Chartered Financial Analyst has not yet released specific passing standards, so we are all guessing how many points candidates will pass the CFA exam.
The following criteria are estimated based on the actual passing situation of candidates over the years: the number of correct answers for candidates ≥ 70% of the average number of correct answers for candidates ranked in the top 1% of global performance rankings.
For example, if the total number of test questions is 240, and the average number of correct answers for the top 1% of candidates globally is 220, then candidates must answer 220 * 70%=154 questions correctly to pass this exam.
In the exam, each subject will be scored separately, and the scores for each subject are divided into three levels: ≤ 50%, 51% -70%, and ≥ 70%. The CFA Association will compile a weighted average of candidates' scores in various subjects to assess whether they can pass the exam;
CFA Exam Marking Method:
The grading method for CFA multiple-choice questions is machine scanning grading. To ensure fair scoring, the CFA Association adopts multiple quality monitoring procedures, including checking damaged answer sheets and randomly selecting about 5% of samples for independent review.
The *uation of the CFA Level 3 exam is more complex as it involves IPS writing. Every year, the CFA Association gathers 700 CFA licensees at its headquarters in Charlotte, Virginia, USA to participate in the grading process. During the grading process, the identity of each candidate will be kept absolutely confidential. The examiner only knows the candidate's number, name, nationality, and other information, which are all blocked. All of this is for the fairness, impartiality, and openness of the CFA exam.
After a week of work, the grading work has been preliminarily completed and will enter the senior grading process. At this point, the scores of the candidates will be arranged from high to low, evenly divided into four score ranges: upper, middle upper, middle lower, and lower. Senior reviewers will re grade papers with grades in the upper and lower middle score ranges (papers with grades between the 25th and 75th percentiles), and cannot participate in the re grading of previously graded papers.
