Flok

I harped on and on on this forum in the weeks leading up to the exam about how important ethics is.

The ethics adjustment is a FACT. I was at the society leaders' conference in October and the head of CFA Institute curriculum development told us about it.

There is no such thing as an established borderline. The minimum passing score is determined by the CFA committee, and it is NOT curved. Once the MPS is determined, there is an ethics adjustment. If you do well on Ethics, and you are just below the MPS, they bump you over. However, if you do poorly on Ethics and are just above or on the MPS, they may push you down.