CFAI Exam Grading Process Nice of them to post. Clears up a lot of confusion regarding the grading process.

11th week - 26th August for L3?

11th week is August 16-20.

^ Monday as Level I and II results are coming on Monday.

i thought L2,L3 came out on the same day.

FrankArabia Wrote: ------------------------------------------------------- > i thought L2,L3 came out on the same day. Used to - L2 out this year with L1 via e-mail 07/26.

Still 10 days to wait for result.

It doesn’t make sense why it takes so long, I mean a lot less people take L2/L3 so it should take a lot less time even tho they have more to review. Same with L1, it takes too long.

They should covert the paper scantron format to computer-based test form (CBT), at least for L1 and L2. For L3, I guess the essay answers could be typed directly and submitted electronically at exam sites. Candidates submit their answers directly to the database and exams are marked on-the-spot. Candidates get an unofficial pass/fail on the spot, and then wait for the standardized and curved result later online. All answers are already in the database and this eliminates the data entry or scanning error, and reduces wait time. Global exams such as TOEFL, and professional designation exams such as actuarial exams P/1, FM/2 and C/4 by the Society of Actuaries has already been converted to CBT worldwide.

This would not be possible as they have to determine the MPS…

DoubleDip Wrote: ------------------------------------------------------- > This would not be possible as they have to > determine the MPS… The Society of Actuaries exams have MPS too. MPS must be approved by Board of Directors, too. Their MPS serves the same purpose to determine who passed or failed. Candidate result is a scale from 0 - 10 indicates where you rank from the MPS comparing to other candidates. Scale 6 - 10 is pass, and 6 is where the MPS is. Scale 0 - 5 is fail. Each incremental scale means a 10% band away from the MPS, same band system as CFA exams, except they also rank people who passed by bands. So, someone passed with 10 is ranked higher than someone who passed with 6, although both are passed. My point is with CBT exams, all answers and raw scores are submitted to the database immediately after exams, and attendance are also recorded. That eliminated the time needed for the shipping of answer sheets, and the scanning process. They can start the ranking and curving process right the week after exams, and come up with the MPS much faster. Candidates still wait for the official result to come but wait time is much less than before, and less than the 7 weeks time needed for scantron format.

whui, did you take the actuary exams? I am taking the first one Aug 2. This is good to know.

DoubleDip Wrote: ------------------------------------------------------- > whui, did you take the actuary exams? I am taking > the first one Aug 2. This is good to know. DD, yes, I am in progress of the actuarial exams, and I can tell you it is a much longer process and more number of exams than the 3 levels of CFA. Which one are you taking on Aug 2nd? P/1 or FM/2? Since SOA exams are not sequential like pre-requisite as CFA exams, therefore people could start with either 1 or 2, or enroll for both at the same time. After your exams in CBT format, you would probably agree CBT reduces the wait time for result. Good luck.

P/1 but thanks for letting me know you don’t need to take them sequentially, I have signed up for FM/2 as well for Aug 25. Which exam are you taking next? I got my GRE score right away after taking the exam, so agree it’s great to get the result immediately… but I don’t mind waiting for the CFA as it will have little impact on me other than to allow me to finally cross this goal off of my list. Thanks whui!!!

DD, I am excited that I bum into someone on this forum who is also taking SOA exams. It is not rare, but not very often that people study both at the same time. I am studying for exam C/4 while I am not studying L1, kind of back and forth between SOA and CFA exams depends on what time of a year. Some people said SOA and CFA exam system are two of the most difficult and vigorous global professional qualifying exam systems in the known universe. I feel like I am standing across two different boats side-by-side at the same time with one foot on each boat, i.e. I could either get both or lose both (and fall into the water)… LOL. It seems to me you are very active on this forum, and very smart that you are pending result for L3. If you pass then you are done with CFA exams… Hoo … Hoo … and sure a good time to start a new challenge. What did you get in GRE? Are you going back to grad school for master’s, or have you done your grad school already? Either way, you must be smart to have grad school, CFA, and SOA. It seems we are hijacking this thread (for SOA), and too bad there is no Private Message feature on this forum. Do you mind tell me your email address (or make it visible in your profile) so we can continue our chat by email? Also, add me to FB will work, too. Or, sign up for the Actuarial Outpost - - the largest actuarial forum in the world, and search my screen name there and then you can send me private message there. We can continue chat there. Nice to talk to you.

Hey whui, looking you up on the actuarial outpost right now. I’d stumbled upon this before. Maybe not as much fun as AF, but definitely nerdy, in a good way of course!