High CFA pass rates for May - 2024

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[@evanbeauchamp7450]

Passed L2 today thanks to MM

[@john-tr8jy]

You passed with support of MM, enough of this glazing. He offers exceptional support and guidance. He did not write it for you.

[@JL-hz5li]

Whatever the CFAI will do to salvage the numbers, just please don't insert "politically fashionable" stuff into the curriculum to water down the quality.

[@Andrew-nm3oz]

*cough* ESG *cough*

[@hyperadapted]

@@Andrew-nm3oz as long as its not DEI Im down

[@germandrummer13]

There's no indication that they've done that.

[@john-tr8jy]

Unnecessary comment. If this were to occur, enrollment numbers would drop drastically and it would immediately lose value within the industry. It's still and will always be a rigorous program, albeit not perfect.

[@santyv9466]

"😆Go Woke Go Broke "

[@humichael7228]

I'm one of the 59% 😁. Thanks to you Mark!

[@gradoscapital]

The negative attitude is ignorance. Even just as a level II candidate, the knowledge I've gained from the CFA program is unparalleled. Even if I never need to do a manual calculation, there is an acknowledgement of "this guy knows what he's talking about" amongst my colleagues who have never studied CFA material.

[@germandrummer13]

There's also no evidence that CFA has watered down the material or reduced the rigor. The amount of material has trended up over the years that candidates are expected to know.

[@gradoscapital]

@@germandrummer13 agreed. As Dr. Meldrum states, there are multiple data points to analyze. Doesn't mean the material was easier this year.

[@larryl9090]

I would be curious to see the registration numbers based on geography. Wondering if the lower numbers could be due to the real cost of going thru the CFA curriculum is getting to a point where folks from developing countries find it hard to justify the cost anymore.

[@ChiwalaEric]

This is definitely a legitimate, logical reason to consider seriously. High inflation, high interest rates, and a devaluation have made the cost of paying for CFA unbearable. Last year, when I went to write the exam, there were about 4 candidates in the room; this time around, it was just the 2 of us. And most of the sentiment I have gotten is that it's become too expensive in the present economy, and I agree.

[@germandrummer13]

@@ChiwalaEric Devaluation? Can you explain?

[@ChiwalaEric]

@@germandrummer13my country devalued twice - 2022 and 2023 - which makes it more expensive to enrol in CFA in domestic currency terms. and there are many other countries that have been devaluing their currencies globally.

[@germandrummer13]

@@ChiwalaEric I see!

[@olutimilehinolushuyi9575]

⁠you are absolutely right. I'm from Nigeria and it has become roughly three times more expensive to write the CFA than it was in 2022

[@alexamalfigonzalez8353]

Mr Meldrum, I passed level 2, thank you for your advices and amazing platform

[@nicholassigmon8101]

Congrats to everyone that passed! Completely unrelated, I'm hoping for a Tesla discussion in the Market Outlook video on Sunday.

[@rimun5235]

I'll give my input as a retaker. I took the exam in May 2023 and I actually found it to be a much easier exam. I didn't prepare much then yet failed really close to the MPS. This year, I prepared extremely diligently and found the exam so much tougher, especially the PM portion. I was certain I would even fail despite the crazy preparation. I passed with only one subject below 70%. The pass rate honestly surprised me considering how much tougher the exam felt.

[@vita.kurylo]

Thanks for the video Mark! As someone who wrote L2 in Nov 2021 and then May 2024 - I’m 100% confident the exam got harder. It’s very disappointing to hear the opposite

[@MarkMeldrum]

I don’t know that is got easier - I am just presenting theories for why the pass rate would be so much higher.

[@germandrummer13]

How did you do in May 24' L2?

[@vita.kurylo]

@@MarkMeldrum I get it! Just to share my experience. The first time I wrote L2, I didn't study all the material, completely skipped Derivatives and I left the exam room confident that I passed. I was literally on the line, maybe a question away from passing. This time I knew the material in and out, wrote mocks at 75-80%, crammed all the formulas, yet was surprised to see the questions. I left the exam room doubting myself. I again didn't pass - I was a question or two away from passing. What if the candidate pool got so much stronger this time? We don't have any info on the % of candidates being second/third time takers, do we? What if the first time registration declined even more and the existing candidates are mostly retakers? Anyways, I'm back to this exam for the third time in Nov. Don't even know how to approach this now. Thank you for your material - definitely helped me to get as far as I did both times - even if it's "a question away".

[@vita.kurylo]

@@germandrummer13 just responded below! I was again a question away from passing. Did you take it?

[@germandrummer13]

@@vita.kurylo Oh no! I’m sorry to hear that. You’ll get it next time. I take L2 in August

[@SomentUmCaraQualquer]

Terrible. Losing prestige. No sense to still pay it.

[@tr4nscend]

Dr. Meldrum, great video. I'm curious about your thoughts on the attrition rates for 1) career pivots during the pandemic, 2) personal wealth creation and growth during the pandemic, specifically for those from the 2018 cohort onward, and how this impacts participation rates in Levels 2 and 3.

[@germandrummer13]

My expectation here is that the Aug pass rates will drop back to normal levels, potentially even lower than average pass rates. Due to the exam not actually being watered down but also false hope from candidates that the exam has gotten easier.

[@vita.kurylo]

this is an interesting one!

[@peekaaaboo]

So I will be taking L2 on may,25. So on aug 8 can I get access to your content even if I don't register for the L2 exam on CFA website ?

[@NavneetSingh-s6e]

what about cost of taking exams in post-covid world? mix that with looming recession and now there are less people willing to pay for it

[@peekaaaboo]

Can I purchase your content even though I didn't register for the exam yet?

[@Shunya...]

Thanks Mark. Quick Q, do you foresee L2 curriculum changing for 2025 (May/Aug) ? I have passed L1 and keen to start preparing for Aug 2025 L2.

[@csarikaya]

I work as an investment banker in a not so fortunate country. In my team there are many aspiring youngsters that want to pursue the program but having to do it would mean losing almost 1 month worth of salary every 6-7 months, so they simply won't even try. CFAI is constricting its candidate base to certain countries, hence the numbers keep going down.

[@patrickfu7687]

dont think CFA would add too much value to an investment banker

[@D4llast]

Doesnt change his point, not one bit ​@@patrickfu7687

[@ismaelrodriguez1098]

Do you think the lower enrollment numbers per exam date has to do with having multiple windows to test? 1/2 times a year vs 4 now?

[@MarkMeldrum]

4 windows in 2023 were 41% lower than 2 windows in 2019.

[@ismaelrodriguez1098]

Oh, I see. While the decrease in enrollments is really brutal, one hypothesis could be that multiple testing windows take away the 'scarcity' of opportunities to test. I don't know; the World Cup being every 4 years is more valuable and demanded than the Champions League, which is held every year.

[@neeleshj8059]

Can you also make a video on private market and Portfolio Management (specialised pathway) for L3. You covered only private wealth in the last video.

[@sheblalbatea3292]

Dr. Mark made a detailed video on the new pathways introduced by CFAI. 2-3 months ago on this channel. I was very excited about private markets pathway initially, but after listening to Dr. Mark’s opinion I quickly realized the current version will not add much to me, and PM pathway will offers more nuance learning.

[@CationicGibbon9]

I took level 2 in for my first attempt in May this year but did not pass. I thought the exam was very difficult so was surprised to see such a high pass rate.

[@germandrummer13]

Certainly this high pass rate is unusual, but it doesn't mean that they have watered down the material. When are you writing L2 again? I have my L2 this August.

[@daneomegan]

The question i have, is this a one-off marketing exercise or a structural change in the rigour of the designation?

[@germandrummer13]

You're assuming that the level of rigor of this May 24' exam was actually easier. There's no reason to believe that CFAI would do that and potentially tarnish their gold standard reputation.

[@john-tr8jy]

Only CFAI will know. I would not entertain any opinions on this as they will be unproductive. Only time will tell.

[@zandymccormick5638]

Would be interested to hear your take on the way AI will impact higher education (bachelor, masters, credentials, etc) more specifically the CFA and MBA and the demand for it for employers

[@germandrummer13]

No impact. There will always be a need for smart people

[@tterezakis]

Passed L1 but thinking of registering for L2 in May of ‘25. If I want to take advantage of the single applied fee how would I go about this?

[@MarkMeldrum]

All you need is evidence that you passed Level 1. The system discounts the 440 to 320.

[@eltorkymohamedhossam]

I am from the ones who was discouraged to write for level one exam after I finished 3 and half large topics in studying.

[@brianevans5013]

Could also be that they capped the attempts a person could take a test back in 2019

[@RyanTrinh33]

"I say to you what do you think the central bank's next move will be? You don't need a job to follow that. It's on Bloomberg all the time, it's on your news feed if you click on financial market, stock market, economics, etc It's there all the time. You don't need experience to have that, and if you can't carry on on that conversation with me, who are you if the other person carry on that conversation? You don't need experience to be experienced about the world. You don't actually have to get a job to get experience. You can do it yourself. Get closer to the real world now."

[@kevingeorge9248]

I figured the lower registration is because of other competitive offerings like from and cqf

[@germandrummer13]

From who?

[@johntrolle8935]

They should revert to the old schedule- L1 twice per year and L2/L3 once per year.

[@PeteR90468]

Wow, every time I look at pre-Covid enrollment numbers, I don't wonder why CFAI needs to raise prices to make up the difference in candidates. 30k L1 candidates in 2019 vs 10k in 2024.

[@MarkMeldrum]

172,000 in 2019, about 90,000 in 2023. Not sure where you are getting 30K.

[@smart_beta]

When will the CFA have an entire book on Equity gender and inclusion?

[@germandrummer13]

Why would they?

[@smart_beta]

@@germandrummer13 😁🤣

[@bensaine3523]

If the content is being dumbed down or the passing score is being lower, won’t the credential cease to be as impactful in a few years as that reduction in intensity percolates throughout the new pool of candidates and the world of finance more generally?

[@germandrummer13]

Of course, this is why we should be extremely skeptical when people say that CFAI is reducing the rigor or watering down the difficulty. That is not in the interest of the CFAI and there's not actual evidence that they are doing that.

[@CationicGibbon9]

CFAI has really jacked up the prices lately. Meanwhile, the content has gotten worse and less valuable. I think this is being reflected in the candidate numbers.

[@germandrummer13]

Content has gotten worse? How so?

[@dignaga69]

y is tsla being gay

[@Sawubona2007]

🙏🏿 Wtf was that +10% on less slightly less than shit deliveries.