The CFAI instructs us to aim for a 70% score in order to “insure” a pass. This seems to have changed this year, as the 3 question format seems to have moved the basic score upwards. The only problem is that CFAI never updated the guidance. Personally, I would have been ready to score 75 or 80 if I had been advised. Here is a copy of the email I sent John Rogers, President of the CFAI: Dear Mr. Rogers, I have recently achieved a “fail” on the Level II examination. And after some analysis (including a number conservative estimates), it seems likely that you have significantly readjusted the passing score (as a % rate) since last year. Although CFAI readjusted the format of the exam (to a 3 question format, still graded on a curve) I am quite sure that you did not readjust your guidance to aim for a 70% score. I (foolishly) followed your instructions, aimed for this 70% score and “passed” about 10 practice exams during the months previous to the exam. I was prepared to get this score on this 3 question format exam as to your instruction, but I now find that you have moved the goalposts. The price to this surely unintentional oversight on the part of CFAI, must now be paid by unsuspecting candidates who are only guilty of following your instructions. Speaking only for myself, if the guidance had been 80%, I would have prepared to achieve such a score. It is my opinion that you have an ethical responsibility to all stakeholders of the CFAI (Candidates, members, industry, etc.) to rectify this situation and review scores of candidates that achieved passing scores by your guidance. I would appreciate an answer to this letter. Please note that I am copying this letter in the public domain, on different finance forums. Sincerely,
Lol, I’m sure he must love you right now. On topic, you have no idea what the passing score was, which he’s gonna tell you.
Where is this guidance posted? I have actually only heard from these message boards, not the cfai site. I also believe that the MPS was under 70% on level II. I did find the test more challenging thanthe provided mocks.
Hard to believe the MPS was over 70%. Are you really making the case that you would have done better if only someone had advised you to?
I don’t think you will receive a response, but well crafted letter. ckucic is correct that you really don’t know what the MPS is and I doubt be will share it with you. The test was very challenging, and I failed it as well.
This will surely make his day. Props to you if it works.
to the OP, you have just succeeded in singling out yourself to them and have also brought their direct attention to monitoring these forums. they are most likely laughing at you now. this means that we can’t freely voice our thoughts here anymore and also risk getting singled out ourselves, for better or worse. bravo.
Good job on taking action to write the CFAI board. I feel like we were the guinea pigs in this 3-multiple choice experiment. Their mistakes they will never admit or reveal. It’s the Skull & Bones society…hahaha
LMAO
Honestly, if you’d like to write a letter to voice your opinion knowing it’s 99.99% going to be a futile effort, that’s your decision. Had I failed and gone that route, I certainly wouldn’t do it in the way that you are (to someone’s point above, would you have studied harder if they’d told you to?, and how do you know what the passing score was?). If I had failed and had decided to write a letter, it’d be about the ludicrous format of the exam which seemed to reward solving riddles more than it did testing the actual material that we were expected to know. Just my 2bps.
We know (based on other threads) that the MPS has to be at least 66%, but is likely to be much closer to 70% and up. If the CFAI never had this type of guidance (possible), then I will have to retract my argument. Niraj: yes, you should probably stop voicing your opinion now that I have blown our cover…
i nearly thought you are talking about football goal post
I am wondering about the same thing too. Has CFAI actually said anywhere that a 70% on the exam would “insure” a pass on the exam? I did recall they said many times that, the mps is not fixed and vary from years to years. And no, you can’t have the mps. The 70% = pass rule is more like a folklore that circulates among CFA candidates and 3rd party educational party, as this law seems to hold from experience. I would be surprised if CFAI actually make some kind of public statement that implies 70% is good enough to satisfy the mps. (This is like a magnet for class lawsuit action.)
skillionaire Wrote: ------------------------------------------------------- > Honestly, if you’d like to write a letter to voice > your opinion knowing it’s 99.99% going to be a > futile effort, that’s your decision. > > Had I failed and gone that route, I certainly > wouldn’t do it in the way that you are (to > someone’s point above, would you have studied > harder if they’d told you to?, and how do you know > what the passing score was?). > > If I had failed and had decided to write a letter, > it’d be about the ludicrous format of the exam > which seemed to reward solving riddles more than > it did testing the actual material that we were > expected to know. > > Just my 2bps. We are on the same page in regards of riddle-like questions and general format. But, this is a more immediate concern of mine. My letter will probably be futile, but to a large extent, I feel that the CFAI would be a better organisation if we held their feet to the fire, which in large part we fail to do.
Let me understand you. You aimed to score 70% on this exam? So, you aimed to miss 30%? And you blame CFAI for this misguided approach? No matter how many multiple choice answers there are…you may have bigger problems.
What is this going to accomplish? Get over it man. Just try again.
This is ridiculous. So you’re saying you crafted your study plan around getting just above a 70%? You should be studying to get the best score you can get. I agree with Skillionaire. If anything should be argued, it’s how they worded the questions on the test.
Agree with Topher; a better use of your time would be heading to the bar and taking a couple of shots, cursing them out while drunk, then getting back on the horse for next year. What’s done is done, time to move forward.
eltia Wrote: ------------------------------------------------------- > I am wondering about the same thing too. Has CFAI > actually said anywhere that a 70% on the exam > would “insure” a pass on the exam? I did recall > they said many times that, the mps is not fixed > and vary from years to years. And no, you can’t > have the mps. > > The 70% = pass rule is more like a folklore that > circulates among CFA candidates and 3rd party > educational party, as this law seems to hold from > experience. I would be surprised if CFAI actually > make some kind of public statement that implies > 70% is good enough to satisfy the mps. (This is > like a magnet for class lawsuit action.) Perhaps I am wrong on this point. Which (as previoustly mentioned) would kill my argument. In anycase, I don’t remember this as a guaranteed passing score, but, I seem to remember some kind of general guidance from CFAI suggesting this score.
Its not graded on a curve. They use the Angoff Method. http://www.cfainstitute.org/cfaprog/overview/pdf/IntoOur5thDecade.pdf http://www.altalang.com/beyond-words/2008/10/06/what-is-the-angoff-method/ Also, where is this analysis saying the MPS is 66% ?