|Author||Topic: How are the pass marks determined?|
|This is a dumb question, but can anyone guide? Thanks.
|Setting the Minimum Passing Score From 1963 through 1977, the MPS was described as being "70 percent of the total points." From 1978 through 1989, the MPS was publicized as "70 percent of the average of the several best papers" (It should be noted that the several best papers operationally referred to the top 1 percent of the papers). Since 1989, no one method of establishing the MPS has been utilized. The CFA charterholders among the CFA Institute Board of Governors, who set the MPS each year, use a combination of performance metrics - 70 percent of the maximum points, 70 percent of the top paper, 70 percent of the top 10 papers, and 70 percent of the top 1 percent of papers - and a reading of specific samples of marginal examinations to determine the MPS for each level of the CFA exam. The governors meet, in person, and often spend multiple days analyzing data, reading papers, and deliberating on the MPS. In addition, at Level I the results of a standard setting 11 continued workshop, described below, are utilized as one of the criteria.
In 1996, a methodology for arriving at the MPS was introduced to the AIMR Board of Governors: the Angoff Standard Setting Method. The Angoff method was specifically developed for multiple-choice examinations, and has been employed as a supplemental criteria for the establishment of the MPS for the Level I examination.
CFA Institute has retained 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 Level I standard setting workshops have been remarkably consistent with previously utilized performance metrics (i.e., 70 percent of the top 1 percent, etc.).
For several years, a process known as the Modified Angoff Standard Setting Method was performed for Levels II and III. However, prior to the 2001 CFA examination, the CFAI Board of Governors determined that the methodology did not function as hoped for essay examinations and has discontinued the Level II and III standard setting workshops.
CFA Discussion Topic: How are the pass marks determined?
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.