Thirty-eight percent of the December™ Level I™ test-takers test-takers learn by email today that they’re one step closer to being able to guarantee investment results. As for your humble correspondent … Read more »
As it turns out, the only piece of commenter advice on taking the CFA Level I Exam that I actually followed was “don’t have lunch at Headquarters, the strip club across the street from the Javits Center.” Initially, I wasn’t sure about this advice. When I left the Javits Center for lunch, a part of me felt that I owed it to myself, to Bess, and to our readers to have my CFA lunch at a strip club. But after spending two hours in a shabby cavernous room with terrible lighting surrounded by bored and disillusioned people unhappily doing things that they had memorized but didn’t really feel in their hearts, I couldn’t have handled a second-rate strip club.
So I went to a Mexican place in Chelsea and had a nice lunch surrounded by fully clothed people. To make sure that exam conditions closely replicated my successful practice exam, I also had two reasonably strong margaritas. That, plus my watch stopping in the middle of lunch, added a little excitement to my walk back to the Javits Center.
I can’t really tell you whether not going to Headquarters was good advice, since I didn’t do a controlled experiment. I suspect it was, and I arrived back at the Javits Center cheerful, refreshed, and swaying slightly. In any case, here are some other hard-won insights for those of you considering the CFA:
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My imaginary CFA results are mid-80% area for both the morning and afternoon sessions. That sounds like it predicts a pass on Saturday, though probably not at a 95% level of significance. (Does it? I have no idea.) The effect of 1 drink before / 1 during the afternoon is hard to discern although there were more wrong answers towards the end of the afternoon session than at the beginning. Also I was heartily sick of it by the end. Are there really II more levels of this thing? Do they have more stuff on them? That seems excessive.
Now I’m not going to run afoul of ethics guidelines by discussing anything on the mock exam, or real exam, or anywhere else. (Also, this is important: CFA Institute, if you’re reading this, we’re just kidding about the whole guaranteeing returns thing.) But the sense I get is that people find the ethics section particularly daunting, which, COME ON PEOPLE, you are not doing much for public perceptions of your industry. Nonetheless, as a public service for those taking the test on Saturday and looking to sharpen your skills, here’s an extra practice ethics question suggested by a reader. Read more »