Making the Grade The CFA Institute’s test team gets a breather when the last exam of the day concludes, but not much of one. That’s because the several- week grading period that follows is nearly as intense as exam day itself.
The grading process is overseen by logistics and grading staff, another group within CFA’s exam administration and business solutions unit. Once the exams have been collected and shipped back to CFA headquarters in Charlot- tesville, Va., the multiple-choice questions are machine graded. (Levels I and II consist solely of multiple-choice questions; Level III also includes essay questions.) Meanwhile, staff address complaints from test-takers and inves- tigate exam-day violations, which often include writing after time is up, giving or receiving help, and using an unapproved calculator.
About three weeks after the exam, more than 600 CFA charter holders from around the world convene for a two-week, in-person grading session. Graders undergo extensive training in evaluation procedures and tech- niques, according to William Guilford, CMP, CFA’s director of exam administration and business solutions. Security is tight through- out the process, with graders gathering in a large, “non-disclosed grading facility,” as Guilford called it, with access to the building closely monitored.
Long Lineup Larger CFA test sites can have as many as 9,000 can- didates take the exam on a single day in December or June. Outdoor tents are sometimes necessary to protect people from the elements.
But it’s not all blue-book intensity during this time, as CFA coordinates networking and social events for the graders. “It’s great net- working for the charter holders,” Guilford said.
“There are a few informal social events held for the graders during that time, and they really enjoy the chance to all be together.”
‘Whatever you see on the news, chances are we’re dealing with it. We have to always be looking ahead. We are always contingency-planning for the what-ifs.’
About eight weeks after exam day, Level I and II results are released; Level III results are released about 10 weeks later. And then for the test-day team, and many of the test takers, the whole process begins again.
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