Ever wonder why LIII pass rates declined from 76% in 2006 to 54% in 2007??

In 1996, a methodology for arriving at the minimum passing score (MPS)—the modified Angoff Standard Setting Method—was introduced to the CFA Institute Board of Governors. The Angoff method has been used as a criterion for the establishment of the MPS for the Level III beginning in 2007. CFA Institute retains independent psychometricians to conduct two-day standard setting workshops. This method involves a large and diverse group of CFA charterholders. The lead psychometrician divides participants into two smaller groups for each level of the examinations. Each participant reviews the entire examination question by question and makes an independent judgment on the expected performance of a just-competent candidate on each question on the examination. In this way, both difficulty of the examination content and actual candidate performance are considered. The workshops result in MPS recommendations that equate to competence in the subject matter from the perspective of demographically representative groups of charterholders. The size of the group, its diversity, and its reliance on independent judgments contribute to the power of standard setting results.

exam was easy