Receive and reconcile all exam materialsGrade multiple-choice and item setanswer sheets. This also includesmultiple quality-control processesPrepare for essay gradingInvestigate candidate commentsregarding examLevels I and II Standard settingComplete exam reconciliation More quality-control processesconductedFirst week of Level III essaygradingReports produced for Board of Gov-ernors (Board) for Levels I and IISecond week of Level III essay gradingLevel III Standard settingBoard sets MPS for Levels I and IIProcess Levels I and II resultsinternally and conduct QCReports produced for Board forLevel IIIProcess Levels I and II resultsinternally and QCBoard sets MPS for Level IIIRelease results for Levels I and IIFinal QC conducted on Level IIIProcess Level III results internallyand QC Process Level III results internallyand QC Release Level III resultsPost Cfa Exam ProCEssing Grading the CFA exams and releasing results is an intensive, multi-stage process that requires thousands of hours of painstaking review and quality controls. Over eleven weeks, this process follows the fastest, most efficient schedule possible, while ensuring that the scoring of the exams is in accordance with best practices in testing and that every candidate’s paper is processed with appropriate due diligence. WEEks 1-2 Once exams have been collected and shipped back to CFA Institute from all locations worldwide, they are individually reconciled with attendance rosters and prepared for grading and quality-control steps. The first step in the grading process is the machine grading of all multiple-choice and item-set exam answer sheets. Numerous quality-control processes ensure that answer sheets are accurately graded, including a hand-graded random sample of 5-10% of candidate exams. During this period, all comments and complaints related to the exams are investigated. CFA Institute staff review the exam questions and answers, curriculum readings, and exam results related to each comment or complaint. Special attention is given to questions that may have more than one correct answer, or questions that are potentially confusing or unfair. If it is determined that a question has more than one correct answer, all correct answers are credited. If a question is determined to be confusing or unfair, all answers are credited. During this period, the Level III essay exams are prepared for the two-week, in-person grading session that begins in week four. WEEk 3Continued quality-control measures include verifying that all answer documents are accounted for and properly scanned. Once the majority of Levels I and II papers have been graded, CFA Institute convenes a standard-setting workshop in which CFA charterholders independently review the exam questions in detail to identify the minimum passing score (MPS) that represents basic competence in the subject matter. WEEks 4-5Reports for Levels I and II are developed for the Board of Governors (Board) to review in week six. The Level III in-person essay grading session takes place during this two-week period, involving more than 500 CFA charterholders from around the world who convene in Charlottesville, VA, USA. A standard-setting workshop is convened to evaluate the Level III exam.WEEks 6-7After reviewing the standard-setting results, the Board convenes to determine the MPS for Levels I and II. The results for Levels I and II are processed internally. Quality-control measures ensure that the data are correctly entered into the system. Reports from the standard-setting workshop for Level III are developed for the Board. The Board convenes to set the MPS for Level III.WEEks 8-11After eight weeks, Level I and II exam results are released and available on the CFA Institute website. Level III grading and quality-control processes ensure that scores are transferred correctly from the grading books to the computerized systems.Approximately eleven weeks post exam day, Level III results are released. For more information on CFA exam development and grading, visit www.cfainstitute.org to read The CFA Program: Our Fifth Decade.W E Ek s 1-2P O ST -e xA MW EE k3W EEk4W E E k5W EEk 6W E Ek 7W EE k8WE Ek 9WE Ek10W EEk 11July 2010CFA ExAminAtions Results timeline
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