MPS Myth Debunked

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!

+edited for reformatting of score breakdown so it is readable

am sure you mean derivatives and alternatives will give you 24 questions not derivative alone

In my own opinion I believe the ethics bump is purely 1 point. So if you got 63.33% and the MPS was 64% (76 questions right vs 77 which would be greater than 64%) then you would get the ethics bump. Pure speculation from me though.

You’re correct, I got 65% and failed with my score line literally ever so slightly below the MPS line. Therefore given I got 78/100, my guess is the MPS was 79 or 80 / 120 i.e. 66%. Seems a tad high considering 70% is a certain pass according to Wiley

I do wonder whether this was a tactical unintended overcorrection for a very slight drift up over the last 5 years in pass rates vs. a strategic long-term move to raise the bar for level 2 as a whole? The Series 7 & 65, while insanely easy, did this from a strategic level when they moved the score from a 69 to a 72 and it took out a huge amount of candidates initially. Something tells me they did this from a longer-term strategic level for two reasons 1. Preserve the prestige of the exam 2. Over-emphasize the practical application port of the charter process. Level 1 is essentially just general breadth as an appetizer and Level 3 is PM/Wealth management which as an industry, is making small rocks into smaller rocks once you get the core concepts. Level 2 is really where the meat is from a pure steward of capital standpoint. Unfortunate that we were the guinea pigs as a 61-65% almost always guaranteed a pass from looking through forums in prior years.

The series 7 is a complete joke of a test. I remember scoring a 93 on it with about 3 weeks of studying while having a full time job in another industry.

I do hear about our new hires that are failing the 7, and if they cant pass that, probably not a good sign for them to start a tough new job.

I passed and I am pretty positive that I scored 65% 78/120. I’ve got my ethics at 75%.

Here are my views on the MPS for CFA Level 2 this year:

I think the reason the Ethics Bump might not have happened this year is because, it seems, there were many candidates in that situation this year who would have passed with Ethics Bump. If that had happened, the Total Pass Rate would have increased beyond 50% which CFA Institute might want to restrict to Mid to High 40% (between 45% to 47%). That’s why They might have decided NOT to apply Ethics Bump this year.

ResultsbreakdownCould you share results split rainman?

I got 65% (78 marks) with 75% in ethics and did not pass… therefore appears no ethics bump!

Is it possible for you to share your detailed scores please?

Hey sydneyguy, any chance you could break down my score?

https://imgur.com/a/JR4U2CR?

Thanks man

That’s probably right. My overall score was just below the MPS and I got easily 95th percentile in ethics…

Approximately 98/120

So, you are the one who set up MPS so High this year. Congratulations.