The Need for Change: Compare the LIFA Exam Program vs. Other Exam Programs
Our Litmus Test: Do our policies serve the candidate's interest or our interest?
The International Research Association - Where Candidates Come First
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LIFA Exam Program |
Other Exam Programs |
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Exam registration and enrollment fees continue to be the biggest Money Grabs in the investment industry.
How much are the exam registration and enrollment fees? |
$90 to $580 |
$815.00 to $1,120.00 just for registration and enrollment,
plus textbooks and/or self-contained volumes.
Total cost for 3 levels can exceed $6,000 if you fail the exams. |
The Money Grab - The fundamental question is: Why would anyone choose to pay between $815.00 and $1,120.00 merely to register and enroll for any elective exam? After all, what are the variable costs an exam administrator would sustain to print an extra exam booklet and provide an extra seat at an exam center for you? The answer is virtually zero. So, where does your money go?
The answer we received is that the registration fee is to put your information into a computer system, but even CFA Institute could not say what the enrollment fee is used for.
Clearly, basic exam registration and enrollment fees should not be expensive. Furthermore, fees should not be collected to pay massive salaries of bureaucrats who then also require candidates to buy textbooks or self-contained volumes from them. All this is known in the industry as The Money Grab. We believe that no candidate should be prohibited from taking an exam because of costs and fees.
The second Money Grab is when a so-called non-profit exam administrator charges $395 + shipping for hard copies of curriculum materials that could very easily be distributed to its candidates via PDF format.
The same non-profit exam administrator forces candidates to pay an additional late fee "penalty" for the next exam because the arbitrary fee schedule deadlines expire before exam results are released for the first exam. Many candidates are unaware of this unfair practice. In fact, a source at that exam administrator reported that the individuals involved in making this policy want to remain anonymous and are not willing to change this practice.
Again, the driving force for all the money-grabs is to cover all the expenses associated with the size of the bureaucracies. In fact, it has been reported that the compensation packages of the 50 highest-paid employees at CFA Institute are secret for some reason, even while extolling the virtues of transparency and disclosure to its candidates.
The International Research Association is very sensitive to these issues, maintaining budgetary constraints, minimal bureaucracy, a sound business model, and a pledge to avoid patterns of a pompous attitude toward anyone.
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| May I bypass the first two exams and sit for the third through your Waiver Program? |
Yes |
No |
The CFA exam program had waivers in the past, but they discontinued their waiver program. The LIFA Exam Waiver Program is available now, allowing you to bypass the first two exams, saving candidates valuable years. You may sit for the Level III LIFA exam now, on a date you choose, not two to five years from now.
We believe that no candidate with sufficient knowledge to pass the LIFA exam should be prohibited from taking an exam because of arbitrary time delays between exams or because of arbitrary exam dates set by others. |
| Are my exams graded by an independent, third party? |
Yes, Prometric |
No |
Independence and objectivity are important to candidates. Like the CPA exam, the leading designation for accountants in the United States, LIFA exams are graded by an independent body, ensuring complete objectivity. There is no chance of grading bias because of human interpretation or judgments. Even more important to some, the LIFA exam is not graded by current charterholders, thus avoiding any accusation of "excluding members to the club."
Specifically, all LIFA exams administered worldwide are graded by Prometric, utilizing a secure electronic exam tabulation system.
For some reason, CFA exam fees are not refundable under any circumstances, which many candidates do not understand until it is too late. Conversely, LIFA exam scheduling with Prometric is very accommodating for our candidates. If you want to change your exam date, simply be sure to do so with at least five-days notice, for no charge. Candidates demand the flexibility that we deliver.
The LIFA Program offers exams 270+ days each year, at thousands of secure locations worldwide. Prometric exam centers provide test-takers with a consistent, quiet, and comfortable testing environment. A poor testing environment should never be allowed to impact your exam performance.
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| How many days a year may I choose to sit for an exam? |
270+ |
2 |
| Are my exam fees refundable if I need to change my exam date? |
Yes |
No |
| How many locations may I choose from to take the exam? |
3,500+ |
Less than 175 |
| If I fail an exam, how long must I wait to retake that exam again? |
Any Level:
45 days |
Level 1: 6 months
Level 2: 1 year
Level 3: 1 year
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If LIFA candidates are ready to sit for an exam, they are allowed to set their own exam schedules.
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| When I pass an exam, how soon can I take the next Level? |
Any Level:
15 days |
6 months to 1 year
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| Have general requirements changed between a candidate's initial candidacy and receiving his or her designation? |
No |
Yes |
The International Research Association believes it is wrong to change the rules for candidates after they enter the LIFA Program and prior to receiving their designation. Such practices by other Programs have led to candidates dropping their efforts, and considerable time and money wasted. Clearly, changing the rules "in the middle of the game" is not in the best interests of candidates.
If you are considering another exam, we strongly encourage you to obtain, in writing, an agreement that the general requirements, and in particular, work experience requirements will not change during your candidacy.
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| Am I required or strongly encouraged to buy additional products or services from you for exam preparation? |
No |
Yes |
The International Research Association believes there are inherent conflicts when a testing administrator requires purchase of additional products and services for its own exam that many candidates do not need and/or cannot afford.
Accordingly, the International Research Association does not offer any exam prep material for sale.
Talk to other candidates. There are numerous discussion boards on the web where you can see other candidate's experiences with exam administrators. Become an informed candidate, and remember that "buyer beware" applies when choosing your exam program. Make sure it serves your best interests.
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| Is the designation growing? |
Yes |
Little to no growth |
Years ago, some designations boasted of their size with claims such as "the largest one day exam." Apparently, those claims have been muted in the past few years because of declines in registrations and enrollment, and the fear of publicizing that their candidates could only take the exam on one day.
The International Research Association's growth is indisputable, as evidenced by the numbers of candidates registering for the exam and scheduling their exam appointment with Prometric. Some believe we are growing too fast. Others say we are not growing fast enough. In fact, our growth has exceeded our expectations and those of our board, all while maintaining our revolutionary business model.
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Can we make these important differences clearer? Contact us and let us know. |
