Kaplan Schweser CFA 2011 Level 3 Videos 16CDs + WorkBooks | 4.7 GB

Candidates generally take one exam per year over three years. Fees as of December 2009 for all three exams range from $710 to $955, depending on the date on which the candidate registers to take the exam, plus an additional $400 to $480 for program enrollment for new members. Exams are challenging, with only 35% passing the Level I, 46% passing Level II, and 53% passing Level III exam in June 2008. In 2006, Europe achieved the highest average pass rate for the Level I, II and III of the examwith an overall success rate of 57% of candidates versus 54% for the USA and 49% in Asia and Pacific.

The Level III study program emphasizes portfolio management, and includes strategies for applying the tools, inputs, and asset valuation models in managing equity, fixed income, and derivative investments for individuals and institutions.

All three exams are administered on paper on a single day; the Level I exam is administered twice a year (usually the first weekend of June and December). The Level II and III exams are administered once a year, usually the first weekend of June. Each exam consists of two three-hour sessions. Level I is multiple choice - all information required to answer the question is contained in the question. Level II is item set - a vignette followed by selected response questions. To answer each question, the candidate must refer to the vignette as there is insufficient information in the question stem. Level III consists of a session of short-answer questions and a session that is item set. On the multiple-choice/item set sections, there is no penalty for wrong answers.

Candidates who have taken the exam receive a score report that is intended to be fairly unspecific: there is no overall score for the test, only a Pass/Fail result. However, candidates who fail are informed of how well they did compared to other candidates who failed; e.g., top 10% of candidates who failed. For each topic area (e.g., ethics, corporate finance, derivative securities, and so on), each test-taker is given a broad range within which his or her performance falls: below 50%, between 50% and 70%, and above 70%. The passing grade for the exams had been defined as 70% of the top percentage of exam papers until 1989; since then, the grading method is not explicitly published and the minimum passing score is set by the Board of Governors after each exam. The Board of Governors reviews the results of the standard setting process and input from psychometricians.

Standard setting is a process that defines the passing score of the exam. The CFA exam utilizes the modified Angoff method, which is a commonly-used approach to setting standards for certification and licensure examinations. Subject matter experts review the exam and recommend, for each question, a minimum passing score for the "just-qualified candidate". The minimum passing scores for each question are aggregated and presented to the Board of Governors as a recommended minimum passing score for the entire exam. The Board of Governors is not bound by this recommendation, but does recognize it as very important information.



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