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CFA L3 MPS 2018

always a fun thread. let’s speculate to pass the time.

my number is 63. 

get down with OPP

Kaplan Schweser has information on the program and your career potential as a CFA® charterholder.

84 

I need that damn email

What was that “tell” people have speculated about in previous years again?

"Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom." -Viktor Frankl

pure speculation: i think its around 61

its pretty clearly 63 (based on sketchy passing rubrics) for L2, so given the fact that candidates are naturally expected to get alot less right on the essays, i say its lower than 63

Ironically, I worked the hardest and felt most prepared for this exam and have come out feeling like Band 10/9 is where i’ll be at. There were just a couple areas that I didn’t pay enough attention to in my studies and it came up with full vengeance in the morning paper.

Consequently, I am hoping for as low an MPS as possible. I hope TommyJohn is right at 61 as I think I could squeeze past. 

.....woof

Black8Mamba23 wrote:

What was that “tell” people have speculated about in previous years again?

Post exam survey? Or something like that? 

According to my research MPS might be established using the arithmetic average between 90% percentile and 10% percentile.

If we consider 90% percentile at 77% (70% AM and 85% PM) of total marks and 10% percentile 43% (35% AM and 50% PM) of total marks the MPS would be around 60% (215-216 points over 360), depending of how well/bad these bands perform in the exam would determine the MPS. It is my conjecture but I think I am not misguided

yes, or they do this 

“Setting the Minimum Passing Score CFA charterholder members on the CFA Institute Board of Governors who have no conflicts of interest set the MPS to be applied to each examination. The board convenes approximately six weeks following the exam to determine the Levels I and II MPS and again approximately seven weeks after the Level III exam to determine its MPS. Although pass rates may fluctuate, the board’s objective is to require a consistent standard competency level across years. The board assesses the examinations’ difficulty and the candidates’ demonstrated competency. Board members consider all available information relevant to these factors. The results of the standardsetting workshops are the most important input. From the board’s perspective, standard setting is a systematic process that adheres to sound psychometric principles, providing the board with a valid range within which to establish the MPS. The board’s report, “Guiding Principles for Setting the CFA Examination Minimum Passing Score,” is available on the CFA Institute website (www.cfainstitute.org). CFA Institute staff and the board continue to monitor advances in the psychometric field to augment the information currently used to set the MPS.”

https://www.cfainstitute.org/-/media/documents/support/programs/cfa/sett...

@Blackmamba

The tell was to do with teh access scholarship link in your CFA portal.

If it is not there it was inferred that you had passed.

.....woof

When would this link disappear for those who passed?  A week before results came out?  Two weeks?

I am big into CFA-related conspiracy theories and would like to add speculative stress by monitoring the website’s links.  Kidding, not kidding.

pretty sure all of these theories are for the last week or two

@rexthedog

the tell was bullsh^t and heres why: i passed last year and intially the link didnt show up (indicating a pass) but then a few days later the link DID show up. 

BFostvedt wrote:
Post exam survey? Or something like that? 

I think it was the way the CFAI Scholarship program was shown– one box or two box, and it was only for L3.

Tommyjohn wrote:

@rexthedog

the tell was bullsh^t and heres why: i passed last year and intially the link didnt show up (indicating a pass) but then a few days later the link DID show up. 

Wait, you passed L3 or L2 last year? I don’t know if it applies to L2 did it?

"Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom." -Viktor Frankl

there was some “tell” people were going crazy about on L2 last year but iirc it turned out to be nonsense (or at least not consistent enough to know)

the tell was fake news

Meanwhile, CFAI web page has been rapidly changed. Exploit the brand new opportunities and start a new game. Btw, for vwjetty is better to skip this year round.

arbguy wrote:
there was some “tell” people were going crazy about on L2 last year but iirc it turned out to be nonsense (or at least not consistent enough to know)

It’s always nonsense.

And every year at every level candidates think that they can game the system.

This isn’t VWAP, folks!

Simplify the complicated side; don't complify the simplicated side.

Financial Exam Help 123: The place to get help for the CFA® exams
http://financialexamhelp123.com/

“This isnt VWAP folks!”

Magician, if I indeed do pass, I will miss you. 

Flashback wrote:

Meanwhile, CFAI web page has been rapidly changed. Exploit the brand new opportunities and start a new game. Btw, for vwjetty is better to skip this year round.

hahaha!! I honestly felt pretty decent about last year’s exam. 

this year….not so great. Especially the morning. So if anything I’m trying to prolong the results date this year so i’m in absolutely no hury at all. 

In the land of the blind, the one-eyed man is king.

S2000magician wrote:

This isn’t VWAP, folks!

Lol!

"Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom." -Viktor Frankl

I am hoping the MPS is at least one point or more lower than my score.

Turn to page......

Brooko wrote:

I am hoping the MPS is at least one point or more lower than my score.

Yup, my thoughts exactly.  We’re long a binary, I don’t care how deep in the money I land as long as I’m in the money…

VWJETTY wrote:

hahaha!! I honestly felt pretty decent about last year’s exam. 

this year….not so great. Especially the morning. So if anything I’m trying to prolong the results date this year so i’m in absolutely no hury at all. 

Jetta. I hope you’ll nail it this year. I felt same last year and passed.

VWJETTY wrote:

Flashback wrote:

Meanwhile, CFAI web page has been rapidly changed. Exploit the brand new opportunities and start a new game. Btw, for vwjetty is better to skip this year round.

hahaha!! I honestly felt pretty decent about last year’s exam. 

this year….not so great. Especially the morning. So if anything I’m trying to prolong the results date this year so i’m in absolutely no hury at all. 

hey dude - what were you getting on mocks last year? I know it is largely subjective but curious anyway

get down with OPP

Slim Charles wrote:

VWJETTY wrote:

Flashback wrote:

Meanwhile, CFAI web page has been rapidly changed. Exploit the brand new opportunities and start a new game. Btw, for vwjetty is better to skip this year round.

hahaha!! I honestly felt pretty decent about last year’s exam. 

this year….not so great. Especially the morning. So if anything I’m trying to prolong the results date this year so i’m in absolutely no hury at all. 

hey dude - what were you getting on mocks last year? I know it is largely subjective but curious anyway

Thanks Flashback, 

Last year when I took it I just went from start to finish and that was a big mistake. So this year I tackled the stuff I knew first and for sure was going to be points on. And the more “subjective” iffy-type material I left towards the end. I probably left about 15-18 points on the table unfortunately. So it was a ratherly devastating feeling just simply they tested areas (and you know what i’m talking about for those who took it) that was NEVER asked before and a unorthodox way? Or at least to me it “felt” different than the previous year. 

Last year I just used schweser and was in the mid 60’s but I think I was probably grading my self too soft maybe? 

This year mainly stuck to the curriculum but I took a few mocks from both Adaptprep and Wiley (just AM). Used some Levelup to complement the curriculum. Got mid to higher 60’s on them (didn’t quite finish both but probably left about 4-6 points on the table as opposed to 15-18). CFAI AM & PM both 70. And worked the past 10 years of actual CFAI exams by topic. But quite frankly, I don’t think my mocks did much to prepare for the actual real exam which I feel like I probably did worse. 

In the land of the blind, the one-eyed man is king.

I took the exam this year. Granted, it was first time, but I did several prior AMs (and other mocks). I don’t recall any topics / questions that I haven’t seen in the prior exams and mocks, nor were questions asked in different ways in my view.

If one knows the material, all questions were pretty doable and fair. If you learned to do certain calculations by heart without understanding their logic, and they thew you off with another type of calculation that you didn’t learn at all, then that’s something different.  

Anyway, 15-18 points are ca. 5% of the exam, so if you’re solid on the rest, it wouldn’t matter much as far as passing goes (if you got 75% of the rest correct, which is a pretty low threshold, you still get nearly 68% score, which should be above the MPS).

Jetty, what band were you last year?

6. So yeah I’ve got a long ways to catch up. 

In the land of the blind, the one-eyed man is king.