"Candidates..encouraged to use short phrases..":CFA

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monk

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From a presentation by Bob Johnson of the CFA :
Essay Grading:
Published guideline answer is the consensus best
answer, but not the only answer to receive full points.
• Questions are graded only on content. Not graded
for language and style.
• Candidates are encouraged to use short phrases and
bullet points.
http://www.uksip.org/assets/49/Bob_Johnson_Presentation/UKSIP_1up.pdf
My question: If candidates are “encouraged to use short phrases and
bullet points” ; how do examiners react to answers written out in full?
Note that writing in phrases is about the same as writing in bullet points -ie you cannot create an answer by joining together separate parts using conjunctives, qualifiers etc -the type of stuff one learns in primary school.
So, is it possible that when faced with answers written out in full, examiners switch-off, or fail to identify the points made by the student?
 
How much time do you expect to have on the exam?
 
The idea is to write concisely. That is different from writing in short phrases, bullet points.
 
Maybe you should just do what they suggest. If the CFAI want me to write in bullet points, I’ll write in bullet points. If they wanted me to write in pig latin, I’d do that too.
JDV reckons that the marking process is pretty rigorous and high quality. I think he said something along the lines of “they want to give you credit for you knowledge”.
 
You won’t have time to write paragraphs – just bullet points. Get used to it before the test by practicing writing out your responses quickly and accurately. The morning paper is as much about speed as it is about knowledge. Most people did not finish the AM section this morning. You need to hone in on exactly what CFAI is looking for and get it on paper quickly. You can fight it and struggle or you can accept it and increase your chance of passing.
 
bulet points are way better for time issues too; you can always go in and add/erase one w/out having to tinker w/the formatting and construction of a paragraph. I think even though a reader should clearly pull out your ideas from a page of prose, it makes sense for everyone should do themselves a favor and present their knowledge in a way that cannot be missed.
 
I passed level iii this year by approximately one point. I like to think that that one point was on the morning essay question comparing different rebalancing methods where my entire answer as to why one method was superior to another was: “transaction costs”
 
The point here is:why are we being “encouraged” to use short phrases and
bullet points?
As far as I recall -the CFA line used to be “we don’t mind” short phrases and
bullet points in the essay section.
“encouraged” appears to be code word for what CFA has now come to prefer.
To restate my question: if candidates are “encouraged” to use short phrases and
bullet points how do, how are , examiners reacting to essay form answers?
Is it the case that examiners have been switching-off or failing to see the answers when confronted with answers in complete essay form?
Could it be that pass rates at Level 3 have been falling, especially attributable to failures in the AM session, because this is the only session that requires examiners to read and comprehend answers?
Put in another way-all parts of the CFA exam are now machine marked. Are Constructed Response Questions in the AM session also being marked in a similar format-albeit by human agents-eventhough these are advertised as being “essay” questions?
 
- No worry semantics
- Not will make you pass/fail
- “Encouraged” not exclusive to full marks for full sentence
- Long answers not cause of dropping pass %
- Goal is be clear/concise
- Not be flowery in language
- Points still awarded for content not style
- See how bullets work!
 
monk Wrote:
——————————————————-
> The point here is:why are we being “encouraged” to
> use short phrases and
> bullet points?
> As far as I recall -the CFA line used to be “we
> don’t mind” short phrases and
> bullet points in the essay section.
>
> “encouraged” appears to be code word for what CFA
> has now come to prefer.
>
> To restate my question: if candidates are
> “encouraged” to use short phrases and
> bullet points how do, how are , examiners reacting
> to essay form answers?
> Is it the case that examiners have been
> switching-off or failing to see the answers when
> confronted with answers in complete essay form?
> Could it be that pass rates at Level 3 have been
> falling, especially attributable to failures in
> the AM session, because this is the only session
> that requires examiners to read and comprehend
> answers?
> Put in another way-all parts of the CFA exam are
> now machine marked. Are Constructed Response
> Questions in the AM session also being marked in a
> similar format-albeit by human agents-eventhough
> these are advertised as being “essay” questions?
This conspiracy theory thing is making my head hurt. What exactly is your point with this whole thread?
As a test-taker, you should be kicking up your heels about the format. The point of the exam is not to flaunt your essay writing skills, correct?
I figure this is the institute refining the exam - making it hard where it counts, and making it easy(easier) where it doesn’t.
Of course, if it makes you feel better to cast aspersions on the reading ability of the graders, please go ahead.
 
Time is a big factor in the morning section. The less you need to write to get your point across the better. If you look at passed exam essays they give a lot of one or two line answers. Even schweser gives short answers in the practice exams followed by full explanations.
Bottom line if you do not know the answer writting a novel is not going to change that fact.
 
I wrote very short phrases for most answers and did pretty well on the morning session. Look at the way Schweser shows you what will get full credit on the exam (in their practice exams). That’s what I based my responses on.
 
yeah - i tried to emulate the way answers were worded from past CFAI tests but in bullet points. on test day you don’t want to worry how to word something - save the creativity for when you have most of the day to write a report.
 
anishcandy Wrote:
——————————————————-
> 76% passed L III in 2006. Let’s repeat the
> history.
i can’t see this happening. It would be nice mind you
 
* Better for non-native english speakers
* easier to do “brain dumps”
* everybody wins
* don’t fight it or argue
* easier to grade
* just do it. Probably easier anyway
 
Some of us finding it easier writing in full sentences-it has nothing to do with being flowery or being creative-its simply called writing.
I am not hinting at a conspiracy-just raising the issue of a possible flaw in the marking system-and possibly with this whole “Constructed REsponse Question” (CRQ) format-remember that CFA moved away from the essay format to CRQ.
As for “making it more difficult where it counts”-go read the CFA paper by Jan Squires-it will tell you that CFA has moved from open-ended questions to the CRQ format.
Open ended questions are more difficult to answer-you need to think about what to say-not just sit-out some ready made answer- and more difficult to mark- the marker must think more about the questionand the answer.
Remember that the CFA programme is considered a Post-Grad course-so thinking especially at Level 3; should not be a problem-should it?
 
Your initial question: how would examiners react to answers written out in full.
They won’t care. I haven’t read anywhere that there is a 30 mark deduction for answers written as full sentences. No points added, no points deducted.
They are recommending bullet points because it is faster for most people and there are time constraints.
I would also not worry about the intellectual ability of the marker to remember the question they are marking - they will be marking thousands of answers to the same question. They know what they are doing.
 
Look, full sentences are fine. But a lot of people have trouble finishing the exam in the time alloted.
Bullet points and short phrases free up time. That’s why CFAI encourages them. If you really need a sentence, use a sentence, maybe even two.
Heck, with bullet points, you may even get to go back and review an answer at the end.
 
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