in INDIA ? The anxiety is killing me, and the institute has not replied to the query that i raised about the "prospects of postponement of exam" , last minute deferrals are so damn depressing.

@MarkMeldrum

3 жыл бұрын

This is something I have no information about.

I am looking forward to join a prep provider for CFA level 1 but I am a little confused how you show calculator calculations in your videos. Kindly suggest a video in which you have explained a question using calculator.

Professor; any market commentary videos down the pipeline? Thank you!

@MarkMeldrum

3 жыл бұрын

On a more regular basis once the May exam is behind us,

Would you please share this file, or links direct to this file? Thank you so much!

Hi Mark, thanks for sharing. Is the detailed document available on the cfa website? I am planning to sit for lvl2 in may 21 and would like to read the document to understand the structure better for level 2 exam.

@MarkMeldrum

3 жыл бұрын

No idea. The whole document is in the video. There was nothing more.

Hey Dr. Mark, I can't find this anywhere; for level 2, how long is each cbt session and the break? (even the cfai website says approximately 4.5 hours, is that a clear answer?)

@MarkMeldrum

3 жыл бұрын

2.25 hrs each.

I believe the MPS inflation will be permanent.

Hi Mark, do I need to purchase your whole L3 course to have access to the math equation editor for practice? I am currently planning on purchasing just the mock exams. Thanks!

@MarkMeldrum

3 жыл бұрын

It will be available with the exams only.

Also Mark, however premature it may be, can you please discuss exam cancellations? I've seen on the Prometric website that certain locations are already being scrapped. Would love your insight on this as many others in Canada face heightened case numbers and associated lockdowns.

Dr Mark, I'm registered at your course and failed level 1 feb. Should I start studying the topics that I didn't go well first? I got 6/10 topics above 70% and none under 50%. I made an attempt to calculate my result and it was close to 71% (touching the MPS). I'm frustrated but trying to begin again with my studying to get a score above 75% in August.

@MarkMeldrum

3 жыл бұрын

Make sure you request your Level 1 access to extend to August on our site.

Will Level 1 May exams face the similar situation of Feb 21? A high MPS?

@MrDeadlyCrow

3 жыл бұрын

Probably yea..

@dylangray9965

3 жыл бұрын

I'm not sure. I say this because those who deferred from June/December selected the Feb exam. Then there was a deferral option on Feb exam to July, those who elected to take Feb were only those really ready to take the exam, and possibly had many months of preparation. If you wanted to defer your exam again in Feb, May was never an option, therefore May level 1 candidates are only those who elected to sign up originally in that exam window, no deferral candidates (unless they paid additional registration fees to take May). I don't know if the MPS will be as exaggerated as Feb for May, speaking for level 1 specifically.

Hi Mark, Also confirm is it true that in L3 esay exam numerical answer the wrong ansewrr will get straight zero? If so very strange.

@MarkMeldrum

3 жыл бұрын

Yes, for just a numerical answer. Why do you feel that is strange? Should you get some marks for a wrong answer?

@arpittulli6927

3 жыл бұрын

@@MarkMeldrum suppose the final answer is wrong but the methodology used is correct how do we get partial credit for the same as was the case before in paper mode. As i have read about a equation editor being added to the cbt.

Mr. Meldrum, I noticed that from now on the L2 & L3 exams will have the 10 and 7 curriculum topics randomly placed on the exam. I understand this means that we will not have a range of the weight of each topic in the exam, as before. Do you think that the weight of topics will be totally randomised without ranges and possibly vary so much? I'm asking this because I found absolutely indispensable your "high yielding readings" analyse explained in your video "Level 1 Review Plan for the CFA Exam", but the new approximation would suggest that the topics with the most readings would be more likely to be randomly placed, therefore higher ranked to review, instead of the highest "weight-to-reading yield", as before. Would you agree with this new approximation? Appreciate your dedication and best wishes.

@MarkMeldrum

3 жыл бұрын

The weights are still in place. A topic being first or last on the exam does not change its weighting.

@ArnerCurto

3 жыл бұрын

@@MarkMeldrum Thank you for your quick response. My apologies since I misunderstood the meaning of randomness here; would this mean that your "weight-to-reading yield" analysis in your video "Level 2 Review Plan for the CFA Exam" still be valid for 2021?

I’m getting the impression that there are no more multiple choice questions (the former PM paper for Level III which just had multiple choice questions) anymore. Is that so?

@MarkMeldrum

3 жыл бұрын

No.

@ag6477

3 жыл бұрын

@@MarkMeldrum Thanks. So I listened to the video once more and noticed that at 6:54 you said the first session will be all item set which is the multiple-choice section I was wondering about so instead of it being second like it has been for years, it is now first. In other words, the first is last and the last shall be first.

@MarkMeldrum

3 жыл бұрын

I was able to confirm with CFAI today that the first session will be the structured response.

@ag6477

3 жыл бұрын

@@MarkMeldrum Thanks.

Thinking about quitting.

@brethitmanhart275

3 жыл бұрын

Is this a joke?

Will the L1 exam structure be the same for July'21?

@MarkMeldrum

3 жыл бұрын

Yes

@akshitnaresh5692

3 жыл бұрын

Thank you

Taking level 2 in May... i’m doomed😫

@davidbrunik

3 жыл бұрын

Same lol

@pushkartawde3447

3 жыл бұрын

Me too. 🥲

@siddtalesara5391

3 жыл бұрын

We all in the same boat

Mark I appreciate the post. I do have a question: based on the document you shared with us, level 2 questions *will not follow any sequential topic structure*? The curriculum is taught in terms of Ethics --> Quant --> Econ --> FRA, etc. What your document suggests is that vignette 1 can be on the topic of derivatives, and vignette 2 can jump back to quant, and so forth? The randomized structure of the exam honestly concerns me as my brain works in a very compartmentalized manner...

@am-vj4fx

3 жыл бұрын

I am also thinking the same way. As with paper question you get all the questions in one go. You attempt the sections you are strong, get them out of the way and attempt the next section so on and so forth. With random questions by topic, it will mess up the system and switching between subjects will also mess up the thinking process. A bit more info will be helpful.

@Paul101111

3 жыл бұрын

@@am-vj4fx Totally agree. I thought I was maybe nitpicking but I truly value the sequential nature of the exam format, and it would be a giant disservice for me to have that forgone.

@MarkMeldrum

3 жыл бұрын

You have access to all the vignettes at one time. Just do the ones you want first. It’s no big deal here. Click on the ethics one, then quant, or whatever. You don’t have to do them in order.

@am-vj4fx

3 жыл бұрын

@@MarkMeldrum That is good to know. So once you click in one section, the question sets will be random?

@MarkMeldrum

3 жыл бұрын

No. There will be 10 vignettes. Each will be a random subject. Exactly like the written exam - no different. Just fewer questions.

Screw the CFA. I sat for Level 1 and studied for 400+ hours and still failed. 70+ in ethics and many other topics. Why the MPS was so high is beyond me

@muralidharrajagopal1490

3 жыл бұрын

AGREEED.. Absolutely pathetic on how CFA punished students just because they registered on standard normal cycle ...

@Fr0s7y.

3 жыл бұрын

You know how the MPS is set right? If the group of professionals who take the exam to check the difficulty level of the questions believe that the questions are easy and a candidate just competent enough should be able to answer correctly, the mps is high. But if they think the question are difficult and even a very well prepared candidate may not be able to answer correctly, the mps is low. The number of hours you put in or the sacrifices you make has nothing to do with this.

@__-fo4dm

3 жыл бұрын

@@Fr0s7y. That is all well and good in theory, but note that the MPS apparently happened to be so high exactly for the first exam window in 12-18 months. I would suggest that given the average candidate may have had more time to prepare, they should be able to score higher and as such we would expect a higher pass rate than say the last L1 exam prior to COVID since the panel of experts should still agree that the general level of knowledge required to pass should stay constant; as you say, it should have nothing to do with the time a given candidate invests to prepare, but the probability a given candidate will achieve that minimum level should increase with more preparation. Granted, there is the added variable of moving to CBT, but if CFA is to be believed, that should in no way affect the candidate (although most candidates who have sat a PBT exam will tell you the benefits of having the questions on a physical piece of paper before of you).

@papiharvey

3 жыл бұрын

In short, the MPS is set to maintain the passing rate at around low 40’s just to keep the charter prestige.

@__-fo4dm

3 жыл бұрын

@@papiharvey I would agree. And the pass rate appears to be held in that range regardless of the ability/knowledge of the candidate pool sitting the exam. Or rather, most probably it could be lower, but will not be higher.

Can you please give us a hint, it will be globally top 40% or like regional pool top 40% (like top 40% pass for Asia, top 40% of USA)

Raising the MPS is not fair . I'm writing L3 in May and registered in Jan. Yes candidates who had the exam postponed have had longer to study but it's not fair on those who haven't

Hi Mark what is the source of this doc? Is it from CFAI? Is it available of CFA website? How many question will be there is Mcqs for L3?

@MarkMeldrum

3 жыл бұрын

It was sent to me Yes No idea No idea