CFA Level 3 - MPS Estimate

I thought the whole thing was pretty easy. Only thing I messed up on AM was time management … had to rush the last two questions. Other than that, no biggue.
 
For the 2015 CFA exam, there was a score posted by a candidate (Galli) that had this score (see below). Basically, what I did was take the best case scenario to determine what his raw score was to get a sense of the MPS that year.
Assumptions for the AM:
<50 - assumed 49% (rounded down the raw score)
50-70 - assumed 69% (rounded down the raw score)
>70 - assumed 100% (no rounding required)
Assumptions for the PM:
<50 - assumed 2/6
50-70 assumed 4/6
>70 - assumed 6/6
In the AM, the best case scenario for this candidate (Galli) was 110/180 (61%) and in the PM, it was 36/60 (or 108/180 = 60%). In other words, the raw score was 60.5%.
Of course, it goes without saying that each year has different nuances but from what I’ve read from repeat L3 takers, this year’s exam was at least on par (if not more difficult) than last year’s exam so, it may stand to reason that perhaps an MPS of 60.5% might not be too far-fetched?
Anyways, just trying to make myself feel better b/c I’m almost certain my overall score will be somewhere in that ballpark.
The score can be found here: http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/913446...
I PASSED!!
Looks marginally, but i’ll take it!!!
Essay
Q# Topic Max Pts <=50% 51%-70% >70%
1 Portfolio Management - Institutional 14 - * -
2 Portfolio Management - Institutional 17 * - -
3 Fixed Income Investments 19 * - -
4 Alternative Investments 20 - * -
5 Portfolio Management - Performance Eval. 15 - * -
6 Portfolio Management - Risk Management 14 - - *
7 Portfolio Management - Individual 18 * - -
8 Portfolio Management - Individual 16 - * -
9 Portfolio Management - Asset Allocation 15 * - -
10 Economics 14 - * -
11 Portfolio Management - Indiv/Behavioral 18 - * -
Item Set
Q# Topic Max Pts <=50% 51%-70% >70%
- Economics 18 - - *
- Equity Investments 18 - * -
- Ethical & Professional Standards 36 - * -
- Fixed Income Investments 18 - - *
- Portfolio Management 18 * - -
- Portfolio Management - Individual 18 - - *
- Portfolio Management - Monitor&Rebalance 18 - * -
- Portfolio Management - Risk Management 36 - * -
 
I think you did the PM wrong, rough eyeball looks like max is defo higher than 61%
 
You’re right Laguna - I completely undercounted Ethics and Risk management sections. It should be 44/60 (73%). So overall looks like ~67%.
I’m screwed. haha
 
Not to worry, there are a lot of ugly scores on this forum to draw inspiration from. Failing 4-5 AM sections with a mediocre PM seems to be getting it done for a lot people.
 
lotustrader wrote:
Passed. Bombed the AM hard due to time management (7 sections <50%), but crushing the PM was enough to pull me through.
Essay
Q# Topic Max Pts <=50% 51%-70% >70%
1 Portfolio Management - Institutional 14 - - *
2 Portfolio Management - Institutional 17 * - -
3 Fixed Income Investments 19 * - -
4 Alternative Investments 20 - - *
5 Portfolio Management - Performance Eval. 15 - - *
6 Portfolio Management - Risk Management 14 * - -
7 Portfolio Management - Individual 18 * - -
8 Portfolio Management - Individual 16 * - -
9 Portfolio Management - Asset Allocation 15 * - -
10 Economics 14 - - *
11 Portfolio Management - Indiv/Behavioral 18 * - -
Item Set
Q# Topic Max Pts <=50% 51%-70% >70%
- Economics 18 - - *
- Equity Investments 18 - - *
- Ethical & Professional Standards 36 - - *
- Fixed Income Investments 18 - - *
- Portfolio Management 18 - - *
- Portfolio Management – Individual 18 - - *
- Portfolio Management - Monitor&Rebalance 18 - - *
- Portfolio Management - Risk Management 36 - - *
Click to expand...
This is amazing. He bombed 7/11 in the AM, but killed it in the PM. From other 2015 scores it appears you can bomb 7-8 questions/vignettes and make it. Of course, they had more questions. I think many prepare for the AM and treat PM as an afterthought, but PM may offer the best Sharpe ratio (test alpha to study risk) to use CFAI vernacular.
 
CFAbeatmeup wrote:
This is amazing. He bombed 7/11 in the AM, but killed it in the PM. From other 2015 scores it appears you can bomb 7-8 questions/vignettes and make it. Of course, they had more questions. I think many prepare for the AM and treat PM as an afterthought, but PM may offer the best Sharpe ratio (to use CFAI vernacular).
Click to expand...
this could be the reason why CFAI made little twisted PM this time… i think they will focus at passing score with better balance this time… easy pm is preferred by many of us, including me.
 
d2rockstar wrote:
CFAbeatmeup wrote:
This is amazing. He bombed 7/11 in the AM, but killed it in the PM. From other 2015 scores it appears you can bomb 7-8 questions/vignettes and make it. Of course, they had more questions. I think many prepare for the AM and treat PM as an afterthought, but PM may offer the best Sharpe ratio (to use CFAI vernacular).
Click to expand...
this could be the reason why CFAI made little twisted PM this time… i think they will focus at passing score with better balance this time… easy pm is preferred by many of us, including me.
Click to expand...
I found PM easy. Finished in an hour and a half, reworked every question, and spent the last 30 minutes angry the CFAI dosen’t let exam-takers out early.
I used Kaplan’s QBank and I thought it was wasted money, but I now think it helped me in the PM. I had a lot of similar Qs to Kaplan’s Qbank.
 
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