AuthorTopic: How is the CFA L1 graded
vikaskumar
@2018-05-15 17:58:49
This is my first time taking the exam. I've heard that scoring above 70% is generally considered a passing score for the CFA level 1 exam. However, does this mean that I need to score above 70% on all sections? Or is this just like an aggregate score? Or does it work some other way?

On another note, I'm assuming that you are NOT allowed to bring materials to do exam review in between the morning and afternoon sessions... is this correct?
nakane66
@2018-05-16 11:31:52
The sessions are NOT equally weighted. You can score poorly on small sections but do well on a couple big sections and still pass the exam.

You can bring materials to review between sessions as you're not locked in the exam room. You are free to do as you please between sessions, including study, though many would advise against it.

As far as 70%, it seems to be a widely held belief that nobody who has scored over a 70% on the exam has ever failed, but tha's unofficial.
rhalder
@2018-05-22 11:12:52
The passing score changes from year to year and is determined based on the Modified Angoff method. In the Angoff method, a panel of experts (charterholders in this case) assess each question and state what percentage of minimally qualified candidates should get it correct. This is then adjusted. The minimum passing score is the average of the individual percentages. Here's a link that explains Angoff and its variants more in depth.

It used to be that the MPS was 70% of the 90th percentile score. So by definition it couldn't have been greater than 70. But that changed when they went to the Angoff approach. No one really knows whether 70% will guarantee a pass. But it's probably a good bet.

CFA Discussion Topic: How is the CFA L1 graded

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