|Author||Topic: Grading on exam- how does it work? is there a curve? etc.|
Does anyone know the details of how the exam is graded. I am practicing with analystnotes mock exams. Is the real exam that same format with the same amounts of questions for each section? Also how does the exam get graded? Do you just subtract all of the questions you get wrong from 240 and divide that number by 240 to get your percentage? I think I heard 70 percent was passing but I have no clue if that's true or not. I just want to grasp where I am and if I am passing the practice exams I have been taking so I know how much work I have left. If anyone could help out I would appreciate it!
|Exact percentage is not known as MPS, Minimum passing score, is set by the CFAI in every exam and they don't disclose it. I don't know the origin of this information but it has become a kind of a norm to quote above 70 as passing may be due to this reason as above 70 is the upper bound shown in the result. In spite of securing above 70% in 240 questions as a whole if one focuses more in getting more than 70 in every area then success is definitely guaranteed as it ends up in getting above 70 in all 10 areas.|
|There's a phrase "No one who has scored more than 70% has failed". Now whether that's true or not is a matter of debate.
I can't tell you how the actual exams are graded but I've noticed on this website, my percentile ranking increases rapidly after 50% correct answers.
When I was scoring 50%, I was in the 17th percentile, 55% was the 35th percentile and 60% brought me up to the 60th percentile.
I would say there's a sharp curve between 50% and 65% correct.
CFA Discussion Topic: Grading on exam- how does it work? is there a curve? etc.
I passed! I did not get a chance to tell you before the exam - but your site was excellent. I will definitely take it next year for Level II.