Minimum Passing Score

Andrei Radu

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May 28, 2013, 11:23:48 AM5/28/13

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Gentlemen (& Ladies),

Just surfing on the net regarding the MPS on level II and managed to find some comments on the MPS, that may also interest you:

This is the first one, from analystforum:

"I’ve been thinking about the idea of minimum passing score with randomness and quessing. Let’s say CFAI wants people to get 70% right on the exam for a pass (this could be any number). They also know that people do guess and they’ll have to compensate for it. We know that, if you know you will at least get 66 questions right, and guessed on the other questions, you’ll get around 70% - if everything is random. So, there is a confidence interval for 70%, it is set at 55% (66/120) + the lower bound of the 95% confidence interval of 18 correct with 1/3 randomness.

No need to calculate this, I just ran a monte carlo simulation with 100,000 runs. It’s around 11 questions for the lower bound of 18 questions correct. (the standard deviation of 18 correct questions is 3.46)

So, this means the minimum passing score would probably be around 64% (66+11=77, 77/120=64.17%) if they want people to pass with 70%

And yes, I know CFAI has their modified angoff, and people taking the exam to test questions, and the final say is up to them„ but all of that aside, this IS the number."

This is the second one, from 7 CITY London, a very well respected financial training provider which I know:

"The MPS for CFA Level II 2012 is between 58% and 63%. The MPS range for Level II is lower than Level I. However, please don’t use this data to aim for a lower score threshold in your Level II prep - always aim for 70%. Anything lower than that - you really should step it up a notch."

any comments appreciated

Chintan Dave

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May 28, 2013, 11:58:19 AM5/28/13

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This just made me smile :)

monte carlo simulation.... LOL!

Abu Muhammad Fahad

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May 28, 2013, 3:36:12 PM5/28/13

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this just made my day... my average mock score is above the mentioned score

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