5 more days to CFA results. CFA Institute has announced that the results for CFA Level 1 and CFA Level 2 will be sent to the candidates on July 29th scheduled for August 12th
It must be very nerving if you have written your exam this June. Even more so, if this is not your first attempt. If you feel the compulsive need to check your mail every day to see if those results have magically appeared in your inbox, you’re not alone! To top it all, CFA institute is sending mails to those who have written their Level 3 asking them to initiate membership application to the CFA institute. NO it doesn’t mean that at all!!
They’re doing this to decrease the rush for membership applications which flood them as soon as the results are out. If you received that mail... it really doesn’t mean anything! If you’re giving the CFA exam for the first time, you must be wondering what exactly your result is going to look like. While we cannot help you with your result, we can help you with what to expect on July 29th and what else you can do after getting your result.
The first one gives the final status of your exam, that is if you have passed the exam or not. To pass the exam, you would have to score the minimum passing score set by the CFA Institute board of governors. No need to say that low MPS is associated higher CFA pass rates.
The second part gives you a topic wise summary of your performance. Unfortunately, it doesn’t give you the exact score in each topic, like in high school but the range in which your score is, which is one of three (≤50%, 51% - 70%, ≥70%). Since each topic has a different maximum score attainable, it is also mentioned against each topic.
This is slightly different for CFA Level 3 candidates, they are given two topic area summaries, one reflecting the essay portion and the other reflecting the item portion. Your score band, the third part is provided if you didn’t pass the exam. This part provides you with performance relative to the candidates who did not pass the exam. Quick Fact: Only 4.2% of EduPristine’s students have had to look at this one on their result!
Remember those good old days, when after receiving your exam paper you would rush to your teacher debating that your answer is right and explaining how you deserve more marks than given.
You can do the same with CFA. Well, not exactly the same. CFA institute is not going to give you a chance to look at your answers ever again. Those babies that you worked so hard to produce are the property of CFA Institute.
You can, however, request the CFA institute to consider re-grading your answers. Because the answers are graded by a machine, even small mistakes like using a pencil different from a No.2 or a HB, not filling out the oval completely etc. can cost you dearly.
The recheck or “retabulation” as CFA institute puts it, involves a human manually checking the answers you have marked against the solution key. As soon as you get your CFA results and not the one you were expecting, don’t run for a recheck even if you are very very confident. If past is of any indication, you might as well burn your money. There is not a single case, in which someone had moved from a fail to a pass by using a recheck. That’s about it, as far as the CFA results go. How did your exam go? How was the exam experience? Share with us the tips you have for those who are preparing, here in the comments. All the best!
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