Exam Details

[Vikas31]

Hi,
Few queries:

1. Is there a minimum (though not defined but empirical based on historical data) percentage of correct answers/marks that need to be scored to qualify the exam..?
2. Does a candidate need to qualify each subject area or cumulative marks are counted..?
3. Do these percentages of marks for qualification differ for Level 1 and Level- 2..?

regards,
Vikas

 

[Vikas31]

Hi David, Suzzane,
Could you help with info on this please...!!!

regards,
Vikas

 

[David Harper CFA FRM]

Hi Vikas,

Here is my most recent understanding, but Suzanne Evans can i trouble you to confirm with our contact? The GARP site used to have info on the FAQ/somewhere but i do not currently see.... My latest understanding:

Re: passing: the FRM does not have ex ante passing criteria. (okay, not so much fun for candidates who like to know where the goal posts are placed).

• Each of the topics is WEIGHTED (T1 = 20%, T2 = 20%, T3 = 30%, T4 =30%) but you have a single final score (Y) which includes no penalties for incorrect answers i.e., you should guess rather than leave a blank
• The average of the Top 5% (I read this as NOT the 5th percentile but rather as the average of the top 5%). Call this value (T)
• GARP selects (calibrates) a ratio, presumably in part to control the overall passing ratio. So they set passing score (S) = Some percentage of (T). For example, maybe this passing score S = 70% * T .... I just made up 70%, I have no idea about this ratio, it changes each exam
• You pass if your Y >= S

Bottom line: it's grading on an (ex post) curve. Source: last year.

i.e., i *think* but am not sure, since i have not seen any updated info, that the answers to Vikas questions are:

1. yes, but the ratio/curve decides so you can't know it in advance
2. I don't think so, can we confirm please?
3. I think the methodology is same for P1 and P2, and therefore, the passing percentage (# correct) should be different, or if same, only by coincidence

 

[Suzanne Evans]

Yes, I will look into this.

 

[Suzanne Evans]

Vikas31,

I'm reporting back after hearing from our GARP contact. David's assumption above is correct.

Thanks,
Suzanne