CANDIDATE SURVEY REPORT (JUNE 2015)

Exam Preparation Excerpt*

Two online surveys (pre- and post-exam) were sent to a random
sample of half the June 2015 CFA exam candidates:
PRE-EXAM

POST-EXAM

CANDIDATES
RESPONDING

16,468

24,751

RESPONSE RATE

21%

31%

MARGIN OF ERROR

0.7%

0.6%

SURVEY DATES

12 26 May

9 23 June

*The complete June 2015 Candidate Survey Report (PDF)

CFA Institute

June 2015 CFA Program Candidate Survey

EXAM PREPARATION
What resources did you use to prepare for the exam
and how well did they prepare you?
% Using Resource

How well the resource prepared candidates*

Curriculum assigned readings (print and/or ebook)

78%
81%
72%

CFA Institute Mock Exam

84%
61%

Non-CFA Institute preparatory materials

89%

CFA Program curriculum end-of-reading

problems

51%

Topic-Based Practice Tests

50%

86%
89%
16%

CFA Program App

73%
11%

CFA Institute Interactive Study Planner

76%

Local study group

5%

Other

4%

76%
81%

*Q. How well do you think the following prepared you for the June 2015 CFA exam?
Scale: Not well at all, Not very well, Well, Very well
Chart displaying % indicating the resource prepared them Well and Very well
CFA Institute

June 2015 CFA Program Candidate Survey

CURRICULUM FEEDBACK
Please indicate the degree to which you agree or disagree with
the following statements about the CFA Program curriculum:
Asked only of those using CFA Program curriculum

Scale: Strongly disagree, Disagree, Agree, Strongly agree and No opinion (excluded)
Displaying % selecting agree or strongly agree

CFA Institute

June 2015 CFA Program Candidate Survey

EXAM DIFFICULTY
The exam consisted of the following topic areas. Please rate the degree of
difficulty for each topic area.
2013
75%
73%
67%

Fixed Income

73%
71% 70%

69%

66%
63%

Derivatives

65%66%
60%

65%

Ethical and
Financial
Alternative
Professional Reporting and Investments
Standards
Analysis

2014

2015

65%
60% 59%

Economics

70%
65%
58%

Portfolio
Management

58%
54% 53%

Corporate
Finance

58%58%
52%

54%54%
51%

Equity
Investments

Quantitative
Methods

Scale: Not at all difficult, Not very difficult, Difficult, Very difficult
Displayed: % Difficult + Very difficult
CFA Institute

June 2015 CFA Program Candidate Survey

EXAM DIFFICULTY (ITEM-SET)

Did you think the item set questions on the exam you took were more
difficult, equally as difficult, or less difficult when compared to the essay
questions?*
2013

2014

2015

49%
45%
41%
38%

36%

35%

24%

17%

Less difficult

Equally as difficult

15%

More difficult

* Asked of Level III only

CFA Institute

June 2015 CFA Program Candidate Survey

MOCK EXAM
33% of candidates using
the mock exam thought
the actual exam was
more difficult than the
mock exam, with a
higher proportion at
Level III (46%) finding
the actual exam more
difficult compared to
those at Level I (37%)
and Level II (only 21%
found the actual exam
more difficult).

Did you think the actual exam was more difficult,

equally as difficult, or less difficult when
compared to the CFA Institute mock exam?
Less difficult

Equally as difficult

More difficult

21%
33%

37%

46%

45%

47%
50%
47%
34%
20%
Global

CFA Institute

13%
Level I

June 2015 CFA Program Candidate Survey

8%
Level II

Level III

EXAM FEEDBACK
Difficulty of Exam Questions
PLEASE INDICATE THE DEGREE TO
WHICH YOU AGREE OR DISAGREE
WITH THE FOLLOWING STATEMENTS:

9%
Less difficult than
expected

28%

As difficult as expected

exam questions were

93% The
based on Learning Outcome
Statements (LOS).

63%

exam fairly represented the

91% The
CFA Institute-assigned

Clarity of Exam Questions

curriculum.

89%

The exam questions covered

subject matter of importance
to investment professionals

More difficult than

expected

2%

17%

25%

Always clearly written

Mostly clearly written
Sometimes not clearly
written
Often not clearly written

56%
Percentage of those who answered agree or strongly agree displayed
Scale: Strongly disagree, Disagree, Agree, Strongly agree and No opinion (excluded)

CFA Institute

June 2015 CFA Program Candidate Survey