Grading the CFA exams and releasing results is an intensive,multi-stage process that requires thousands of hours of painstaking review and quality controls.Over eleven weeks,this process follows the fastest,most efficient schedule possible,while ensuring that the scoring of the exams is in accordance with best practices in testing and that every candidate’s paper is processed with appropriate due diligence.
Weeks 1-2
Once exams have been collected and shipped back to CFA Institutefrom all locations worldwide,they are individually reconciled with attendance rosters and prepared for grading and quality-control steps.The first step in the grading process is the machine grading of all multiple-choice and item-set exam answer sheets.Numeous qualitycontrol processes ensure that answer sheets are accurately graded,including a handgraded random sample of 5-10%of candidate exams.
During this period,all comments and complaints related to the eams are investigated.CFA Institutestaff review the exam questios and answers,curriculum readings,and exam results related to each comment or complaint.Special attention is given to questions that may have more than one correct answer,or questions that aepotentially confusing or unfair.If it is determined that a questin has more than one correct answer,all correct answers are credited.If a question is determined to be confusing or unfair,all answrs are credited.During this period,the Level III essay exams are repared for the two-week,in-person grading session that begins in week four.
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Week 3
Continued quality-control measures include verifying that all answer documents are accounted for and properly scanned.Once the majority of Levels I and IIpapers have been graded,CFA Institute convenes a standard-setting workshop in which CFA charterholdes independently review the exam questions in detail to identify
the minimum passing score(MPS)that represents basic competece in the subject matter.
Weeks 4-5
Reports for Levels I and II are developed for the Board of Goverors(Board)to review in week six.The Level III in-person essay grading session takes place during this two-week period,involving more than 500 CFA charterholders from around the world who convene in Charlottesville,VA,USA.A standard-setting workshop is covened to evaluate the Level III exam.
Weeks 6-7
After reviewing the standard-setting results,the Board convenes to determine the MPS for Levels I and II.The results for Levels I and II are processed internally.Qualitycontrol measures ensure that the data are correctly entered into the system.Reports
from the standard-setting workshop for Level III are developed for the Board.The Board convenes to set the MPS for Level III.
Weeks 8-11
After eight weeks,Level I and II exam results are released and available on the CFA Institute website.Level III grading and quality-control processes ensure that scores are transferred correctly from the grading books to the computerized systems.Approximately eleven weeks post exam day,Level III results are released.
For more information on CFA exam development and grading,visit www.cfainstitute.org to read The CFA Program:Our Fifth Decade.
