I agree with banni that it is pointless to try to determine MPS from each score, however, I calculate 83 for myself (anx - 8 possible for fixed income, 2 for PM, and 5 for derivatives), which gives a 69.2%. However, as the range you all have determined is 65.8 - 69.2, I would guess that it is somewhere in the middle around 67.5% , as it less likely that I got 100% on the categories I got > 70 (though I feel I was at the max of everything else), so I would say 80-82/120 is MPS ~ 66.7 - 68.3%. All speculation though. I think it’s too late to really ponder over this, and as banni said, its better to focus on killing this exam next year far and beyond the MPS.
thanks bannisja …it really piss me off …bt it will be last analysis so plz bear with me …sorry @waiting lol what are you saying ??? I am also trying to help in deciding mps …but with help of my example I have given exam so I am 100 % sure that I will get atleast 4/18 in last section ….so it will make 77/120 Anyway lets assume for time being that I got 74 ( 0 In last section) Btw I want to know what is your opinion on bands ??? Like whats the difference between passing marks and band 10 …band 10 and band 9 …etc lets assume it is 3 so if mps is 79 then band 10 will lie between 77-79 and band 9 will lie between 74-76 I got band 9 …so I lie in 74-76 but I am brnging my 3 marks back here …so my total goes to 77 It means I will be in band 10 ……which is wrong I am in band 9 …so for remain in band 9 I will need to be in 77-79-band 9 79-82-band10 83- Passsssss that’s what assumption is where I can find Srs123 marks ?
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I assume the MPS is 67%…not wait, 66%. Clutter clutter
66% is as good as the grid and the assumptions. The range for the same grid can vary by 20% (50-80% in one example I did, could be even bigger spread), which means two people with the same can pass and fail. You CAN get 0 out of 18 (which is 0 out of 6 questions), and it brings average down much more than getting 18/18 brings it up. If you really want to make this somewhat more scientific, take a bunch of grids and run them through excel and see what rage of scores are possible. Then see who passed with the lowest range of scores, and then make a guess…which again means nothing much.
The major assumption that could throw you way off is that each question is weighed equally throughout the exam. The evidence indicates that Ethics is weighed more heavily for example. The number of questions of a given topic isn’t necessarily indicative of the importance of the topic as it relates to exam results. The conclusion of “Ethics is less important than FSA because there are fewer questions” is almost certainly flawed. The number of questions per topic probably has more to do with the time it take to answer a given question, depth and breadth of the topic, etc. There’s no reason to suspect the CFAI takes the results on a purely x/120 basis.
Don’t think you are correct Sweep the Leg, the CFAI gives 3 pts to each question, that is what those numbers are in the Max Pts column on your results page, and on everyone elses scores. A question in fixed income carries the same weight as one in equity as one in derivatives, etc. There is an ethics adjustment, but that only comes into play for those that are borderline.
CFA=NOLIFE This method uses no assumptions - we are able to derive both the minimum possible marks and maximum possible marks for all grids. By looking at the lowest minimum mark for a failed paper and the highest possible mark for a passed paper we are able to prove - no with assumptions that the pass mark has to be higher than 65.8% Restating the conclusion: The pass mark is between 79 and 85 (as SRS123’s minimum mark of 78 failed and mp2438’s maximum mark of 85 passed). So the pass mark must be between 65.8% to 70.8%. Given that the CFA Institute has said 70% is a pass (source?) we can revise this to the pass mark is between 65.8% and 70%
This sounds like a waste of time. Isn’t it the case that we don’t know how each question is weighted? Yes, you are trying to do rigorous analysis, but this is based off of assumptions that are highly suspect.
Oh God . this score scres me off that i may have passed on a margin… I did my min and max and also the most probable as i had done a forecast based on the questions that were compiled in the first 3-4 days of discussions… Based on that my most probable score was 87 or 72.5%… Min was 64% and max was 84%. It seems most probably cut off was around ~70% flat… Item Set Q# Topic Max Pts <=50% 51%-70% >70% Min Max Most prob - Alternative Investments 18 - - * 5 6 5 - Corporate Finance 36 - * - 7 8 8 - Derivatives 36 - - * 9 12 9 - Economics 18 - - * 5 6 5 - Equity Investments 72 - * - 13 16 15 - Ethical & Professional Standards 36 - * - 7 8 7 - Financial Reporting & Analysis 72 - - * 17 24 18 - Fixed Income Investments 36 - - * 9 12 12 - Portfolio Management 18 - - * 5 6 5 - Quantitative Methods 18 * - - 0 3 3 77 101 87
dlescook - it is common knowledge the questions are equally weighted. Here are my sources CFA Institute: http://www.cfainstitute.org/cfaprog/resources/multiplechoicetips.html “All questions are equally weighted and there is no penalty for guessing” Schweser http://www.schweser.com/cfa/about/ Level 2 The Level 2 examination consists of a total of 120 items that are divided into 20 equally weighted item sets (10 item sets per session). Each item set contains a vignette (with an average length of 1.5 pages) as well as six multiple-choice questions. Kornerstone http://www.kornerstone.com.hk/cfa.asp?cat=1 All questions are equally weighted with no penalty for guessing CFA 100 Success Secrets - 100 Most Asked Questions: The Missing CFA Exam http://books.google.com.hk/books?id=8NQYynls-cIC&pg=PA41&lpg=PA41&dq=are+cfa+questions+equally+weighted&source=bl&ots=CrffPtkJ1D&sig=9sgdTFY4SMVLoLLDC9wjfu2B5ZE&hl=en&ei=25-MSpyPAdyDkAXntK0g&sa=X&oi=book_result&ct=result&resnum=6#v=onepage&q=&f=false “The item questions in the CFA level 2 are equally weighted, giving 3 points for each question answered correctly”.
And definitively: CFA Institute http://www.cfainstitute.org/cfaprog/resources/itemsettips.html The Level II and III exams are graded for 360 points, corresponding to the number of minutes on the exam. The 120 Level II items are equally weighted, 3 points each, with no penalty for guessing. At Level III, the morning essay exam is 180 points and the afternoon item set exam is 180 points. — Your assumption that I was making assumptions was incorrect 
The method is not a waste of time.
I stand corrected on the assumptions part, though it still could be a waste of time. How exactly will you use this number (once it’s calculated) to improve your performance and / or add value?
It helped me decide whether to continue, how much incremental time I need to spend studying next year and whether to ask for a retabulation.
Well how about that, I stand corrected. Though I do know Schweser said something the effect that Ethics might be used as a tie-breaker for those that are on the cusp, but who knows… It would still be interesting to see a correlation between passing Ethics (>70%) and passing the exam as compared to passing each of the other subjects vs. passing the exam. Just a hunch but I bet the correlation would be strongest with Ethics.