Communication from Kaplan – Changes to the level 2 and 3 exam formats:

CFA Institute recently announced that the item set format for the both the Level II exam and Level III afternoon exam has been modified as follows:

  • Level II:18 items sets with 6 questions each. 3 item sets with 4 questions each.
  • Level III: 8 item sets with 6 questions each. 3 item sets with 4 questions each.

Our recommendation for this is that students don’t really need to approach their studies any differently. Instead, they should just be aware of the format change so they’re not surprised by the change on exam day.

 

 

Level 2 Email

 

Subject: CFA Level II Exam Format Change

 

Greetings Level II Candidates,

 

Recently, we received emails from candidates expressing concern about the recent communication from CFA Institute regarding changes for the 2019 exam. Specifically, CFA Institute has indicated there will be more item sets (than the normal 20 combined for AM and PM) than on previous Level II exams; however, the number of questions (i.e., 120 total) will remain the same. With this change, three item sets with four questions each will replace two standard six-question item sets. The remaining 18 item sets will be in the standard six-question item set format.

 

What does this mean for you? Nothing! Each question will still be worth 3 points, and there will still be 60 questions in the morning session and 60 questions in the afternoon session. The curriculum content and topic weights are also exactly as CFA Institute had indicated previously. Furthermore, the format of the exam will be the same (vignette, followed by related questions). You may have already experienced partial item sets in the end-of-reading questions from the CFA Institute curriculum books. Unfortunately, the timing of this unexpected change means the item sets in our exam products reflect the six-question item set format. However, our exams cover all of the relevant content to fully prepare you for the actual exam.

 

In other words, don’t be alarmed and stay on course.

 

Regards,

 

BJ Tolia, Ph.D. CFA

V.P. of CFA Education and Level II Professor,

Kaplan Schweser

 

 

Level 3 Email

 

Subject: CFA Level III Exam Format Change

 

Greetings Level III Candidates,

 

Recently, we received emails from candidates expressing concern about the recent communication from CFA Institute regarding changes for the 2019 exam. CFA Institute has indicated that there will be more than the normal 10 item sets for the afternoon section than on previous Level III exams, though the number of questions (i.e., 60 total) will remain the same.

 

What does this mean for you? Nothing! Each question will still be worth 3 points, and there will still be 60 questions in the afternoon session. Specifically, CFA Institute has informed us there will be 8 item sets containing 6 questions each, plus 3 shorter item sets containing 4 questions each. The curriculum content and topic weights are also exactly as CFA Institute had indicated previously. Furthermore, the format of the exam will be the same (vignette, followed by related questions). You may have already experienced partial item sets in the end-of-reading questions from the CFA Institute curriculum books. Unfortunately, the timing of this unexpected change means the item sets in our exam products reflect the six-question item set format. However, our exams cover all of the relevant content to fully prepare you for the actual exam.

 

In other words, don’t be alarmed and stay on course.

 

Regards,

 

Derek Burkett, CFA, FRM, CAIA

Vice President (Advanced Designations)

Kaplan Schweser