Grading on exam- how does it work? is there a curve? etc.

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cmg5105

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Hi,
Does anyone know the details of how the exam is graded. I am practicing with Schweser practice exams. Is the real exam that same format with the same amounts of questions for each section? Also how does the exam get graded? Do you just subtract all of the questions you get wrong from 240 and divide that number by 240 to get your percentage? I think I heard 70 percent was passing but I have no clue if that's true or not. I just want to grasp where I am and if I am passing the practice exams I have been taking so I know how much work I have left. If anyone could help out I would appreciate it!
 
Exact percentage is not known as MPS, Minimum passing score, is set by the CFAI in every exam and they don’t disclose it. I don’t know the origin of this information but it has become a kind of a norm to quote above 70 as passing may be due to this reason as above 70 is the upper bound shown in the result. In spite of securing above 70% in 240 questions as a whole if one focuses more in getting more than 70 in every area then success is definitely guaranteed as it ends up in getting above 70 in all 10 areas.
 
there is a lot of strong evidence that if you can get 70% overall, you will pass. shoot for that
 
you might want to avoid making unwarranted claims like that…. you will quickly lose reliability from anything you say going forward.
unless you were joking….plus, you would never be able to calculate your exact score - CFAI only gives you a breakdown between less than 50, 50 and 70, greater than 70 for each subject
 
Although you want to aim for 70% in each section, I would argue your “at-home” performance would be slightly difference then your “at-exam” performance (anxiety and all). So if your just crawling over the 70% mark, I would argue that your looking at a 60% overall at exam day (gross generalization I know, but it’s the concept that counts).
Just something to think about in your studies. 70% is good, but build a buffer into your comfort zone just in case.
 
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