link to Angoff Methoid: http://www.fma.org/FMAOnline/certifications.pdf per CFIA website: The CFA Institute Board of Governors establishes the minimum pass score for each exam. The board relies heavily on the widely accepted modified Angoff standard setting method in evaluating each exam. Standard setting, independently managed and directed by expert psychometricians, is a rigorous process conducted after an exam is administered. Each standard setting session brings a diverse group of approximately 30 charterholders together for 1-2 days to independently evaluate each question and judge whether a minimally qualified candidate would answer it correctly. The goal of standard setting is to recommend to the board a minimum passing score that appropriately distinguishes between those candidates that demonstrated mastery of the curriculum from those that did not. The difficulty of any question is considered by each standard setter in making his/her judgment about the expected performance of the minimally qualified candidate. Plausibility of distractors is a factor considered by standard setters regardless of the number of answer choices. This process considers any potential changes in exam difficulty that result from a reduction in the number of answer choices, and factors this in to the recommended minimum passing score. The standard setting process is an important step in maintaining consistency and fairness in evaluating candidate performance across years.