First 5 things I would change as head of CFA Institute

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wild44

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The First 5 things I would change as Head of CFA Institute would be:

1. Computerized answer sheets, so that results were given within 48 hours of completion
2. 2 for 1 Level I Exam registration fees
3. Have all course material written by Schweser
4. Reduce Ethics to a 5% weighting
5. Introduce a new 10% weighted subject called �Entertaining clients in the Caribbean on your Private Yacht�

Good start??
 
Very strong suggestions.

6. Happy endings to all male candidates after writing each exam.
7. Change the name from proctor to proctologist.
 
8. reduce turnaround time for grading the exam from 2 months to 2 weeks
9. Publish actual marks as opposed to a score grid
 
10. Somehow create a networking network equivalent to a top school MBA program. (It'd be great to see big financial firms setting up booths at the exit doors of L3 test centers)
 
wild44 Wrote:
-------------------------------------------------------
> The First 5 things I would change as Head of CFA
> Institute would be:
>
> 1. Computerized answer sheets, so that results
> were given within 48 hours of completion

Good idea but not realistic. They have to hand grade, which is better for the candidate.
 
They have counters to all of these suggestions:

1. 48 hours is much too short. They need to set up meetings to decide the MPS, which can take a long time. It might not be 2 months long, but it is long nonetheless. Also, I wouldn't want the answer system to be on a computer. I like writing all over the book, working out the problem right next to the question, crossing out, circling, etc.

2. 2 for 1? Why should they if they can charge 2 for 2 and everyone will pony up and pay? This is a business.

3. All course material written by Schweser? Why? Schweser condenses everything and CFAI wants you to learn it the real, textbook way. They also can charge up each candidate $200 each time for the books. You think Schweser would give them $200 for every $600 package?

4. Reduce ethics? lol. Look around you. Why is the financial crisis happening? Irresponsible and unethical investors mess things up. The Institute is all about fostering a sense of professionalism. It was one of the most important reasons why it was created.

5 - 7: No comment

8. Again, 2 weeks isn't enough. I agree that 2 months is probably too long, but hey, we don't make the rules.

9. Actual marks allow certain charterholders to say they are better than others, which the Institute doesn't want. "I got a 90th percentile for each exam."

10. They have local chapters everywhere, and special job postings on the website for members. Why would they use the resources (i.e. $) to create a network like they do at ELITE schools? Anyone can take CFA and most of them went to state schools. In case you haven't noticed, finance is a very elitist industry, and going to these recruiting events would go against the culture. To get elite talent, and people from the same culture, they just need to recruit the few spots available from the elite schools.

11. Dumb.
 
bonnierabbit Wrote:
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> 11. There is only one level of exam instead of 3
> levels now.


They used to only have 1 level - - 30 years ago or something. . .
 
The one complaint I have with the system is the inability to take the exams more times during the year.

Unfortunetly with the way things are run, I don't see that as a real possibility.
 
topher Wrote:
-------------------------------------------------------
> They have counters to all of these suggestions:
>
> 1. 48 hours is much too short. They need to set up
> meetings to decide the MPS, which can take a long
> time. It might not be 2 months long, but it is
> long nonetheless. Also, I wouldn't want the answer
> system to be on a computer. I like writing all
> over the book, working out the problem right next
> to the question, crossing out, circling, etc.
>
> 2. 2 for 1? Why should they if they can charge 2
> for 2 and everyone will pony up and pay? This is a
> business.
>
> 3. All course material written by Schweser? Why?
> Schweser condenses everything and CFAI wants you
> to learn it the real, textbook way. They also can
> charge up each candidate $200 each time for the
> books. You think Schweser would give them $200 for
> every $600 package?
>
> 4. Reduce ethics? lol. Look around you. Why is the
> financial crisis happening? Irresponsible and
> unethical investors mess things up. The Institute
> is all about fostering a sense of professionalism.
> It was one of the most important reasons why it
> was created.
>
> 5 - 7: No comment
>
> 8. Again, 2 weeks isn't enough. I agree that 2
> months is probably too long, but hey, we don't
> make the rules.
>
> 9. Actual marks allow certain charterholders to
> say they are better than others, which the
> Institute doesn't want. "I got a 90th percentile
> for each exam."

Publishing actual marks will not allow charterholders to say they are better then other charterholders, as that would be a breach of the CFAI ethics anyway. So *most* charterholders wouldnt do it.

Publishing results increases transparency. I believe the CFAI grading system breaches their own standards of professional conduct. The CFAI doesn't provide any transparency to their clients (the candidates).

The CA program is a professional and well respected program that publishes results. I have never heard of one Chartered Accountant claim they are better then another one because they got a higher mark...no one cares.

My changes:

* Publish results
* Make the passing mark 50%, and irrespective of how many people pass. Maintaining an artificial failure rate around a certain percentage (i.e. 40%) is more about protecting the ego of the institute, then it is about testing (and grading) actual knowledge.

I dont expect any current CFA charterholders to agree with me :)
 
if passing is too easy then it would not add knowledge for the candidates
if its too difficult then less people would attempt it and knowledge wont be created
 
mpnoonan Wrote:
-------------------------------------------------------
> wild44 Wrote:
> --------------------------------------------------
> -----
> > The First 5 things I would change as Head of
> CFA
> > Institute would be:
> >
> > 1. Computerized answer sheets, so that results
> > were given within 48 hours of completion
>
> Good idea but not realistic. They have to hand
> grade, which is better for the candidate.


Why do they need to hand grade? Why not just make it a CAT like the GMAT? It would mean setting the MPS ahead of time, but so what?
 
They hand grade b/c auto graders are not 100% accurate. And with the amount of time you spend studying for this test, I would not want mine to be the one that the machine messes up. Plus the MPS is different every year. They cannot set that until they have graded all the exams.
 
If they have to hand-grade it anyway, why do they still insist on using a scantron? Can't we just have an answer sheet where i circel the right answer?
 
lindalibinbin Wrote:
-------------------------------------------------------
> If they have to hand-grade it anyway, why do they
> still insist on using a scantron? Can't we just
> have an answer sheet where i circel the right
> answer?


then people would just circle in between A and B and argue that they meant to circle whichever ended up being right.
 
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