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Essays, minutes and partial credit

Yes, you can always say “get it all right and you will not have to worry about partial credit”. Reality is, however, that our average score on essays will be considerably lower than on MC questions. So every point will matter.

Having that said, I was wondering how are CFAI graders going to award us partial credit on the essay portion of exam. We know essay part is worth 180 points (equal to minutes) distributed among different topics.

Consider this example: you are to list three items (i.e. reasons for high risk tolerance) and the whole and correct answer is worth 6 points. What do you get if you answer 2/3 questions correct? Is it 4 points? Or worse if you score 1/3 do you get 2 points?

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^This is how I graded myself, though I have no idea.

But when there is a calculation and I didn’t end up with the correct result, I gave myself zero, even if there were parts I did correct.

Eg. I screwed up nominal and real required return.

Yes that is how I exactly grade myself too - no partial credit for incorrect calculation even when I make silly mistake but get everything else correct.

But it would worry me if their way of calculating score was something like this: is the question fully and accurately answered? If yes, give full credit. If no, give only 10% of the allotted minutes. This would make the test way harder.

Would you know if they give partial credit like 0.5? haha

every score counts.

It's a long shot, gotta make it.

Y’all are getting wrapped up in grading nonsense, which you shouldn’t be worrying about at this point. If they as you to list 3 items and you get 2 = 4 pts. Stop trying to complicate this.

Pray in the AM, Slay in the PM

This one is easy to grade.

The hard one is the question asking for special circumstances without listing how many they are looking for.

You could list not enough, or too many that are not included in the guideline answer.

If they’re expecting a certain number of responses, they will tell you how many answers to list.

If you can, get your hands on a Kaplan mock; they do a fantastic job in breaking down how your responses should be scored.

Pray in the AM, Slay in the PM

CFAI graders do give partial credits. For example If question asks to identify 2 biases and carrying 5 points, then most probably 2 points will be given to identifying biases and 3 for justification. So even if justification is wrong and names of Biases identified are correct, 2 points will be awarded.  Same goes for calculations. Steps carry points, so if candidate has first 2 steps correct he/she will get points for them.

sp03673 wrote:

CFAI graders do give partial credits. For example If question asks to identify 2 biases and carrying 5 points, then most probably 2 points will be given to identifying biases and 3 for justification. So even if justification is wrong and names of Biases identified are correct, 2 points will be awarded.  Same goes for calculations. Steps carry points, so if candidate has first 2 steps correct he/she will get points for them.

I have heard this to be true as well and the Schweser live mock had a similar scoring rubric. 

Regarding partial credit.  I heard 90% of the partial credit score when on the cusp is the legiability of your handwriting and length of response.

Long essays written fast and sloppy receive no points….Just a rumor I am starting here.  I hope this doesn’t violate my code of ethics.