Do the pass/fail numbers published by CFA Institute include all the registered candidates or just the ones who took the exam?

The published pass rates include only those candidates who actually took the exams. The numbers do not include no-show candidates or those who withdrew.

Why doesn’t CFA Institute let candidates know what score is required to pass an exam or what score candidates achieved on the exam?

The minimum passing score (MPS) for each level of the exam is determined by the CFA Institute Board of Governors each year after the administration of the exams. Neither the MPS nor individual candidate scores have ever been released. To set the MPS before the administration of the exams would require that an absolute standard be applied without regard to the difficulty of the exams; this could potentially be very unfair to candidates, especially across time. The Board's determination is based largely on standard setters' evaluation of exam difficulty, which can vary from one administration to the next.

I received at least 50% on almost all topics on my results score matrix, but I still did not pass. How can that happen?

Candidates should not attempt to interpret an overall passing or failing score from the results matrix information. The minimum passing score for the exam is determined by many factors, and is not a predetermined or specific percentage of the points either for individual topic areas or for the entire exam. Specifically, candidates should not necessarily interpret scores between 50% and 70% as passing.

What is the "ethics adjustment"?

The Board of Governors instituted a policy to place particular emphasis on ethics. Starting with the 1996 exams, the performance on the ethics section became a factor in the pass/fail decision for candidates whose total scores bordered the minimum passing score. The ethics adjustment can have a positive or negative impact on these candidates' final results.

CFA Institute has a policy of not releasing either the minimum passing score or individual candidate scores. Consequently, CFA Institute does not release specific information about the ethics adjustment or the candidates who were affected. The adjustment has had a net positive effect on candidate scores (and thus pass rates) in most exam sessions. The published pass rates always take into account the ethics adjustment for borderline candidates.

Do I have to pass each of the individual topic areas in order to pass an exam level?

No. As long as you achieve a total score above the minimum passing score (MPS) set by the CFA Institute Board of Governors, you would pass the exam regardless of your performance on any individual topic. However, we advise against any "test wise" strategy that recommends ignoring a topic in your study. Offsetting a zero score in a topic could be difficult. Also review the ethics adjustment FAQ for additional information.Most important, an objective of the CFA Program is to develop candidate knowledge and skills to a generalist level in all covered topics. Employers have found this is one of the competitive advantages of charterholders.

Also be sure that you have clearly stated your intended answers. Candidates who change an answer or copy material from a template to lined pages (or vice versa) should cross out any material they do not intend as part of their answer. Graders must consider all material you submit, and if there is confusion or contradictory information, you will not receive credit.

If my answers differ from those in the published guideline, will I receive any credit?

Possibly. The guideline answers are intended to show a representative candidate response given the CFA Program study materials assigned. Guideline answers may not include all alternative acceptable answers. Your answer may have received partial or even full credit.

I wrote in the margins of my essay book. Will this cause problems with scoring my exam?

Writing answers in the margin will not affect your scores; your answers will be graded. The only answers not graded are those written on question pages or pages marked "Intentionally Left Blank."

What about stray marks I may have made on my item set or multiple choice answer sheet?

Candidates are instructed not to make stray marks on the answer document as this may affect how the scanning machine reads and records information on the scan sheet.

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