Are Low CFA Pass Rates Financially Motivated? Here Are 8 Reasons Why We Think Not

The easiest way the CFA Institute could do away with any speculation/conspiracy theories is by being more transparent. I find their reasons for not releasing full past papers with answers (LIII morning aside) not credible.

Whilst I agree with the general argument that CFAI does not benefit from a low pass rate as they earn an annuity essentially on charterholders I do suspect that the large year on year syllabus changes are largely driven by a desire to force candidates to purchase the latest copy of the materials and not intellectual honesty.

Making large changes essentially forces candidates who have failed the at the first attempt to have to re go the entire process of purchasing CFAI books, most likely buy new provider books (kalpan ect) and possibly attend additional provider classes to cover new material. The failure rates are high because these exams are tough as nails and most candidates fail to anticipate that previous cramming university methods just dont work here. The churn of the syllabus seems to benefit the multi billion dollar education industry in my opinion

Hey @Jwa‌, I understand where you’re coming from. I agree that they could do better in detailing why past papers are not available, but looking at their entire process (and also as the team has spoken to them about similar topics) I can see why the don’t make them available. 

@RD2015, I believe every time you subscribe for the CFA exam you already get access to the CFAI books – in e-book format. You pay extra if you want them in print, too, but that’s up to you.