Grading System

How Does the CFA® Exam Grading System Work?

Before you choose to take on the Level 1 CFA exam, good sense should direct you to comprehend the CFA scoring framework. How is the CFA Exam scored? Would you be able to procure fractional credit for an inquiry? How might you know whether there is a potential blunder in your exam score? Furthermore, what on earth is the Minimum Passing Score (MPS)? These are altogether acceptable inquiries, and we are here to answer them for you.

Numerous Choice

All different decision inquiries on every one of the three levels of the CFA exam are machine-evaluated. About 10% of exams will be re-reviewed by hand to check for irregularities and guarantee the machines are evaluating precisely. During the reviewing time frame, the lucidity and legitimacy of various decision questions might be reconsidered dependent on patterns in outcomes and grumblings documented during testing. Any inquiries considered hazy or invalid will consequently be credited toward your score.

Since numerous decision reviewing is done generally by a machine, results are normally accessible for the Level I and II exams inside 60 days from when you stepped through the examination, contrasted with the Level III outcomes, which can require as long as 90 days because of that Level's built reaction segment.

Developed Response

The Level III exam article partitions are reviewed by a world class group of CFAs Charterholders who meet in Charlottesville, VA, for about fourteen days to review those inquiries. The graders are part into bunches relying upon their claims to fame, and each group will deal with one explicit inquiry identified with that strength. An arrangement of junior graders, senior graders, and graders that grade different graders is set up to guarantee there are no missteps. Subsequently, each article is given as reasonable and level of a battleground as could really be expected. Graders never see your name, your different reactions, or even the evaluating focus where you stepped through your exam.

Besides, expositions that fall in the center half of the conveyance of paper scores are reviewed a second time by an alternate individual. This progression guarantees that if an article isn't outstandingly above or sub optimal (in which case there is little need to review once more), it will get a subsequent look. On the off chance that the first and second scores vary, it gets evaluated a third time, just no doubt.

Least Passing Score

After each round of exams is scored, a MPS is allocated. It’s absolutely impossible to understand what the MPS will be since it changes each year and isn't accessible to the general population. So how could it be chosen? To decide the MPS for an exam, the CFA Institute Board of Governors (The Board) altogether breaks down each question on the exam. The Board surveys each question for its trouble and makes an autonomous judgment of how well they would anticipate an "equitable able" possibility to perform on each question. The Board at that point incorporates these investigations to decide the base score expected of a capable competitor, subsequently the MPS.

By this point, the Board has effectively decided the exams' mathematical scores, so it turns out to be just a matter of applying the MPS to choose whether that score comprises a passing or bombing grade. Mathematical scores are not given to applicants, just a score report that demonstrates a pass or come up short.