(1) Is this rule official? Could someone give me the link on CFA website on this rule? Thanks. (2) Should the rule be interpreted as below: if you are <=50%, then take 40% of the Max Pts in that category (Does this mean that the rule favors those 1-39% and hurts those 41-50%?) if you are 51%-70%, then take 60% of the Max Pts in that category (Does this mean that the rule favors those 51-59% and hurts those 61-70%?) if you are >70%, then take 80% of the Max Pts in that category (Does this mean that the rule favors those 71-79% and hurts those 81-100%?) Divide by the Total number of Pts, which is 240 (120 in the morning and 120 in the afternoon) This will give you a score for the morning and the afternoon Average that number to get your total score. morning: 63% afternoon: 56% Total: 59.5% PASS!
Is CFA still use this 40-60-70 rule? Candidates who have taken the exam receive a score report that is intended to be fairly unspecific: there is no overall score for the test, only a Pass/Fail result. For each category of questions, each test-taker is given a broad range within which his or her performance falls: below 50%, between 50% and 70%, and above 70%. The passing grade for the exams has been defined as 70% of the top percentage of exam papers until 1989; since then, the grading method is not explicitly published.[12] and the minimum passing score is set by the Board of Governors after each exam. The Board of Governors review the results of a Standard Setting process and input from psychometricians. Standard Setting is a process by which CFA Charterholders from around the world review the exam and recommend, for each question, a minimum passing score for the “just qualified candidate”. The minimum passing scores for each question are aggregated and presented to the Board of Governors as a recommended minimum passing score for the entire exam. The Board of Governors is not bound by this recommendation, but does recognize it as very important information.
If I’m not wrong Portfolio, CFA uses the 50-70-100 rule, or the 0-50-70 rule. Dam, I wish I had more info. One thing is certain though, once we all attain our charter, we can then apply to be on the board of governor’s and hence we will know exactly what grading system they use. The tried and trusted method to passing the CFA is study hard, prep well and score above 70 in all topics. Ohh, I should have done all that before Dec 1.
sweft Wrote: ------------------------------------------------------- > If I’m not wrong Portfolio, CFA uses the 50-70-100 > rule, or the 0-50-70 rule. Dam, I wish I had more > info. One thing is certain though, once we all > attain our charter, we can then apply to be on the > board of governor’s and hence we will know exactly > what grading system they use. The tried and > trusted method to passing the CFA is study hard, > prep well and score above 70 in all topics. Ohh, I > should have done all that before Dec 1. and you didn’t?
I was not aware of this rule until now. Very interesting.
This is not a rule that CFAI uses. This is just simply a means to GUESS your overall score. You will only receive a Pass or Fail and a breakdown of relative performance by topic area. It will look something like: Q# Topic Max Pts <=50% 51%-70% >70% - Alternative Assets 12 - - * - Derivatives 12 - * - - Economics 24 - * - - Equity Analysis 24 - - * - Ethical & Professional Stnds. 36 - - * - Financial Statement Analysis 68 - - * - Fixed Income Analysis 24 - - * - General Portfolio Management 12 - - * - Quantitative Analysis 28 - - * You can then use the topic weights and range to GUESS your score. So, Alt. Ass. would be (12/240)*80 then Derivatives (12/240)*60 etc.
Thank you hueion for clarifying it. It makes great sense. hueion Wrote: ------------------------------------------------------- > This is not a rule that CFAI uses. > > This is just simply a means to GUESS your overall > score. You will only receive a Pass or Fail and a > breakdown of relative performance by topic area.
Total points is 180 per session, 360 total. Not 240 total.
CFAI sets the Minimum Passing Score by something called the Modified Angoff method. The get a numebr of experienced charterholders to estimate what % of “minimally qualified” candidates would get that question correct. Then they average the individual questions’ scores to get the MPS.
Based on what people on the forum have shared about their estimated scores from the 40/60/80 estimation, it seems like the MPS is usually somehere between 65 and 70.
yes