与CFA广泛的知名度相比，CFA的出题、阅卷、评分方式显得有点神秘，就算是CFA考生，也不一定清楚了解其中的过程。今天就来了解下CFA从出题到阅卷到评分的过程，更深入地认知你手中的考卷吧，毕竟CFA考卷也是有过被劫持经历的传奇考卷~

1.CFA的考卷是怎么出题的？

现行的制度是，CFA考试由超过100位CFA持证人组成的考官委员会及CFA出题小组，在CFA协会职员协助下出题。

CFA出题小组会不断更新考试题目，并由考官委员会、CFA出题小组成员、志愿者以及CFA协会职员花费数百小时严谨审批。

当考题的版本踏入最终定稿的阶段，CFA协会的职员会与世界各地的CFA持证人开展审阅会议。与会者将确保考题用语清晰简洁，不对各国文化进行价值判断，而且例子符合各国投资惯例，务求令全球考生在公平的标准下应考。

出题者会根据上述的反馈，在付印前对试题作出更改。

2.CFA考试的阅卷方式

CFA选择题的阅卷方式采用机器扫描判分。为确保判分的公正，CFA协会采用了多重品质监控程序，包括检查受损的答题纸，以及随机抽取约百分之五的样本作独立审核之用。

CFA三级考试的评阅工作则更为复杂，因为其中涉及到IPS写作。每年，CFA协会在美国弗吉尼亚州夏律第镇的总部聚集700位CFA持证人参与阅卷工作。在阅卷的过程中，每位考生的身份会绝对保密。阅卷人只知道考生号码，名字和国籍等资料一律屏蔽。这一切都是为了CFA考试的公平、公正、公开。

经过一周的工作，阅卷工作初步完成，并将进入资深阅卷的程序。此时，考生的成绩会被从高到低排列，均分为上段、中上段、中下段和下段四个分数段。资深阅卷人将重新批改成绩位于中上和中下两个分数段的考卷（成绩位于第25百分位数到第75百分位数之间的考卷），且不能参与已批改过的考卷的重改工作。除此之外，所有考卷会被仔细翻阅，以确保所有答案都被批阅，以及考卷上的总分被正确记录在系统里。

Post 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 Institutefrom 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. Numeous qualitycontrol processes ensure that answer sheets are accurately graded, including a handgraded random sample of 5-10% of candidate exams.

During this period, all comments and complaints related to the eams are investigated.CFA Institutestaff review the exam questios 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 aepotentially confusing or unfair. If it is determined that a questin has more than one correct answer, all correct answers are credited. If a question is determined to be confusing or unfair, all answrs are credited. During this period, the Level III essay exams are repared for the two-week, in-person grading session that begins in week four.

Week 3

Continued quality-control measures include verifying that all answer documents are accounted for and properly scanned. Once the majority of Levels I and IIpapers have been graded, CFA Institute convenes a standard-setting workshop in which CFA charterholdes independently review the exam questions in detail to identify

the minimum passing score (MPS) that represents basic competece in the subject matter.

Weeks 4-5

Reports for Levels I and II are developed for the Board of Goverors (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 covened to evaluate the Level III exam.

Weeks 6-7

After 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. Qualitycontrol 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 8-11

After 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.

3.CFA考试如何评分？

CFA考试的最低及格分数，是由CFA协会理事会中的CFA持证人在评估每届考试的难度，以及考生的总体表现后定出的。根据理事会的决议，CFA协会会定出考试的结果，并在采取一揽子的品质监控措施后把结果公布给考生。

CFA考试成绩分为“Pass”或者“Fail”。

CFA一级、二级成绩一般在考试结束后60天内公布，CFA三级成绩在考试结束后的90天内公布。

CFA评分体系：CFA考试中会对各个科目单独评分，每个科目的成绩分为三档：C为<=50%、B为51%-70%、A为>70%，CFA协会会把考生各个科目成绩汇总做加权平均，从而评判考生是否能通过考试。

CFA协会官方尚未公布具体的通过标准，以下标准为根据历年考生的实际通过情况进行估算的：考生正确的答案数量>=全球成绩排名前1%的考生的平均正确答案数量的70%。

举个栗子：试题总量为240题，全球成绩排名前1%的考生的平均正确答案数量为220题，那么考生必须答对220*70%=154题才可通过本次考试。

每年大概25%的报名考生缺席考试，缺席考生的成绩不会纳入及格率的算法内。