After they correlate the judgments and review them, they issue a report that provides a score range for the exam.ĬFA charterholder members on the Board of Governors of CFA Institute use this report as the foundation for setting the MPS for each level. Workshop participants go through the entire exam several times, looking at each question to make independent judgments on the expected performance of a “just-competent” candidate on each question. To get the MPS, CFA Institute conducts workshops for each level of the exam. The MPS varies for each level and is determined after each exam administration. The Minimum Passing Score (MPS) is the benchmark used to determine whether a candidate has passed or failed the exam. What exactly is the CFA Minimum Passing Score? ![]() The scheduled CFA Exam results release is always scheduled in advance with bandwidth in mind, given the high demand of candidates rightfully wanting to access their scores immediately upon release. Quality assurance double checks those reports for accuracy.Automated process generates the score report that candidates receive.This is the aggregate of the question-by-question judgments made by graders during the Standard Setting grading process. CFA Institute recommends their Minimum Passing Score.This process essentially weighs the difficulty of questions on the exam to help determine what can be deemed as a fair passing score. This is when the CFA Institute’s pool of diverse graders (“Standard Setters”) review each question on the exam to determine the likelihood of a ‘Just Qualified Candidate’ will or will not answer that question correctly (in theory). ![]() ![]() Standard Setting grading takes place over the next few days.Due to the collaborative nature of the grading process-mostly for the Level III essay portion-it takes a few weeks to complete. They validate that each version of the exam performs as expected. CFA Institute begins its official analysis.CFA Institute validates that they have received all test results for all candidates correctly.This helps them flag any questions that were confusing or did not do a good job of evaluating candidates’ understanding of the content. It’s during the days waiting for the results from Prometric that the CFA Institute reviews candidate comments and statistics on a question-by-question basis. CFA Institute reviews the exam day experience.Due to the high volume of CFA candidates, this first part of the process can take several days after the exam window has closed. Once the results are received, it is consolidated and made available to CFA Institute. Testing centers send exam data to Prometric after your test day.If you’re wondering why it takes so long to receive your results for these computer-based exams, this comprehensive, step-by-step breakdown of the grading process helps explain the timeline: Assess your baseline knowledge of the Level I CFA Program curriculum with a free CFA diagnostic exam CFA Exam Grading Process: Step-by-step This thoroughness from the CFA Institute is why it can take so long to get your results, but is critical to ensuring that the grading rubric is being applied fairly. Then, for those exams with questions where the scores of the first and second rounds of grading are different, there is a third round of grading. The middle 50 percent of the distribution of scores are graded again by someone else to ensure that marginal cases get another pass. Junior graders, senior graders, and a grader of graders not only grade the exams but also check the work of others to ensure consistency and quality. The graders do not know the names of any of the candidates or even their testing centers. The graders are divided into teams, and each team grades one question, using guideline answers and grading keys provided by CFA Institute. The essay portion of CFA Level III-known as constructed response-is graded by CFA charterholders. The multiple-choice sections in all three levels of the CFA exam are graded by a machine, although 10 percent are checked by humans. ![]() In this article, we break down how the whole grading process works and share some tips to increase your likelihood of getting a passing grade. CFA Institute then uses a methodology to determine a minimum passing score that is applied to each exam. Your CFA exam score is graded by machines and charterholders.
0 Comments
Leave a Reply. |