I was asked the other day about the CFA because a friend of mine felt it was unfair that after spending hundreds of hours studying for the CFA exam, he might end up failing because of bad luck or because he had missed a few details out of over 1000 pages of material. I couldn’t disagree more. I personally feel like, as hard as the CFA exam is, it is the fairest exam that I have ever done. Why?
Honestly, I have never met someone that 100% should have passed the exam but didn’t or the opposite. In my opinion, someone that is able to consistently score 70% or so in mock exams will always end up passing the exam. In the same way, those scoring closer to 50% will always end up failing. You might find one or two miracles but I would say that as a general rule, it’s almost always the case. Why?
The CFA exam is fair, it asks you 240 multiple choice questions giving the CFA institute the opportunity to test more or less all of the critical elements of the exam. Since the large majority of the content is taken from those sections, this also greatly diminishes of not knowing a few less critical parts that end up being in the exam.
I have a strong feeling that for 90% of candidates, they should have a fairly good idea of their odds of passing the exam before even sitting down that day.
If you think there is even a possibility that you will not be ready, I would highly suggest that you take actions to plan your studying as carefully as possible, that is what will end up making the biggest difference. I would of course recommend that you try out our ebook: “Passing the CFA In 12 Weeks” which has as many tips as I could think of.
The reality is that the CFA exam is a fair one and if you want to pass it, you can’t cheat yourr way around a good preparation.