cityboy

Covering the central portion of the curriculum is possible without repeating questions. Every other testing body manages to do it. No curriculum changes that much year to year. So why can’t CFAI?
For example, for L3, they can set an example to change stock portfolio beta one year, bond portfolio duration the next year, shift one to the other in year 3, synthetic cash in year 4 and so on. All test similar (and core) concepts but knowing previous year’s questions would not help you answer this year’s unless you know the subject.
Maybe you are making a subtle point that’s going whoosh over my head.
EDIT: And what’s so special about L3 AM exams that they can be released, but not the MCQs (L1, L2, L3 PM)?
EDIT of edit: Ha, I know, CFAI has a set pattern for all MCQs (AABCCCCABCCBBBBAA…) and they would be screwed if we figured that out :-))