CAIA pass rate
CAIA Exam Pass Rates | 1 Page Guide
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The CAIA pass rate varies for both the level 1 and level 2 examinations. During the most recent exam, the CAIA pass rate for those who sat for the Level I exam was 72% while those who took the Level II had a 70% passing rate. The CAIA pass rate itself does not tell the entire story of how the examination is graded and what candidates can expect after completing the examination(s).
The CAIA Association benchmarks candidates scores against all the other test-takers, so grading cannot begin until the entire 10 day examination window is closed. The CAIA turnaround time for grading of the Level I is usually within two weeks of the last examination day. For the Level II examination, the results are generally available between four and six weeks from the last examination day due to the inclusion of essay questions. The CAIA exam committee uses 70% of the total points as the initial benchmark but because they compare a candidate's score against the average exam score, there is the potential for a curve. The curve effectively moves the CAIA pass rate below 70%. In addition to curving the CAIA pass rate, the CAIA examination committee reviews all questions after the exam and looks for irregularities. The CAIA has found what was believed to be sufficient ambiguity in the past, and that particular question was removed from the scoring of the exam.
Each level of the CAIA examinations contains different subsections. Currently, the CAIA does not establish separate passing scores for each subsection. In effect this means that it is possible to score lower than 70% in one subsection and still pass the exam.
The way the CAIA reports the results for them exam varies from what a candidate might be expecting from previous examinations. After the end of the exam period, an announcement is made to candidates, inviting them to log in to the website to receive general pass/fail CAIA exam results. Within a week following the online notification, an email with further details (i.e. percentages) is sent to each candidate who sat for an exam which outlines performance in each of the exam subsections. Candidates will learn whether they've achieved greater than 70% required CAIA pass rate in any particular subsection, between 70% and 50% of the points, or less than 50% of the points.
Quick Link: Certified Hedge Fund Professional (CHP)
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