There are 3 constructed response questions on CAIA L2 exam. Does anyone know how they are graded?
Are there actual humans who read through what we type and assign a score?
Is this the reason it takes 6 weeks for L2 results to be published vs 3 weeks for L1?
Yes and yes.
What would be then the best way to answer such questions? If humans are going through the questions, I am sure they are looking for certain structure, content, perhaps even length of the answer.
It’s a given that one needs to know the material and to provide correct answer, but correct can be very subjective. What type of answer would get the most amount of points?
This is my approach to this exam:
AM: aim for 75% (weighted mark 52.5%)
PM: aim to get close to full marks in ethics so 8/10 and get 5-6/10 for the other two questions
Total mark: roughly 70% which should be more than enough to pass.
Putting too much effort for the extended reponses isn’t worth it. For 2 questions with maybe 2-3 sub parts they can ask absolutely anything (including the core integrated readings). You just gotta get lucky with them asking your good topic in essays.
However you answer the question make sure that you support it. They even say a question can have multiple correct answers if you support it correctly. Definitely make sure you know ethics well because it’s a guaranteed essay question, no MC. As for the other two questions it can come from any of the other sections. Practice writing essays for all sections using the practice exams, the schweser additional essays book, and the schweser online essays. I tracked progress for every essay I wrote in each section and my score for it to work on writing essays for sections I wasn’t so good at. The sample answers they give are more detailed and lengthy than you will need but they are a good reference, try to strive for that and your answer should be sufficient. I got an outstanding on the “other-constructed responses” and a high on the ethics…guess I should’ve read more ethics but whatevs. Between CFA L1, L2 and CAIA L1, L2 I’ve read plenty on ethics.
Good advise, thank you!