wake2000

Most of the time ethics will be the deciding factor.  I am surprised none of you guys have even mentioned anything yet especially the CFA charterholders
If you read the guiding principal.  You will realize the CFA Insitutite uses the modified Angoff Standard Setting Method.  Google and read up on that and how they derive the weight.
Ethics will always be weight heavily thus the MYTH is true; (expected
performance of a just-competent candidate on each question
on the examination.)
“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 standard setting workshops for each exam.
This method involves a large and diverse group of CFA charterholders.
The lead psychometrician divides participants into
two smaller groups for each level of the examinations. Each
participant reviews the entire examination, question by question,
and makes an independent judgment on the expected
performance of a just-competent candidate on each question
on the examination.”
http://www.cfainstitute.org/programs/cfaprogram/Documents/the_cfa_progra...