cfa-exam-results

cfa-exam-resultsCFA® exam results are issued by the CFA® Institute to Level I and Level II candidates within 60 days of their exam date. CFA® Level III candidate results are issued within 90 days of their exam date.

This means that June CFA® Level I and II test takers will receive results at the end of July, e os examinandos Nivel III recibirá resultados a principios de agosto. examinandos decembro (Nivel só) recibirá os resultados dos exames finais de xaneiro.

If you are waiting for your CFA® results, pode ter algunhas dúbidas sobre o CFA® exam scoring process or what the overall CFA® pass rates mean for the exam. Let’s take a look at the historical pass rates and how the CFA® Institute grades and scores the CFA® exam.


CFA® Exam Results, pase Rates, e Grading


What are the CFA® Pass Rates for Each Level?

Como se pode ver na táboa abaixo, the CFA® pass rates for each level vary within a very tight band. Os candidatos Nivel I teñen a menor taxa de aprobación. Isto ten sentido porque este é o seu primeiro exame.

Mentres Nivel III ten a máis alta taxa de paso, Non se deixe enganar que este é a proba máis doado. Candidates taking the Level III exam include those who have passed Levels I and II or those who are re-taking the Level III exam. polo tanto, the Level III candidates pool is more experienced than first-time or ‘casual’ Level I test takers.

CFA® Exam ResultsDecember 2018xuño 2018December 2017xuño 2017December 2016xuño 2016
CFA® Level I Pass Rates45%43%43%43% 43% 42%
CFA® Level II Pass Ratesn/a45%n/a47% n/a46%
CFA® Level III Pass Ratesn/a56%n/a54% n/a53%

How is CFA® Exam Graded?

While the CFA® Institute is notoriously secretive in the way they grade the exams, they do give us some details about their methodology and overall process. Let’s take a look.


Who Grades the CFA® Exam?

o CFA® exams are both machine graded and graded by CFA® charter holders. For all multiple choice/scantron sections in Levels I, II and III, the exams are graded by machine. The essay portion of the Level III exam is graded by CFA® charter holders that travel to Charlottesville, Virginia for the very purpose to grade these essays.


How is the CFA® Exam Scored?

Once the exams are graded, the CFA® Board of Governors sets the Minimum Passing Score (MPS) for each level. The purpose of the MPS is to ensure a consistent level of difficulty and fairness across exams. The MPS is NOT released.

Because the CFA® Institute does not release the MPS, é imposible saber a súa puntuación de aprobación de cada exame. Ademáis, you do not receive one specific score when you receive your CFA® exam results. en vez, recibe unha:

  • "Paso" ou "non pasou" resultado. "Paso" significa a súa puntuación cumpriu ou superou os MPS. "Non Pase" significa que a súa puntuación foi menor que o MPS.
  • Resumo de como fixo por cada área de tema cuberto no exame, así como a cantidade máxima de puntos que pode gañar en cada área de tema. No canto de recibir unha puntuación para cada área de tema, recibe unha franxa de puntuación inferior a 50%; between 50% e 70%; or more than 70% for each topic area.

The exams are weighted across ten different topic areas. The weights differ per exam and are shown below.

CFA® Exam Topic AreaLevel Inivel IILevel III
Ethics and Professional Standards1510 - 15 10 - 15
Quantitative Methods 125 - 100
economía105 - 105 - 15
Financial Reporting and Analysis205 - 200
Finanzas Corporativas 75 - 150
equity Investments1015 - 255 - 15
Fixed Income 1010 - 2010 - 20
derivados55 - 155 - 15
ALTERNATIVE Investments 45 - 105 - 15
Portfolio Management and Wealth Planning75 - 1010 - 55

Here’s what you should take into account when you evaluate your exam results:

Max Points Available

The maximum amount of points achievable varies for each topic area.   For example, in the Level I exam, a +70% score on the Financial Reporting and Analysis topic area would hold more weight than a +70% score on the Portfolio Management and Wealth Planning topic area.

Os intervalos de puntuación son inútiles

Non pode usar rango de puntuación de cada área de tema para descubrir as súas contas reais ou se pasou ou non / non pasou resultado. Because the CFA® Institute reports the scores as a range, a mesma puntuación resumo para dous candidatos separados poden producir un paso e un non pasou. Isto é porque, como un exemplo, un candidato podería marcar un 99% nunha zona tema, mentres que outro candidato marcou un 71% na mesma área de tema.


Want to Improve Your CFA® Score?

The best way to improve your CFA® score is to study more efficiently and effectively. To do this, you will need a proper review course. You can’t expect to pass the exam on your first try or at all for that matter by simply using the study materials from the CFA® Institute. You will need something more than that.

You should look for a study guide that matches your learning style and fits within you budget. Here’s a list of the most popular courses out there. Bótalle un ollo a cada un para ver cal delas vai axudar a se preparar para o exame da mellor. boa sorte!

 

CFA® Institute does not endorse, promote or warrant the accuracy or quality of AIS-CPA.com. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA® Institute.

Kenneth W. Boyd

Kenneth W. Boyd is a former Certified Public Accountant (CPA) and the author of several of the popular "For Dummies" books published by John Wiley & Sons including 'CPA Exam for Dummies' and 'Cost Accounting for Dummies'.

Ken has gained a wealth of business experience through his previous employment as a CPA, auditor, Preparador de impostos e profesor da facultade. Today, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher.