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Post CFA Exam Processing
Grading the CFA exams and releasing results is an intensive, multi-stage process
that requires many hours of thorough review and quality controls. Over ten weeks,
this process follows the most efficient schedule possible, while ensuring that the
scoring of the exams is in accordance with best practices in testing and that every
candidate’s exam is processed with appropriate due diligence.
Weeks 1-2
Once exams have been collected and shipped back to CFA Institute from all
locations worldwide, they are reconciled with attendance rosters and ready for
grading and quality control. The first step in the process is the machine grading of all
multiple-choice and item-set exam answer sheets. Numerous quality-control
processes ensure that answer sheets are accurately graded.
During this period, all comments and complaints related to the exams are
investigated. CFA Institute staff review the exam questions and answers, curriculum
readings, and exam performance results related to each comment or complaint.
Special attention is given to questions that may have more than one correct answer,
or questions that are potentially confusing or unfair. If it is determined that a question
has more than one correct answer, all correct answers are credited. If a question is
determined to be confusing or unfair, all answers are credited.
During this period, the Level III essay exams are prepared for the two-week, inperson grading session that begins in week four.
Week 3
Continued quality-control measures include verifying that all answer documents are
accounted for and properly scanned. Once the majority of Levels I and II exams
have been graded, CFA Institute convenes a standard-setting workshop in which
CFA charterholders independently review the exam questions in detail to identify the
minimum passing score (MPS) that represents basic competence in the subject
matter.
Weeks 4-5
Reports for Levels I and II are developed for the Board of Governors (Board) to
review in week six. The Level III in-person essay grading session takes place during
this two-week period, involving hundreds of CFA charterholders from around the
world who convene in Charlottesville, VA, USA. A standard-setting workshop is
convened to evaluate the Level III exam.
Weeks 6-7
After reviewing the standard-setting results, the Board convenes to determine the
MPS for Levels I and II. The results for Levels I and II are processed internally.
Quality-control measures ensure that the data are correctly entered into the system.
Reports from the standard-setting workshop for Level III are developed for the
Board. The Board convenes to set the MPS for Level III.
Weeks 8-10
After eight weeks, Level I and II exam results are released by email and available on
the CFA Institute website. Level III grading and quality-control processes ensure that
scores are captured correctly in the computerized systems. Approximately ten weeks
post exam day, Level III results are released.
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