Hello, is this test still graded on a curve?
It doesn’t really matter how it is graded. What matters is that you need to push your test results above the 70% line on all those mock exams that you will need to take before exam day.
I guess it does matter…It is relative to others how one does. If exam is very hard, it is so for everyone…
The standard belief is that, if you can score greater than 70% on every section you will pass. The marking structure changes to accommodate the new test structure and those who take it. Your best bet is just to know the material…know it really really well.
Thanks. So it is 70% and above on EACH section, or an OVERALL 70% and above. Of couse I am planning on being perpared as possible, but I am just curious. Thanks again
From what I’m told, a pass is a score of >70% from the average of the top 1% test takers. No one has ever got a perfect score. e.g. average of top 1% = 94%, then min. passing score is 0.7*(95%) ~ 66%.
“From 1963 through 1977, the CFA minimum passing score was described as being “70 percent of the total points.” From 1978 through 1989, the official CFA minimum passing score was told as being “70 percent of the average of the several best papers”, defined as the top 1 percentile. Since 1989, no one method of establishing the MPS has been utilized. The CFA Minimum Passing Score is set each year using a combination of performance metrics by CFA charterholders among the CFA Institute Board of Governors. These performance metrics include: • 70 percent of the maximum points; • 70 percent of the top paper; • 70 percent of the top 10 papers; • 70 percent of the top 1 percent of papers; and • an analysis of candidate and examination data. For Levels I and II, the results of a standard setting workshop are used as one of the criteria. The Board of Governors also commissions a small group of charterholders to review Level III examinations’ results and to recommend the appropriate Minimum Passing Score. In 1996, a methodology for arriving at the Minimum Passing Score — the Angoff Standard Setting Method — was introduced to the CFA Institute Board of Governors. The Angoff method was specifically developed for multiple choice examinations and has been employed as a supplemental criterion for the establishment of the Minimum Passing Score for the Level I examination since that time and for Level II beginning in 2005. CFA Institute retains psychometricians — experts in the design and measurement of examinations — to conduct standard setting workshops. Workshop participants are practicing CFA charterholders. These individuals participate in a systematic process that adheres to sound psychometric practice and typically yields a workable range of MPS values. It should be extremely comforting for both charterholders and candidates to note that the results of the standard setting workshops have been remarkably consistent with previously utilized performance metrics (e.g., 70 percent of the top 1 percent, etc.). The standard setting results are one piece of information that the Board of Governors uses in establishing the minimum passing score. The determination of the actual MPS, however, is a policy decision that is based on a variety of information. CFA Institute professional staff and the Board will continue to monitor advances in the psychometric field to augment the information currently employed to set the MPS.”
August2009 Wrote: ------------------------------------------------------- > Thanks. So it is 70% and above on EACH section, > or an OVERALL 70% and above. Of couse I am > planning on being perpared as possible, but I am > just curious. Thanks again No you don’t have to pass (>70) in each section. You can fail a few sections and still pass. If you fail Ethics or FSA you’re going to have to work double time to pass as those sections have the heaviest weightings. I believe it’s stated somewhere that if you are borderline pass/fail they will use your performance in the Ethics section to determine whether you pass or not.
The long posting by Chuckrox8 [found on whycfa.blogspot.com ; )] provides some insight into how CFA institute grades the exam. However, the grading process is not completely transparent (as with most exams anyway). My view is that as long as one puts in the requisite effort in studying such that the material is well understood and, for formulas, well-memorised. You’re well on your way to passing. Some study best practices: 1) Devote sufficient time to cover the material (last min cramming not encouraged) 2) Allocate attention to topics based on their weightages 3) Must do practice questions/exams & more on whycfa.blogspot.com
If you search for some old threads where people have posted their breakdown and if they passed or failed it may help you get an idea of what scores in which topics people that passed got. And as mentioned before it seems like Ethics and FSA are given the most weight and I believe the CFAI specifically says that Ethics can push a borderline score up (pass) or down (fail).