In 1996, a methodology for arriving at the minimum passing score (MPS)―the modified Angoff Standard Setting Method―was introduced to the CFA Institute Board of Governors. A 2001 survey of professional credentialing programs found that 85% used standard setting, including the Certified Financial Planner (CFP) and Certified Public Accountant (CPA) U.S. designations. Of those using standard setting, 88% used the Angoff method.
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.
Candidates receive examination results in late July or mid- August (for the June examination) and late January (for the December examination). Candidate results are available in a secure section of the CFA Institute website. CFA Institute posts scores as “pass” or “fail” and provides candidates with an indication of performance across topic areas or questions to help identify strengths and weaknesses. Candidates learn whether they scored less than 50 percent of the points, between 50 and 70 percent of the points, or above 70 percent of the points on specific topics for multiple choice and item set and by question for constructed response. For the first time in 2008, CFA Institute provided failed candidates with additional information to help them decide whether to continue to pursue the designation. The total number of candidates who failed at each level were divided into 10 groups or score bands. Failing candidates can now see how they performed relative to all other failing candidates. The highest score bands indicate proximity to the MPS.
1963~1977: MPS = 总分数 × 70%
1978~1989: MPS = 分数最高的1%考生平均分数 × 70%
1989年后: MPS每年由AIMR/CFA Institute视各种指针而决定，并无固定的公式决定，惟一般相信分数最高的1%考生平均分数的70%仍为设定MPS的最重要依据。