If so that means we can lose 54 points out of 180 points in the morning and 18 questions out of 60 in the afternoon. Am I correct?
Nobody works here for CFAI so won’t be able to answer your question.
not if everyone scored 70 !!! it’s all relative.
absolutely
I think it’s more fair if they keep it that way. They do say it as a “rule of thumb” when you take their sample tests. I think if people get 70%, they deserve to pass because that means they grasp most of the material. It’s not a competition to see who’s top 10% or 20%, but who knows the material. I think they should only curve when 70% passing score is too high. Also, the 2006 AM appeared easy, and the passing rate that year was unusually high - 76%. So I do think if everyone does well, CFA’ll give everyone what they deserve.
They determine the passing score every year and those who gets above that score is pass. It can be again 70% of test takers may pass this year.
they know how many they want to give charters to. low passing rate is because so many more candidates taking exam.
low passing rate is because we are more unprepared and have less aptitude. So says their website.
^^ So you think in 2006, it just happened that fewer people took level 3 exam than usual? I think it was more reflective of the fact that the exam was easier. Year Level 1 Level 2 Level 3 2009 46%/32% 41% 49% 2008 35% 46% 53% 2007 39% 40% 50% 2006 40% 48% 76% 2005 35% 56% 55% 2004 35% 32% 64% 2003 41% 47% 68% 2002 44% 47% 58% Source: http://en.wikipedia.org/wiki/Chartered_Financial_Analyst (CFA website should have a much more complete list but right now I can’t find it. If anyone can help… please do - thanks.)
Trend shows that whenever they hit the low score, next year they bring to higher. Hopefully they would continue this trend.
could be that the low/high passing scores the previous year scares/relaxes the next year’s candidates. I know that 49% pass rate last year was never far from my mind each time I thought that I had probably studied enough.
On a CFAI podcast the president (or whatever the guy is called) responded to a question related to passing and he said that theoretically 100% of candidates could pass. So a 70% plus guarantee pass is a possibility.
I have talked to an individual that has sat on the CFAI Board of Governors before and he assured me that 100% of the candidates that have scored 70% or higher, going all the way back to the first year the exam was administered, have passed. That goes for all 3 levels. In other words, the passing score is rarely if ever =70% and never greater than 70%.
HighYielder Wrote: ------------------------------------------------------- > I have talked to an individual that has sat on the > CFAI Board of Governors before and he assured me > that 100% of the candidates that have scored 70% > or higher, going all the way back to the first > year the exam was administered, have passed. That > goes for all 3 levels. > > In other words, the passing score is rarely if > ever =70% and never greater than 70%. if this is a true post, i’m not very surprised at all. i think the MPS is somewhere between 50-65%.
CPierce Wrote: ------------------------------------------------------- > HighYielder Wrote: > -------------------------------------------------- > ----- > > I have talked to an individual that has sat on > the > > CFAI Board of Governors before and he assured > me > > that 100% of the candidates that have scored > 70% > > or higher, going all the way back to the first > > year the exam was administered, have passed. > That > > goes for all 3 levels. > > > > In other words, the passing score is rarely if > > ever =70% and never greater than 70%. > > if this is a true post, i’m not very surprised at > all. i think the MPS is somewhere between 50-65%. Its very true. I passed level 3 in 2009 and just pop in here on occasion. I dont have any reason to BS anyone.
I heard at one point (a few years ago) that the graders take the top 10 papers; average 'em and set the curve off that subset. just a thought
The instructor for Schweser’s online level III class stated that 70% is the minimum passing score. He also went on to say that no one who has scored at least 70%, failed the exam. I believe the 2006 passing rate was a reflection of his comments being true. Good luck to all.
CFAI has stated publicly in the past that they consider 70% of the top 1% of candidates in determining the MPS (along with a bunch of other things). In theory if the top 1% of candidates scored 100%, then the MPS may be close to 70%. The more likely scenario is the top 1% of candidates score between 90-99% (no one has scored 100% yet), putting the MPS somewhere in the range of 63% - 70%
good info wanderingcfa…thanks for sharing!
wanderingcfa Wrote: ------------------------------------------------------- > CFAI has stated publicly in the past that they > consider 70% of the top 1% of candidates in > determining the MPS (along with a bunch of other > things). > > In theory if the top 1% of candidates scored 100%, > then the MPS may be close to 70%. The more likely > scenario is the top 1% of candidates score between > 90-99% (no one has scored 100% yet), putting the > MPS somewhere in the range of 63% - 70% 90%+ at any level is an insane score. I’m sure people do it for L1 frequently but, for L2 & L3 you’d have to be one of the damn curriculum writers! I’m sure some of the brightest candidates in the world can be found on AF.