I just passed Level 2, and this is a post to debunk the rumor that 70% is necessary for this exam. I never got above 70 on a full practice exam (of the 8 I took, most were in the high 50's or low 60's), and I had a hard time believing the people on forums who were talking about their 75% on the practice tests. Those people aren't necessarily embellishing, but it can be done without making those insanely high (by CFA® practice test standards) scores, so don't let that discourage you. Based on my score card, I probably scored right around 64%. This year, 43% of candidates passed.
CFA® Level 2 Passing Score
As the OP highlighted, the general thought is that if you can score a 70% on practice exams and the actual level 2 exam - you will certainly pass the level 2 exam. Since there is not a posted passing threshold, 70% is a good marker to go by, however, the OP explained that a score in the mid-to-low 60% will likely result in a pass as well.
jmoney2405 The 70% is more of a "if you get this you'll definitely pass" point than an exact measurement. Based on my results I probably scored between 66-70 on the test and I passed level II. It also depends on how you do in the more heavily weighted areas, I talked to a guy who got over 70% on 5 different areas but they were all the least weighted ones and he got destroyed in the most important areas.
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A. You might've done better than your practice exams B. The MPS is at worst 70%. It's usually slightly lower from what I understand (mid 60's).
It's not necessary, the "rumor" is if you can get a 70% you are most likely a pass. That's the threshold to aim for in order to not fail.
edit: ...and congrats on passing!
I think the common wisdom is that if you score above 70%, you're basically guranteed to pass. Not that the MPS is set at 70%....
Dude, there's no rumor that 70% is needed to pass any of the CFA exams. Like others have said, a 70% will always pass you, but the CFAI doesn't set the passing rate at that level.
Never heard that rumor but congrats
My post should be a little clearer. I have spoken with people who are convinced that it's 70% for levels 1 and 2, but clearly that is not a majority feeling here.
The point I'm making is that the actual passing percentage is significantly lower than many might suspect. 70% is a REALLY, REALLY HIGH target score for level 2. It might be achievable at Level 1, but if you think you'll be consistently scoring above 70 by test time for level 2, when you are taking the practice tests and are getting nowhere near 70, do not be discouraged because almost no one is.
If you've never taken this exam, you may not understand that there's a MILE between 60 and 70%. I only want to pass along, that you do not have to close that gap to pass. I think (and have really compelling evidence on the scorecard in front of me) that the passing score probably lies in the lower half of that range.
Of course. Every problem becomes additionally more difficult to score correctly on. The marginal cost of getting each additional question right increases. The exam is exponentially more difficult. Statistically, by chance, you'll get 33%. Under that is very bad luck. 50% with a modicum of studying, 60% as you begin to work harder, 70% becomes difficult, 80% would be insanely difficult, 90% nearly impossible.
I was scoring between 65% and 70% on the mocks and I failed. So F U! :D
The 70% is more of a "if you get this you'll definitely pass" point than an exact measurement. Based on my results I probably scored between 66-70 on the test and I passed level II. It also depends on how you do in the more heavily weighted areas, I talked to a guy who got over 70% on 5 different areas but they were all the least weighted ones and he got destroyed in the most important areas.
Congrats on passing. I am taking Level 1 in December.
Slick, congrats. I also passed L2. My understanding (based on analyst forum and analysis compiled by 300 hours) is that the MPS is generally around 66% for L2 but obviously depends on global performance and their formula.
I also passed L2, feels great! Take it for what it is, but I was scoring between 62-70% on all 6 schweser mocks and the cfai mock, and progressively got worse as I reviewed them. On the actual managed to get 70+ on all sections except ethics (50-70) and alt, der, pm (50).
1) You have no way of knowing what your score is to a single number. 2) You get a slight undisclosed bump if you are right on the edge but do well in ethics.
If you use the highest point in each range to compute your score, still get below 70%, and didn't do well in ethics, then I might believe your hypothesis.
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