Taking a whole lot of rationalizing and a really tough loss for me out of the equation, we can take something interesting from this format of the results released and dispel a big part of the MPS (at least for this year). By looking at each category you can either get with 100% degree of accuracy how many questions you got right by the lines position or within a range of ±1 questions. I’ve taken the scores of myself and one friend that failed and another who passed. The minimum questions right were between 75-78 for the failing results or a 62.5-65% for both my friend and I vs. a friend who did pass who was at 77-80 with the same method (see the below data). It is also the lowest pass rate since 2014 so it is clearly visible that the MPS was bumped up to 65% or slightly above for the first time in years and likely took down a whole class of takers who would have passed this year. They did the same thing with the exponentially easier Series 65 years ago moving it from a 68% to a 72% to cut of a huge amount of candidates. Also, one more myth to dispel re a potential ethics bump. By the below my score was in an extremely tight band between ~62-64%. Any ethics adjustment, even if worth 1-3 questions would have put me above at or above a 65%. In the past, people have always commented that being in band 10 may have been a result of an upward ethics adjustment. However, with the new reporting format I can say very confidently I was given no upward adjustment and that an awesome performance in this section did not give any different incremental benefit than any other section.
Topic — Weight — Questions — Eye Test ---- Questions Estimated — Low Band — High band (Fail)
Derivs ---- .2 ---- 24 — .6 — 14.4 — 14 — 15
Corp — .1 — 12 — .68 — 8.2 — 8 — 8
Econ — .1 — 12 — .4 — 4.8 — 4 — 5
Equity — .15 — 18 — .63 — 11.3 — 11 — 11
Ethics — .1 — 12 — .83 — 10 — 10 — 10
Fixed Income — .1 — 12 — .64 — 7.7 — 8 — 8
FRA — .15 — 18 — .78 — 14 ---- 14 — 14
PM— .05 — 6 — .5 — 3 — 3 — 3
QM — .05 — 6 — .5 — 3 ---- 3 ---- 3
Topic — Weight — Questions — Eye Test ---- Questions Estimated — Low Band — High band (Fail)
Derivs ---- .2 ---- 24 — .55 — 13.2 — 13 — 13
Corp — .1 — 12 — .65 — 7.8 — 7 — 8
Econ — .1 — 12 — .65 — 7.8 — 7 — 8
Equity — .15 — 18 — .68 — 12.2 — 12 — 12
Ethics — .1 — 12 — .55 — 6.6 — 7 — 7
Fixed Income — .1 — 12 — .73 — 8.8 — 9 — 9
FRA — .15 — 18 — .70 — 13 ---- 13 — 13
PM— .05 — 6 — .83 — 5 — 5 — 5
QM — .05 — 6 — .333 — 2 ---- 2 ---- 3
Topic — Weight — Questions — Eye Test ---- Questions Estimated — Low Band — High band (Pass)
Derivs ---- .2 ---- 24 — .6 — 14.4 — 14 — 15
Corp — .1 — 12 — .68 — 8.2 — 8 — 8
Econ — .1 — 12 — .68 — 8.3 — 8 — 8
Equity — .15 — 18 — .723 — 13 — 13 — 13
Ethics — .1 — 12 — .68 — 8.2 — 8 — 8
Fixed Income — .1 — 12 — .72 — 8.6 — 8 — 9
FRA — .15 — 18 — .70 — 13 ---- 13 — 13
PM— .05 — 6 — .5 — 3 — 3 — 3
QM — .05 — 6 — .333 — 3 ---- 2 ---- 3
I hate to be a potential guinea pig, but the fact that they are upholding the quality of the exam and keeping the integrity in the aptitude needed to pass this does make me feel better. Anyone going for this at this point has somewhat sharp elbows and while it sucks, it’s embarrassing, it makes me look like an idiot in my office, it’s my life and I’m going to keep rolling the rock up the hill until I get this. Everyone has their own path and taking it on the chin with some unwanted, but sometimes needed humility isn’t the worst thing for all of us. Keep grinding fellas and come back with vengeance in your eyes and commitment in your hearts!