The CFA Institute, which runs the CFA exams, is notoriously coy when it comes to explaining what constitutes a pass and what doesn’t. In order to pass, candidates need to meet the minimum ‘net passing score’ across all topic areas. But the minimum net passing score is never given and varies year-on-year according to the deeply convoluted modified Angoff Standard Setting Method (explained here), which involves something to do with a set of CFA Charterholders sitting down and working out how difficult the questions really are and how easy it ought to be to pass.
　　To make matters worse, because the marks allocated to different topics vary, the institute says that strong performance in one topic won’t necessarily compensate for weak performance in another.
　　As a result, the 57% of people who didn’t pass the CFA exam yesterday may be a little confused as to why. All they can do is to sit the exam all over again in June.
　　Being inclined to control-freakery, the CFA Institute doesn’t much like people discussing their results. However, this doesn’t dissuade them from doing so. Analyst Forum contains various scores, posted yesterday, from people who claim to have passed and failed.
　　This is what the people who passed say they scored.
　　1. More than 70% in all categories.
　　2. 51-70% in Quantitative Methods and Financial Reporting and Analysis (FRA). Less than 50% in Economics. More than 70% in everything else.
　　3. 50-70% on five different sections (doesn’t specify which) and more than 70% in five others.
　　4. Less than 50% in Economics. 51%-70% in Ethics and Quantitative Methods. More than 70% in everything else.
　　5. Less than 50% in Equity Investments and Fixed Income. 51% to 70% in FRA, Corporate Finance. Derivatives, Ethics, Quantitative Methods and Portfolio Management. More than 70% in Alternative Investments.
　　6. 51%-70% in Corporate Finance. Economics, Equity,  FRA, Portfolio Management. More than 70% in Derivatives, Ethics, Fixed Income and Quantitative Methods.
　　Based on these results, we’d say that number 5 looks closest to the wind. Interestingly, it implies that you can get through the CFA having scored around 65% in most subject areas. If you have any marks to share.

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