Is drop-out for sure every year? How does CFAI decide on which one and how many to drop? Would the credit coming from the correct answers to those questions are kept or removed?
i don’t think anyone here is actually privy to any real facts about MPS, dropping questions, etc.
Perhaps it make sense by crediting to everybody? say, if 3 questions were dropped, everybody gets +3 on top of whatever you got including those “test” questions.
At most 1 or 2 would be dropped out according to some people at Schweser.
the MPS is 70% of the highest one percent , hence it should be in the range of 63-66 %…
meemee81 Wrote: ------------------------------------------------------- > the MPS is 70% of the highest one percent , hence > it should be in the range of 63-66 %… I can’t believe people still believe this, they switched to the Angoff method years ago. Do your research, it’s on the CFAI website.
Sorry dude i am sure of wht i am saying , i know CFA exam graders … i dont need to do “MY RESEARCH” …
@meemee: the 70% of the top 1% hasn’t been used as a grading criteria since 1989 (see wikipedia) so I am afraid bp is correct. Also there is currently another thread in the L2 forum titled Angoff method, I would suggest you read the link provided.
CFA states that they use “modified” Angoff Method on their website (since 2005 for level 2). Who know what that means. They also explain the question drop off policy and how scoring works for invalid question and questions with multiple answers. Basically the question is marked as correct if it is determined to be invalid. From page 10 of the following link http://www.cfainstitute.org/cfaprog/overview/pdf/IntoOur5thDecade.pdf The Angoff method has been used as a criterion for the establishment of the MPS for the Level I examination since 1996, for Level II beginning in 2005, and for Level III beginning in 2007. CFA Institute retains independent psychometricians to conduct two-day standard setting workshops.
bpdulog Wrote: ------------------------------------------------------- > meemee81 Wrote: > -------------------------------------------------- > ----- > > the MPS is 70% of the highest one percent , > hence > > it should be in the range of 63-66 %… > > > I can’t believe people still believe this, they > switched to the Angoff method years ago. Do your > research, it’s on the CFAI website. +1
Refer to this : There are also some pointers regarding 3 choices for 2009, plausible incorrect answers etc. http://www.cfainstitute.org/cfaprog/courseofstudy/questions_faq.html The CFA Institute Board of Governors establishes the minimum pass score for each exam. The board relies heavily on the widely accepted modified Angoff standard setting method in evaluating each exam. Standard setting, independently managed and directed by expert psychometricians, is a rigorous process conducted after an exam is administered. Each standard setting session brings a diverse group of approximately 30 charterholders together for 1-2 days to independently evaluate each question and judge whether a minimally qualified candidate would answer it correctly. The goal of standard setting is to recommend to the board a minimum passing score that appropriately distinguishes between those candidates that demonstrated mastery of the curriculum from those that did not. The difficulty of any question is considered by each standard setter in making his/her judgment about the expected performance of the minimally qualified candidate. Plausibility of distractors is a factor considered by standard setters regardless of the number of answer choices. This process considers any potential changes in exam difficulty that result from a reduction in the number of answer choices, and factors this in to the recommended minimum passing score. The standard setting process is an important step in maintaining consistency and fairness in evaluating candidate performance across years. Looks like this process is highly subjective, and theoritically MPS could also be higher than 70% using this process. It all depends on how they define the term “minimally qualified candidate”.
The angoff method is used with only the border line candidates ( at least this was wht said by a friend of mine who is an exam grader ) Maybe i am wrong of course However i can argue from the pass posts here in the forum that it is less than 70 % …no arguments on this point i beleive WE WILL NEVER KNOW …HOPE WE COULD CLEAR IT ALL 
I’ve always wondered if it could be that some items have a larger “weight” relative to their respective topics, and determine passing for borderlines… I mean the harder ones, the ones with the minimum average score. WHO KNOWS?