If the Master's Certificate is designed to measure ADVANCED knowledge, then there surely must be some time between exams to gain that advanced training and education through additional study to allow successful completion of the requirements. The initial ABO certification is at a very basic level, and is minimal at best, so most of those who take the advance exam exam will be unsuccessful sans additional study. The ABOM is suppossed to be a measure of a higher understanding of Ophthalmic Optics, and in fact, has a very poor pass rate. I do not think allowing folks to choose which exam they take is sound academic policy, but ABO might want to consider a plan in which those who consider themselves up to the task could simply skip the basic exam and go straight to the advanced. I suspect they need all the study time they can get considering the poor pass rate, but this may be something to evaluate empirically. The real answer, in my opinion, is for the profession and industry to respect the knowledge an individual who completes the ABOM designation brings to the table. When we begin to value knowledge it will increase the numbers who wish to sit for the exam and complete the so-called thesis.
As to the theses, most are not up to publishable standards. In the past, I have reviewed many of these papers, and while the level of knowledge was evident, the formatting of the papers would not be accepted by peer-reviewed journals that I am aware of in any field. We would need to train the folks in writing and proper development of the papers for that to be viable, but the concept of a peer-reviewed journal to add to the body of knowledge is an excellent idea, and one I feel can be accomplished. There are those of us out here who do know how to do research and would be willing to provide that training if it is deemed something folks are interested in doing, but it will also require effort.
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