Guys I heard over the forum that we need around 70% in total and 70% in both ethics and FSA. What are my chances with 62% +3% on guess work? Is anyone in the same boat. Do we have any words from guys who passed L1 what is the minimum they scored.
I think you atleast need more than 70% in atleast 4-5 sections…Nobody knows what will be the cutoff
Not true. There was a guy who passed in June with no sections >70%.
I don’t think that there is an exact science to the grading part. I too saw a couple people who made it while failing two sections. I mean, you can fail at 10% and you can fail at 45%. There is a difference there.
It’s my understanding that there is no exact science but that the CFA Institute does come up with a minimum passing score. Some theorize that they take an average of the top 1% scores and do 70% of that as the minimum. Others say its not that simple and that they use a variety of different methods. I’ve also heard that if you are borderline passing, a good ethics score can get you over the edge. Same goes if you have a poor ethics score and are close, you fail. All that said I’ve heard of one kids score’s from June '07. Had one subject with a <50 score. Another subject (Ethics) with a >70 score. The rest he was in between 50 and 70. He passed.
You never know. Keep your fingers crossed and hopes high. I am in the same boat.
ChrisV Wrote: ------------------------------------------------------- > It’s my understanding that there is no exact > science but that the CFA Institute does come up > with a minimum passing score. Some theorize that > they take an average of the top 1% scores and do > 70% of that as the minimum. Others say its not > that simple and that they use a variety of > different methods. I’ve also heard that if you are > borderline passing, a good ethics score can get > you over the edge. Same goes if you have a poor > ethics score and are close, you fail. > > All that said I’ve heard of one kids score’s from > June '07. Had one subject with a <50 score. > Another subject (Ethics) with a >70 score. The > rest he was in between 50 and 70. He passed. Except for that weird ethics thing (which I have heard from tons of semi-credible sources but I have never seen actually on a document from CFAI), the grading procedures are well-known. Someone posted it awhile ago about the Angoff method. Do a search.
will do but I thought the CFAI would not disclose the grading procedure. I will look on this forum though. Any idea where to start? I am new to this site. Thanks
as far as i know the have never disclosed the grading procedure. some people just take guesses on this, but nothing official.
http://www.cfainstitute.org/cfaprog/overview/pdf/IntoOur5thDecade.pdf “Setting the Minimum Passing Score From 1963 through 1977, the minimum passing score (MPS) was described as being “70 percent of the total points.” From 1978 through 1989, the MPS was publicized as being “70 percent of the average of the several best papers” (It should be noted that the several best papers operationally referred to the top 1 percent of the papers). Since 1989, no one method of establishing the MPS has been utilized. The CFA charterholders among the CFA Institute Board of Governors set the MPS each year using a combination of performance metrics—70 percent of the maximum points, 70 percent of the top paper, 70 percent of the top 10 papers, and 70 percent of the top 1 percent of papers—and analysis of candidate and examination data. In addition, at Levels I and II, the results of a standard setting workshop, described in the following paragraph, are used as one of the criteria. The Board of Governors also commissioned a small group of charterholders to review Level III examinations and results and recommend the appropriate MPS. In 1996, a methodology for arriving at the MPS—the Angoff Standard Setting Method—was introduced to the CFA Institute Board of Governors. The Angoff method was specifically developed for multiple choice examinations and has been employed as a supplemental criterion for the establishment of the MPS for the Level I examination since that time and for Level II beginning in 2005. CFA Institute retains psychometricians— experts in the design and measurement of examinations—to conduct standard setting workshops. Workshop participants are practicing CFA charterholders. These individuals participate in a systematic process that adheres to sound psychometric practice and typically yields a workable range of MPS values. It should be extremely comforting for both charterholders and candidates to note that the results of the standard setting workshops have been remarkably consistent with previously utilized performance metrics (e.g., 70 percent of the top 1 percent, etc.). The standard setting results are one piece of information that the Board of Governors uses in establishing the minimum passing score. The determination of the actual MPS, however, is a policy decision that is based on a variety of information. CFA Institute professional staff and the Board will continue to monitor advances in the psychometric field to augment the information currently employed to set the MPS.”