ymichael12
New member
- Jun 18, 2026
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Info is taken from the link here
http://www.cfainstitute.org/cfaprog/university/pdf/curriculum_exam.pdf
&
http://www.cfainstitute.org/cfaprog/overview/pdf/IntoOur5thDecade.pdf
1. Exam Grading
--Eight scanning stations �2 employees per station
�Visual inspection of each answer sheet
�Manual grading on a sample
�Manual review of blanks and double marks
2. Standard Setting
�Utilized by many credentialing programs
�Design, training, management and analysis by independent psychometricians
�Use the widely-accepted Modified Angoff method
�Recruit diverse group representing member and candidate demographics
�20-30 charterholders per level, separated into 2 groups
�Each participant works independently to evaluate each exam question/answer
�Will the �just qualified candidate�answer correctly?
�Each participant re-scores after facilitator shares impact data
�Average score = recommended MPS
3. Minimum Passing Score (MPS)
�CFA Institute Board of Governors (who are CFA charterholders) determines CFA Exam Minimum Passing Scores
�Multiple inputs (standard setting, candidate performance statistics, quality of candidate responses, etc.) used to set the MPS
�Primary input is standard setting
�Pass rate for each level is a residual determined by each level�s MPS
December Results
Level I only
28,082 candidates sat from 123 countries
88 exam sites worldwide in 25 countries
33% no-show rate (identical to last December)
Pass rate was 39% (compared to 40% in June)
Minimum Passing Score:
The CFA charterholders among the CFA Institute Board of Governors set the MPS each year using a combination of performance metrics�70 percent of the maximum points, 70 percent of the top paper, 70 percent of the top 10 papers, and 70 percent of the top 1 percent of papers�and analysis of candidate and examination data. In addition, at Levels I and II, the results of a standard setting workshop, described in the following paragraph, are used as one of the criteria. The Board of Governors also commissioned a small group of charterholders to review Level III examinations and results and recommend the appropriate MPS.
In 1996, a methodology for arriving at the MPS�the Angoff Standard Setting Method�was introduced to the CFA Institute Board of Governors. The Angoff method was specifically developed for multiple choice examinations and has been employed as a
supplemental criterion for the establishment of the MPS for the Level I examination since that time and for Level II beginning in 2005. CFA Institute retains psychometricians� experts in the design and measurement of examinations�to conduct standard setting workshops. Workshop participants are practicing CFA charterholders. These individuals participate in a systematic process that adheres to sound psychometric practice and typically yields a workable range of MPS values. It should be extremely comforting for both charterholders and candidates to note that the results of the standard setting
workshops have been remarkably consistent with previously utilized performance metrics (e.g., 70 percent of the top 1 percent, etc.).
The standard setting results are one piece of information that the Board of Governors uses in establishing the minimum passing score. The determination of the actual MPS, however, is a policy decision that is based on a variety of information. CFA Institute professional staff and the Board will continue to monitor advances in the psychometric field to augment the information currently employed to set the MPS.
http://www.cfainstitute.org/cfaprog/university/pdf/curriculum_exam.pdf
&
http://www.cfainstitute.org/cfaprog/overview/pdf/IntoOur5thDecade.pdf
1. Exam Grading
--Eight scanning stations �2 employees per station
�Visual inspection of each answer sheet
�Manual grading on a sample
�Manual review of blanks and double marks
2. Standard Setting
�Utilized by many credentialing programs
�Design, training, management and analysis by independent psychometricians
�Use the widely-accepted Modified Angoff method
�Recruit diverse group representing member and candidate demographics
�20-30 charterholders per level, separated into 2 groups
�Each participant works independently to evaluate each exam question/answer
�Will the �just qualified candidate�answer correctly?
�Each participant re-scores after facilitator shares impact data
�Average score = recommended MPS
3. Minimum Passing Score (MPS)
�CFA Institute Board of Governors (who are CFA charterholders) determines CFA Exam Minimum Passing Scores
�Multiple inputs (standard setting, candidate performance statistics, quality of candidate responses, etc.) used to set the MPS
�Primary input is standard setting
�Pass rate for each level is a residual determined by each level�s MPS
December Results
Level I only
28,082 candidates sat from 123 countries
88 exam sites worldwide in 25 countries
33% no-show rate (identical to last December)
Pass rate was 39% (compared to 40% in June)
Minimum Passing Score:
The CFA charterholders among the CFA Institute Board of Governors set the MPS each year using a combination of performance metrics�70 percent of the maximum points, 70 percent of the top paper, 70 percent of the top 10 papers, and 70 percent of the top 1 percent of papers�and analysis of candidate and examination data. In addition, at Levels I and II, the results of a standard setting workshop, described in the following paragraph, are used as one of the criteria. The Board of Governors also commissioned a small group of charterholders to review Level III examinations and results and recommend the appropriate MPS.
In 1996, a methodology for arriving at the MPS�the Angoff Standard Setting Method�was introduced to the CFA Institute Board of Governors. The Angoff method was specifically developed for multiple choice examinations and has been employed as a
supplemental criterion for the establishment of the MPS for the Level I examination since that time and for Level II beginning in 2005. CFA Institute retains psychometricians� experts in the design and measurement of examinations�to conduct standard setting workshops. Workshop participants are practicing CFA charterholders. These individuals participate in a systematic process that adheres to sound psychometric practice and typically yields a workable range of MPS values. It should be extremely comforting for both charterholders and candidates to note that the results of the standard setting
workshops have been remarkably consistent with previously utilized performance metrics (e.g., 70 percent of the top 1 percent, etc.).
The standard setting results are one piece of information that the Board of Governors uses in establishing the minimum passing score. The determination of the actual MPS, however, is a policy decision that is based on a variety of information. CFA Institute professional staff and the Board will continue to monitor advances in the psychometric field to augment the information currently employed to set the MPS.
