Weeks 1-2

　　Once exams have been collected and shipped back to CFA Institute from all locations worldwide,they are reconciled with attendance rosters and ready for grading and quality control.The first step in the process is the machine grading of all multiple-choice exam answer sheets.Numerous quality-control processes ensure that answer sheets are accurately graded.

　　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 performance 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.

　　Week 3

　　Continued quality-control measures include verifying that all answer documents are accounted for and properly scanned.

　　Weeks 4-5

　　Once the majority of Level I exams 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.

　　Reports for Level I are developed for the Board of Governors(Board)to review in week six.

　　Weeks 6-7

　　After reviewing the standard-setting results,the Board convenes to determine the MPS for Level I.The results for Level I are processed internally.Quality-control measures ensure that the data are correctly entered into the system.

　　Week 8

　　After eight weeks,Level I exam results are released by email and available on the CFA Institute website.

　　For more information on CFA exam development and grading,visit www.cfainstitute.org to read The CFA Program:Where Theory Meets Practice.