Grading question

CFA Level III
#1

So I’ve got a question regarding grading system and partial credit.

Imagine a question that is given 7 minutes (i.e. 7 points) that has two parts:

i) Calculate rebalancing ratio

ii) Calculate cash needed

In order to answer, quite some calculations are needed and let’s say you show everything, the procedure is entirely right, BUT you messed up something, hence the final number in both i) and ii) is not the same as the one given in the answer.

How’s this situation considered? Zero points? Is there room for partial credit given the situation?

In my case I was doing a mock and ended up with a rebalancing ratio of 1.1111 rather than 1.1080, and cash needed amounted to 318,000 for me, whereas right answer was 315,000 or the like.

Cheers

#2

As I understand it, say for the second section - if you had incorrectly calculated the rebalancing ratio in the first part as mentioned, but then applied the “incorrect” ratio properly in the second part of the question, you would be awarded the points. Maybe not full points but they wouldn’t carry through one mistake and knock off all points after that.

I would even think you would get close to full marks for the second part if you correctly applied the (albeit incorrect) rebalancing ratio.

#3

Zero. Another reason to be careful on the IPS questions.

#notkidding

#4

Above answers seem to contradict each other… Anyone else?

#5

another doubt…

question asks you to identify 2 things…and you write down 3

One of your 3 is incorrect so you only get 1 mark for the question?

#6

I think firstly if they ask for two things, write two things…not three.

But if you do write three things, my understanding is that they will look at the first two and disregard the third. But if the third is incorrect, it could even count against you even if the first two are correct. There is NO benefit to be had by writing more reasons than you are asked for. It can only really count against you.

#7

They would be very generous if they gave you FIVE POINTS out of SEVEN. 1 point each will be taken out because of the incorrect answes in each part.

#8

I’d expect 4 or 5 out of 7.

#9

My understanding is that

  1. In sharky’s initial question, you would get at least some points for making the correct calculations in later parts. If you make an initial error and then carry that through in later parts, in academia, most graders that aren;t total bastards will grade you “Correct Based on Prior Error”. Otherwise, the first part is effectively given a FAR greater weigh for the concept involved.

CFAI tries to be fair, so I asume they’ll do likewise.

My understanding is also that if they ask for “N” reasons, they grade only the first “N” answers. The “N+1st” answer doesn;t exist for grading purporses (right or wrong).