When will I receive my NOV 2022 CFA exam results? 🇧🇷 SOLEADE (2023)

The email will tell youif you have PASSED or NOT APPROVED. In addition, you have for your Level 1 and Level 2 examlearn more about their performance on specific topicsrelative to other test takers (see your CFA Institute account for more details). This information can help you prepare for future exams.

In order to pass your CFA exam, you must achieve the minimum passing score (MPS).set individually for each completed exam. However, the MPS may vary over the yearswill probably never exceed 70%. However, neither the MPS nor the score of each candidate are ever released.

So,you'll never know for surehow many points you have scored or what percentage you have achieved. One can only say:
and APPROVE Did you know the MPS or were you close enough?ethically appropriateto move you forward
if you failed You were under the MPS or thatethically appropriateworked to his detriment.

In order to maintain high qualification standards, theMPS will also be set up as usual for the new CFA 2021 computer-based exams.

The exact value of MPS is determined by the CFA Institute Board of Governors, which meets after the exam to set it. The determined MPS value is within the valid range established by the modified Angoff method, which provides an empirical basis for accounting for MPS. Using the method, a large and diverse group of CFA certificate holders assess both the difficulty of the exam and the candidate's actual performance before finally determining the MPS.

are you ok The CFA Institute is very secretive about our findings and almost no hard facts can be provided to fill the information gap.However, let's wrestle a bit and try to draw some conclusions from what we know.

First we need to create common ground.

let's take thatCFA Level 1 exam, for example. exist2 exam sessions with 90 exam questions each. It does180 questionsfor the entire Level 1 exam. Assuming each question is worth 1 point, we end up with the maximum total score of 180 points. for a wrong answer,no points will be deducted.

Considering the general assumptions and facts about CFA exam results that we have provided above, we can discuss some scoring issues and dispel some popular myths:

Question 1: Is the passing score over 70%?

Question 2: Do I have to pass all subjects to pass my CFA exam?

Question 3: Can I do something wrong in ethics? There is an ethics balance!

Question 4: Does theme performance objectively indicate which themes need improvement and which are performing well?

Question 1:Is the passing score greater than 70%?

Question 2:Do I have to pass all subjects to pass my CFA exam?

Question 3:Can I do something wrong in ethics? There is an ethics balance!

Question 4:Does theme performance objectively indicate which themes need improvement and which are performing well?

P-1:Is the passing score greater than 70%?

Forget it!

For real,most likely the MPS is slightly below 70%. To test this observation, let's examine the following situation:

Expect 75% MPS. You will receive a notification of your CFA Level 1 exam result. In the subject performance information, you will see that you have scored over 70% in each subject. However, your quiz grade message is FAILED. They are confused: "Why did I fail? All of my topic scores are above the 70% threshold, which according to the CFA Institute is a reasonable sign of topic mastery.”.

Therefore, the MPS cannot exceed 70%. Otherwise, as in our example, you could always get confused about your exam results.

Why?

To make the above situation clearer,Let's analyze it little by little.

From your topic performance information, you know that you scored over 70% on each topic. So your total score must be over 70%. But since you know it failed, it must have been lower than the MPS (below 75% in our example). You may have achieved 72% in any subject. They didn't make it to the MPS and that's why they failed.

Even though our example is just a simplification, it shows that wellWith MPS scores above 70%, there is almost always a gap for those who may fail their exam despite all subject grades being within the proficiency range. A rather undesirable situation for candidates whose examination performance borders on dominance, don't you think?

CONCLUSION:

If the MPS is above 70%,The rating system is not transparent. So it is very likely thattypically the MPS fluctuates between 65% and 70%. However, for the 2021 CFA Level 1 exams, the MPS was likely over 70%, resulting in exceptionally high scores.low CFA Level 1 exam pass rates:/

P-2:Do I have to pass all subjects to pass my CFA exam?

From?

But what does it really mean to approve a topic? Reach more than 70%? Or be above the MPS of the topic?

What you must do to pass your CFA exam is meet or exceed the MPS. But it applies to the overall test result, not to individual subjects. That's a basic principle!

Of course, getting more than 70% in each subject should guarantee you pass the exam (see question #1 above).

However, consider the following example:

Receive your CFA Level 1 exam results. You did itpoorly in 2 subjects and moderately well in 5(this time we assume an MPS of 69%):

Does that mean the email says FAILED?

No!The example illustrates how multiple scores for different topics will still give you a PASS for achieving the 69% MPS set for your exam.

CONCLUSION:

Your overall test result counts! Typically, to pass, you must meet or exceed the passing score set for your exam.Math is ruthless, Nonetheless. If you do poorly in one subject, you must excel in another. In other words,Any subject scored below the MPS must be compensated by another subject scored well above the MPS. This allows your total score to meet the MPS criteria and you pass.

P-3:Can I do something wrong in ethics? There is an ethics balance!

We just said that the main principle behind passing the exam is to meet or exceed the MPS.

So,Even if you do poorly on the ethics questions but do very well overall, you will pass the exam. Check out our example:

For the CFA Level 1 exam, the number of questions per topic may vary from exam to exam. That's becauseWeighting of CFA exam topicsThey are assigned in ranks.

We anticipate that your exam will contain up to 28 ethics questions. You only need to get 9 questions right because you only scored 32% in Ethics. But wait a minute. Other grades are great! There is no way you could have failed your exam. Your overall score is well above 70%, which is also above the 67% MPS that we accept for your exam.

However, be careful.

You may not be able to beat the MPS enough.If your final grade borders the MPS, poor ethics performance will definitely contribute to your exam failure.This is due to the ethics adjustment explained in our post:Why Your Ethics Score Matters.

CONCLUSION:

You don't need to excel in ethics to pass your exam. But here they are3 reasons why it pays to pay attention to ethics:

1. DieImportance of ethical behavior in the workplacethere is no question. The better you understand the CFA Institute's Code of Ethics and Standards of Professional Conduct, the more sensitive you will be to potential violations and the better equipped you will be to deal with a wide variety of situations.

2. You will be evaluatedEthics at all levels of your CFA exam and at all times Ethics will be a key topic.

3.Ethical adjustment applies to borderline cases.A good score on the ethics questions can help you if your total exam score is close to the MPS. However, if your performance in ethics is poor, it may result in you failing the exam.

P-4:Does theme performance objectively indicate which themes need improvement and which are performing well?

It's not that easy.

Information about your achievements on various topics is intended to identify your strengths and weaknesses. Nevertheless,there is no objective truth about it. To prove this, we analyze two opposite situations:

SITUATION No. 1:

He did poorly in Alternative Investments (AI). Before the exam you felt pretty strong in this subject. Trust in what? The numbers or your intuition?

This is what we assumed in the tables aboveTheir Level 1 exam only had about 10 AI questions, while the subject occupies approximately 100 pages in the CFA program syllabus. Therefore, the AI ​​audit sample was quite small compared to the general material on the topic. RealizeIf you answered just one more question correctly, your AI score would be up to 10 percentage points higher. That would change you a bit!

So: is the AI ​​definitely your weak point or was it just bad luck?

Before we can answer this question, we need to consider another example:

SITUATION #2:

It did poorly on the Financial Statements Analysis (FSA). weakness or misfortune?

This time the test pattern is larger. The topic is quite extensiveYour test should contain up to 26 FSA questions. Each correct answer improved your topic score by approximately 3.8 percentage points.

CONCLUSION:

For some topics, there are too few questions in the test to definitely classify them as your weakness or strength.In cases like this, it can be difficult to decide if you really don't know much about the subject, or if it was just bad luck (or good luck, because even though you scored over 70%, you still feel like you don't know much about it topic to know ). Theme).For topics with a larger number of questions, the exam results are more representative.Rather, they indicate whether you need to improve on the subject or whether you already master it.

You have to be rational about it.An additional parameter can be useful to resolve borderline situations in which your exam performance contradicts your intuition on a topic.your mock examScores can serve as good indicators. If you used to do pretty badly in AI and now your AI exam score is also low, you definitely need to improve this subject area. However, if you got a high score on all the mock exams you took, the low AI exam score can just be an accident. Nevertheless, it can't hurt if you study even more diligently before your next exam.

What is the format of the CFA exam results?

Here are theThe 2 most important things when seeing your CFA exam results:

thin dashed black line&thick blue line

losthin dashed black lineis the MPS set up for your exam. thethick blue lineare you

When it comes to your exam grade:

• azulHOCHNegro= APPROVED
• azulLOWNegro= you failed

In January 2018, the CFA Institute presented thesenew, more visual wayto inform CFA examinees of their results.

More visual means more attractive. Anyway thatIt still lacks the transparency and specificity that candidates want.

In accordance with what we have already said, no particular value is attached to itazul(YOU) nor theNegro(MPS) line. If your score is close enough to MPS, yours isazulThe line can even intersect with theNegroMPS line, which unfortunately doesn't always mean it happened :/.

Also, for visual representation see:

• athick purple dashed lineTelling you that only 10% of all candidates got a higher score, and
• athick black dashed lineTell you that only 10% of all candidates do worse.

Both lines are placed above and below respectivelyfinely dotted blackMPS line. They are designed to show you how you performed on the test compared to others. (We hope you can always find yoursthick blue linejust near the purple line and well above the MPS line!)

Last but not least, because various favorable and unfavorable factors can influence your exam result, find yoursthick blue linewithin alight blue box(confidence interval). This is to show your true skills, which can be higher than the line (but you had to face unfavorable circumstances on the exam day) or lower than the line (but you worked under favorable circumstances in the exam). The fact that the CFA Institute tries to allow additional factors is really nice!

For herWhen it comes to performance presentation, the rules applied are more or less the same. You will get an estimate of:

• Your score on the exam (blue line– an exact value is not given again),
• Your true subject ability (blue confidence interval– taking into account various favorable and unfavorable factors),
• the performance of your topic compared to other candidates (thick dashed dots)violetjNegroLines denoting the top 10% of scores compared to the bottom scores of the topics).

it isAll estimates are compared to thatThin black line similar to MPS with a value of 70%which is taken as an indication of "professional skill".. His subjects' performance is usually plotted with separate blue lines.

Level 3 candidates will also find a similarly presented “Essays vs. Item Sets” comparison showing their performance on the exam.

How high is the CFA exam?
passport fees?

In earlier years,The CFA exam rates were pretty flatabout 43% for Stage 1, 46% for Stage 2, and just over 50% for Stage 3. In 2021CFA Level 1 exam pass rates were amazingly low. However, the 2022 Level 1 pass rates are higher, which hopefully is a good sign.

Year	Level 1 CFA Exam Pass Rates	Level 2	level 3
2015	42% (June); 43% (December)	46% (June)	53% (June)
2016	43% (June); 43% (December)	46% (June)	54% (June)
2017	43% (June); 43% (December)	47% (June)	54% (June)
2018	43% (June); 45% (December)	45% (June)	56% (June)
2019	41% (June); 42% (December)	44% (June)	56% (June)
2020	49% (December)	55% (December)	56% (December)
2021	44% (February); 25 % (Mayonnaise); 22nd of July); 26 % (August); 27% (November)	40 % (Mayonnaise); 29 % (August); 46 % (November)	42 % (Mayonnaise); 39 % (August); 43% (November)
2022	36% (February); 38 % (Mayonnaise); 37% (August)	44% (February); 40% (August)	49 % (Mayonnaise); 48% (August)

Did you know that theThe "real" pass rate for Level 1 was always over 30%43%? This is because even 25% of the registered candidates decided to stay at home instead of going to the exam because they didn't feel ready. Aware of the needs of CFA candidates and the difficulties they face,We help all candidates, whatever their exam level, stay on track in their preparation. OurCFA 4.0 exam study plannerbased on 3 pillars:control,Motivation, jknowledge storage. If youFollow our guideyou will receive responsible and productive exam preparation. If you implement your study plan week after week and study efficiently during your studies, you will surely be among those who pass..

What to do if you fail your CFA exam? AND IF YOU AGREE?

After you get your CFA exam results and take in the news, you're probably asking yourself this little question:OK, now what?

Here is a list of6 things you must doif you have NOT passed your CFA exam (but also if you PASS it):

1. Look at your blue line, which shows your overall performance on the exam.
2. Compare CFA exam topic results.
3. Analyze the test preparation you had before the test.
4. Write down all of your conclusions.
5. Start your next preparation at least 5-4 months before your next exam.
6. Have your own personalized CFA exam study plan and make sure you stick to it.

Read on for details. These depend on your personal exam experience.

I MISSED BY A FAIR

I MISSED A LOT

I PASSED... THE NEW IS BEFORE ME...

I failed my CFA exam by a hair's breadth

1. Look at your blue line showing your overall performance on the test:

So is he close enough to the MPS line to get a little upset about not making it? What a bummer... Keep your spirits up. That means you did a good job overall. IT'S OKAY. There are things you need to improve. butChances are your next CFA exam will be a success.

Below, we'll help you identify your weaknesses, tell you what to focus on to improve, and suggest how best to learn.

2. Compare CFA Exam Topic Scores:

Take your time and analyze the performance of your theme. How many blue theme lines were above or near the 70% line, and how many far below? Focus on the latter because they suggest itwhich topics you definitely need to improve. However, while studyingDon't be tempted to neglect the issues you were doing well at that point. What you should do is regularly review the content of these topics and study the parts you felt unsure about. Your next exam may test you in other subject areas than this time.

NOTE: The visual presentation of your performance on this topic should help you draw some useful conclusions and prepare for your next CFA exam. While far from ideal, it holds valuable information for you if you can give it the right meaning.

3. Review the test preparation you had before the test:

Topic analysis is one thing. But there is also the problem of your attitude. There is always something we can do better. When it comes to the way you learn, think about what it means to you. Maybe you wasted too much time not sticking to your study plan but shifting your study times? Or did you not have a study plan at all?!?! Perhaps you practiced too little and took the tests after reading all the topics? This is a mistake. Shouldask test-type questionsconsistently throughout your exam preparation. Practice and theory must be interlinked. Then there is the question of revision. Few candidates do this regularly (maybe that's why the approval ratings are so low...).If necessary, repetition during the entire exam preparation.(not just a week or two before the exam)is particularly important!Why? Because while you focus on the topics you need to improve, you also need to review the topics you did well on to make sure you don't lose points here next time.

4. Write down all your conclusions:

best plan? More practice? Spaced review? Once you know what you need to change about your exam preparation, write it down and post the list in a prominent place. is the best wayhold yourself responsible. All of your resolutions will fade over time. But then everything is there, written point by point. A simple look at the list will remind you what you want to do best this time.

5. Start your next preparation at least 5-4 months before your next exam:

You decide how many months of preparation you need. But we would like to encourage you to do it for at least 5-4 months. This is an average study time for CFA exam candidates.The shorter the preparation for the exam, the more intensive it has to be. Otherwise you risk ending up with a result like the one you got recently.

6. Have your own personalized study plan and make sure you stick to it:

You definitely need a good study plan. And we're not saying it because we have thisCFA 4.0 exam study planner for you. we say it becauseotherwise you cannot successfully control the exam preparation. You have a lot to consider, now including your personal experience in subjects, practice needs, repetition or whatever you want to improve. With our study planner you can choose the order of the topics and the degree of difficulty of all topics according to your performance on the topic in the previous exam. You can also monitor your progress week by week by summarizing your weekly learning achievements. If you choose ourspaid programreceive important motivation boosts (e.g. youropportunity to exist^TM) Hand in hand with the best study tips in the form of messages in your inbox to help you develop your learning everyday. You tooReview sessions are properly scheduled in your curriculumand some additional tools are available for you to practice more.

I failed my CFA exam
For long...

1. Look at your blue line showing your overall performance on the test:

So are you close enough to the thick dashed black line of the 10th percentile to fear you'll never make it? Isn't it what you imagined?

What you should do >> You shouldcompletely rethink your approach!Ask yourself why you WANT (and how badly do you WANT it?) to be a CFA certification holder. So >>Follow our guide:Go this revolutionary way and experience revolutionary effects.

2. Compare CFA Exam Topic Scores:

Not too many satisfying results, huh...? In general you shouldWork hard on each topic before your next exam. Unless there is a topic that you have solved reasonably well. Perhaps you often use the concepts of this topic at work? Or have you just continued to work on this topic? If the latter, try to build on that experience and think about what exactly caused this topic to perform differently than the others.

3. Review the test preparation you had before the test:

Even if you're feeling devastated by your CFA exam score, there's one thing you need to know. Not the whole exam preparation was a flop. There were some bad things and some good things about it. Now is the time to face the truth and call it a spade.what did you do right what did you do wrong This is probably the biggest step for you.If you cannot draw meaningful conclusions, you will not be able to proceed successfully.

4. Write down all your conclusions:

This is the only way you can seriously prepare for your next exam. Divide a sheet in two.Put the TO-DO list and the NEVER-TO-DO list next to each other.. If you don't, your next exam prep will be no different. Again: out of control, executed poorly and letting his target get out of perspective.

5. Start your next preparation at least 5-4 months before your next exam:

5-4 months is an average study time for candidates. However, the shorter the preparation for the exam, the more intensive it has to be. Considering the amount of work ahead of you, you shouldAim for exam preparation that is long enough for you. 5 or 4 months might not be enoughbut we doeven 8-month study plans are available to our users.

6. Have your own personalized CFA exam study plan and make sure you stick to it:

Your next CFA exam prep should be revolutionary. That's why you need a curriculum that will get you working!Use this study planner for the CFA 4.0 examto stay in control of your preparation.Customize your curriculum to suit your needs. If it suits you well, it will be easier to follow.When customizing: (1) Choose your start date and exam date; (2) change the order of topics at will; (3) indicate which topics are easy, moderate, or difficult for you; (4) Plan your vacation weeks (especially if you decide to prepare for more than 5 months, some rest will do you good!); (5)Check-Infor motivational messages when you feel you lack motivation, and an appropriate rating system when you don't know how to study efficiently. You are on the right track. Just go on.

I passed my CFA exam!
The new is before me...

1. Look at your blue line showing your overall performance on the test:

Congratulations on passing the CFA exam! The next level is waiting for you. New exam means a new challenge and new rules.You'll do better if you start your new preparation with an analysis of your recent performance.. Because the closer you are to the MPS line, the more you want to improve your study process.

Here's how you can do better. And there are at least two reasons why you should try to do better. First,Each next level of the CFA exam is more difficult than the previous one. Second, it's not just a cliché — it's a fact backed by fairly low and flat approval ratings. Each year,only about 50% of successful candidates at the above level pass their NEXT CFA EXAM. (The third reason that comes to mind is their natural desire to grow, which we strongly endorse..)

2. Compare CFA Exam Topic Scores:

Start your analysis by looking at your theme's performance. First, look at your ethics score. Remember, at every level of your CFA exam, you will be tested to the same code and standards. Your last ethics score can tell you a lot. If it is very satisfactory, it says that you should continue studying ethics like this (to a certain extent it can also be a good reference point for studying other subjects). If your ethics score isn't satisfactory, you know you need to take this issue more seriously now. Likewise,Pay attention to the topics where you got the lowest score. Aren't they your Achilles heel or was it just an accident? that's important becauseSubjects often share some common concepts at all levels of the exam. Identify any common subject areas for your previous and upcoming exam. Then think about how well you know it and how much you need to improve.

3. Review the test preparation you had before the test:

It's never wrong to ask yourself what you did right and what you did wrong. Your exam prep is no exception. This is how you develop your skills and competencies and grow as a student and as a person. Perhaps you would like to make your study times more organized and regular? Or maybe you had problems with the motivation to study? Finally,Surely you neglected the spatial revision. Obviously it was a mistake becauseIt's the best way to maintain your learning curve without falling.

4. Write down all your conclusions:

Better organization? received motivation? Review of study content? All of these can be on your growing list.Your next CFA exam preparation should be more advanced than the last one as your next exam will be more advanced than the one you just passed.. And we hope you don't make it easy on yourself just because you've done it once? Your next success doesn't come cheap, you have to earn it!

5. Start your next preparation at least 5-4 months before your next exam:

If your preparation for the previous exam took longer, you can go your own way. All we say is that most CFA exam candidates require 5-4 months of preparation time. You'll have to choose what's best for you, and since you've already had quite a successful exam prep, you certainly know better. The duration of the preparation is irrelevantMake sure it's approached responsibly and productively!

6. Have your own personalized CFA exam study plan and make sure you stick to it:

A good study plan is essential for any successful exam preparation. We hope you agree. Here you canCreate your study plan for the CFA examand customize it to suit your needs. It puts you in control of your entire exam preparation. Week after week see your progress as you study the metrics. With ourpaid plan, you will also knowHow long to study each reading. These estimates can be especially helpful if you have no experience preparing for the next level of exams.. To keep your motivation high (and to add some fun to learning), earn yours, tooopportunity to exist^TMappreciated and illustrated. It grows when you get it right, that is, when you mark your readings greendone, summarize your coursework week by week, or schedule review sessions throughout your preparation. Good luck with your next brew!