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Pass CFA Level 1 while only knowing 53% of the material - thoughts?
Source video from Mark Meldrum: https://www.youtube.com/watch?v=iEJm1h53jMo
My summary for those that can't view:
Caveat: He spends a lot of time stressing that this isn't a 'first-choice' strategy, he calls it a Plan B, use-in-case-of-emergencies.
- There are 240 questions in CFA L1
- You know 53% of the material, so you answer 53% correctly or 125 questions out of 240
- That leaves 115 questions
- He assumes you will be able to eliminate one question option on 30 remaining questions (so you have a 50% chance of getting the answer right)
- You answer randomly on the remaining 85 questions (33% success rate)
- That gives you 125 + 30*50% + 85*33% = 168 questions out of 240 = 70%
I'm not sure if this actually informs my study strategy at all, or it is a tool to reassure/build confidence if you are not progressing as well as you hoped, or it is actually not very useful. Thoughts?
- MPS is 70%
- You will get 100% of the material you studied for, i.e. no careless mistakes, no missed bits