@mic82 - the thread diapeared - I don’t have an answer to your second ? from CFA website - If, after investigation, a question is determined to be confusing or unfair, results are adjusted to credit all answers. If more than one answer was correct, then all correct answers are credited. GRADING Immediately upon receipt at CFA Institute, all exam materials are individually reconciled with attendance rosters and prepared for the grading and quality control processes. The first step in the grading process is the machine grading of all multiple-choice and item-set exam answer sheets. This process also encompasses a number of quality controls. In addition to manually checking all blanks, multiple marks, damaged papers, and other unusual situations, a random sample representing 5–10% of papers is independently hand graded. Another quality control during this time period is the investigation of all comments and complaints related to the examinations. The staff reviews the exam questions and answers, curriculum readings, and exam results related to each comment or complaint. Special focus is given to reviews under any of the following circumstances: multiple similar complaints, exam results suggesting more than one correct answer, or exam results that otherwise suggest that a question was confusing or unfair. If, after investigation, a question is determined to be confusing or unfair, results are adjusted to credit all answers. If more than one answer was correct, then all correct answers are credited. In 2008, more than 340 individuals from 31 countries spent between a week and two weeks in Charlottesville, Virginia, USA, exercising one of the most important duties available to CFA charterholders—grading the constructed response portions of the Level III CFA examination. The involvement of CFA charterholders in the grading of examinations is one of many checks and balances in the CFA Program designed to ensure that each candidate receives fair and consistent evaluation. The identity of all candidates is held in the strictest of confidence. Examination books identify candidates only by number. Graders do not know the name or even the geographic origin of the candidates whose examinations they evaluate. To ensure that each grader has adequate time to prepare, graders receive their question assignments, appropriate curriculum materials, and draft guideline answers and grading
Thanks. That was part of the new method implemented in 2005 for L2 right? I hope they realize that at least 4 questions were invalid or two answers were correct, those things do make a difference i think.
Wow, pretty fair in my eyes. Hopefully, they check here…
so then what q’s would we qualify in this? seems like the most likely candidates: 1. PVGO (esp if one formula in book says E1, one EOC q has E0… a bit tough) for the record, i think E1 was probably the “right” answer here, but giving points to either the E0 or E1 answer I could understand 2. transitional/mature- i’d have to see the exam again to remember if they asked about the industry or one company, but i think a decent case could be made for either of these two. growth, not so much. 3. maybe the derivs last q the mkt - FVC or mkt - PVC or whatever… maybe this is a good q, but after a few days if nobody with books or whatever can still justify a good answer, then this maybe is out of scope or not within what we were given to learn (no RFR, etc) i would almost say a few q’s like the 2 calc beta q’s were not nice considing the LOS just said DISCUSS and not CALCULATE, but that’s just me. i hit a 1/2 there so no biggie either way, but given the # of LOS’s we have already, you would hope/wish they could at least stick the calc intensive questions to the LOS’s that say CALCULATE.
On PVGO (E0 or E1), Mature/Transitional should give both answers correct. Should void the first questions for option on gold ( if option is at the money, gamma cannot be zero, therfore confusing), and contango/backwardation.
^ Unless I got all of those questions right. Then they should not throw them out ;D
of course. that’s a given. i should send in comments like that- please void q’s 1, 6, 10, and 126 (or whatever they were)… unless i got them right in which case forget we ever talked.
bannisja Wrote: ------------------------------------------------------- > of course. that’s a given. i should send in > comments like that- please void q’s 1, 6, 10, and > 126 (or whatever they were)… unless i got them > right in which case forget we ever talked. Or even better…we could get together and find the questions that a group of us all missed and all send “multiple similar complaints.”
If I pass fair. If I don’t unfair.
PVGO was very straightforward, no doubt at all that you are supposed to use E1…
If I did not remember wrongly - in the Asian paper the question with the options backwardation, normal contango and normal backwardation, S>F>E(S), which means that both backwardation and normal contango are feasible answers??
Does this mean that you get the points for a question that is withdrawn?
Bump… Am I ibterpretin this correctly?
yes. if withdrawn, then everybody gets it right.