AM Marking - Do we get penalized for writing down wrong answers?

CFA Level III
#1

Say if a question asks how many ways to reduce a concentrated position, and they expect 2 answers ( say outright sale and a put option) for 1 mark each ; then you write those answers down in 2 bullet points plus a 3rd bullet point that’s completely wrong ( say bull spread with calls), do you get mark docked from the 2 correct points? Or do they just ignore the 3rd bullet with the wrong answer？

Just curious, who marks the morning session papers? Charterholders volunteers or paid non-finance related workers?

#2

If they ask for two answers, they’ll read only the first two.

#3

a related question: if the question is two-parts, do you get partial credit for answering the “determine” section wrong, but “justify” section right?? e.g. determine the risk tolerance is avg or above/below avg, and give two justifications.

#4

You cannot justify a wrong answer.

#5

The question asks you to list 5 characteristics of a valid benchmark. You list 3. Do you get credit for 3/5 of the points available for that question?

The question asks you to choose a response and justify. You choose the correct response, but your justification is either nonexistent or completely wrong. Do you get any credit?

#6

If you write down 2 bullets, and one of them is wrong, do you get penalized or docked a mark?

Thanks!

#7

You get credit for one correct answer.

Typically it’s two marks per requested reason (for justification), so you would get two marks for the correct answer and zero marks for the incorrect answer, for a total of two marks.

#8

Yes.

Typically one mark for selecting an answer from a list, and two marks for each requested reason (for justification).

In your scenario, you’d get one mark.