What is a passing score on level 1?

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CorvetteMan

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I have heard that 70% is considered very good. Can anyone give me an estimation what percentage of the questions you must answer correctly in order to pass? thanks
 
Not sure, seems like it varies each year. I think 70% is a safe target score to actually pass the test.
 
70% will always pass. As for getting less than that, we really don't know because actual scores aren't released. Perhaps as low as 66% might pass, but do you really want to do the bare minimum?
 
exemplaria Wrote:
-------------------------------------------------------
> 70% will always pass. As for getting less than
> that, we really don't know because actual scores
> aren't released. Perhaps as low as 66% might
> pass, but do you really want to do the bare
> minimum?


I'll be ecstatic if I pass at all, regardless of what my actual score is. It's like the saying goes:

You know what you call a surgeon who graduates at the bottom of his class? "Doctor"
 
Check the other posts of minimum pass rate. The minimum pass rate is 70% of the mean score of the top 1% of candidates. Therefore if you get 70% your flying.
 
jamespucyk is exactly right. And remember, nobody has ever aced any level of the CFA. So, my guess is that you have to get above ~66% or something like that...
 
Trick as I see it is get the hardest test you can find, then figure the exam will be a bit harder (i.e. be pessimistic) and factor in another margin of error for getting flustered and time management. Also assume a score of 100% for the top 1% of students, meaning at a 70% pass rate and adding reasonable margin of error/standard deviation 12.5% 1.125 * 70% would yield an 80% on a test would be a good proxy for success on the exam.
 
If you are scoring a 62% on the practice exams, I'd still show up. After having been through this bloody process, I'm convinced no one ever scored a 95%, let alone a 99%. I've passed the exam after my best guestimate yielded me an exam score of 59%

The questions are pretty tricky and the material is very broad, so no one can know it all, even a full-time CFA candidate.

Samatnyc, CFA
 
The best score on the June 2005 exam was 232 - nearly 97%. I think it might have been me.
 
Hi,
Does any one know if there are different passing grades for the CFA level 1 exam - like Distinction, High Pass etc? What I mean is does the CFA result sheet distinguish between two students one of whom got 90% of the questions right and the other only 60% but both passed the exam?
Thanks.
 
FFG,
No, and as soon as you start studying, you'll see they frown quite heavily on that sort of thing. For example, you're not allowed to say "I passed all three tests in three consecutive years" - They don't want charterholders trying to imply some are better than others.
 
Thanks exemplaria. That's good because otherwise I would feel I shortchanged myself of a good score or higher grade by starting so late. :)

FFG
 
samatnyc Wrote:
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>
> The questions are pretty tricky

Is this true? That the questions are tricky? A coworker of mine who failed the first time says it's so. However, none of the practice questions that I'm doing (from Scweser review books or my review course) seem tricky at all. So I'm a little worried about preparing adequately.

So I really appreciate some opinions from people who have taken L1 about whether the questions on the actual exam are tricky.
 
Level I has a lot less curve balls than LII or LIII. That's the good news. The bad news is that their multiple choice answers require an essay-like knowledge; i.e.:

What is pi?

A) 3.14159265
B) 3.14160265
C) 3.14159266
D) 3.14160266
 
I did not find L1 questions to be "tricky" at all. The ethics questions will always be tough, as they are always subject to interpretation. They're not going to try and trick you based upon rounding. They also won't likely ask you to do an extremely calculation heavy question, like calculating a standard deviation given just a data set. They might ask you to calculate an corelation, but will give you covariance and both standard deviations, just to make sure you understand the theory.
 
It's been a while for me since Level I. But a trademark strategy of the exam is to include two problems in one question, especially in ethics. Sadly, the only solution is to know ENOUGH of the material COLD -- not all of it somewhat, or a little of the curriculum perfectly--to pass.

If you know the material, then the questions will not be tricky on LI. But there will be almost no help from the wording of the questions or the answers. Some find MCQ exams easy because they are good at eliminating wrong answers. That's not the case on the exam.
 
Yeah, they did that in every section. Common example: What's this accounting choices effect on Ratio A and on Ratio B. I remember one question from L1 where they asked: Are you allowed to accept a free lunch from this guy, and do you need to report it? I think I changed my answer 3 times.
 
I know that feeling. That deserves a nice round, "Those b@stards!"
 
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