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- 2011-7-11
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- 2013-9-27
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My theory on the Minimum Passing Score
I think the CFAI wants the average candidate to slightly overestimate the Minimum Passing Score. The CFAI makes public the figure of 70% times the average score of the top 1% but does not disclose how well the top 1% does or what the Minimum Passing Score was in the past. It's possible that top 1% of candidates only averages 90%, in which case the Minimum Passing Score would be just 63%.
There are two reasons that the CFAI wants the average candidate to slightly overestimate the Minimum Passing Score:
1. This encourages all candidates to aim high (70%+) and to learn the material well. The CFAI doesn't want candidates to settle for mediocrity.
2. It's good PR. The CFAI would rather have candidates think they failed and end up passing rather than have candidates think they passed and end up failing. Thus, most of the candidates who fail in band 10 are those who weren't that confident to begin with, so they are encouraged to try again rather than give up in disgust.
As a result of these policies, the CFAI minimizes discontent and the number of candidates who feel like they were ripped off. It's a win-win for everyone - CFAI, CFAs, candidates, and test prep providers. |
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