CFA INSTITUTE REPORT
PROFESSIONAL
Changes to the CFA question format
INVESTOR
from 2009: Stalla experts comment on the
DIGITAL
new three-option questions
EDITION
C
FA Institute recently intelligent and random
announced that the guessing. The ‘random guess’
format of its multiple- factor is effectively nullifi ed
choice and item-set questions will through the statistical
change, impacting candidates at moderation carried out after
all levels preparing for the 2009 each session. This is possible
examinations. The specifi c because of the exceptionally
change will be in the number of large number of questions set in
answer options, which will be each exam session. Candidates
reduced from four to three with a chance of success don’t
choices. get there through random
Our students have been asking guesses but are using a
us how we at Stalla think this combination of correct choices
change will impact examination and ‘intelligent guesses’.
scores and performance – Intelligent guessers reject the
wondering if there will be fourth option anyway, focusing
a perceived statistical advantage on the two or three most likely
over those who took earlier options. The fourth option
exams. Choosing from three takes time to read but
options is surely easier than contributes little to discerning a
choosing from four! borderline pass from a
Our guidance is that the borderline fail.”
passing scores will continue to be With the participation of
determined through CFA dozens of CFA charterholders
Institute’s standard-setting and exam experts, Stalla is
process. In other words, because pleased to report that all of our
g51 Share Professional Investor
there are no fixed passing scores practice examinations and
on the CFA exams, the standard- resources are being updated to
articles with colleagues
setting process itself could reflect these, as well as all
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theoretically result in a downward other, curriculum changes for
adjustment to the minimum the 2009 CFA exams.
at your computer
passing score if a determination is Moreover, we continue to
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made that exam diffi culty doesn’t make significant advances and
adequately reflect the skills of a enhancements to our annual
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minimally qualified candidate, or CFA review programs to be
even vice versa. Additionally, sure your time is spent most
CFA Institute’s expert efficiently and effectively – in
psychometricians and testing concert, of course, with your
To see your interactive
experts believe that while the existing CFA Institute program
probability of ‘successful guessing’ resources.
online edition visit:
may increase for a single question,
it will not increase by any real If you have any questions
www.cfauk.org/pi
significance for the entire exam.
about these upcoming
Peter Watkins, director of
changes to the 2009 CFA
education at CFA UK supports
exams, please contact
the decision to move from four
Lisa Tang, CFA, fi nance
to three answer options: “It’s all
program director, at ltang@
about the difference between
stalla.com.
48 WINTER 2008/09
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