December 2018 CFA Results Survey

442 Responses as of February 5, 2019 (661 Total)

December 2018 (Level I) June 2018 (Level I)

MPS Estimate*
8.6% 156 Responses as of February 5, 2019 (215 Total) 8.7%

December 2018 (Level I) 62.0%

June 2018 (Level I) 61.7%
91.4% 91.3%

Pass Fail Pass Fail

Sample Mean Range Standard Deviation 10th Percentile

0.712871 December 2018 Pass 144 73.6% 54.7% - 82.9% 7.0% 64.5%
0.287 June 2018 Pass 58 69.6% 55.8% - 81.3% 6.7% 61.7%
Total Level I Pass 202 72.5% 54.7% - 82.9% 6.9% 63.7%

Sample Mean Range Standard Deviation 90th Percentile

0.923077 December 2018 Fail 12 56.3% 42.5% - 62.9% 5.9% 61.7%
0.076923 June 2018 Fail 1 50.3% 50.3% - 50.3% N/A 50.3%
Total Level I Fail 13 55.8% 42.5% - 62.9% 5.9% 60.9%

What designations have you obtained or are actively pursuing? What degrees have you obtained? (December 2018)
(December 2018) 350
292
25 300
21 250
20 200
150 111
15 100
50 29 31 31 15
11 6 2
10 9 0
8
6
5
5 4
3 3 3
1 1
0
CPA ASA FRM CFP ACCA CERA FSA CIM CIMA FPFS CAIA
*Methodology on final page
 December 2018 - Pass December 2018 - Fail Estimated Scores - December 2018
Level I Weight Mean St. Dev Weight Mean St. Dev 12
Alternatives Investments & Derivatives 9% 75.6% 10.7% 9% 60.5% 10.1%
10
Corporate Finance 7% 77.2% 10.8% 7% 58.5% 10.2%
Economics 10% 68.4% 11.5% 10% 51.5% 10.3% 8
Equity Investments 15% 74.8% 9.7% 15% 57.9% 13.1% 6
Ethical & Professional Standards 15% 75.7% 8.6% 15% 67.0% 8.4% 4
Fixed Income 10% 68.6% 10.6% 10% 50.3% 10.8%
2
Financial Reporting & Analysis 20% 71.3% 10.0% 20% 53.3% 13.6%
Portfolio Management 7% 72.4% 10.9% 7% 55.4% 12.0% 0

55%
57%
59%
61%
63%
65%
67%
69%
71%
73%
75%
77%
79%
81%
83%
85%
Quantitative Methods 12% 71.2% 13.0% 12% 56.0% 11.9%
Pass Fail

June 2018 - Pass June 2018 - Fail Estimated Scores - June 2018
Level I Weight Mean St. Dev Weight Mean St. Dev 7
Alternatives Investments & Derivatives 9% 73.5% 11.4% 9% 61.0% N/A 6
Corporate Finance 7% 78.2% 11.7% 7% 52.6% N/A 5
Economics 10% 67.4% 12.0% 10% 51.3% N/A
4
Equity Investments 15% 76.9% 9.0% 15% 45.6% N/A
3
Ethical & Professional Standards 15% 74.5% 7.5% 15% 62.6% N/A
2
Fixed Income 10% 69.8% 11.5% 10% 51.2% N/A
Financial Reporting & Analysis 20% 63.0% 11.7% 20% 51.4% N/A 1

Portfolio Management 7% 65.6% 10.3% 7% 49.6% N/A 0

50%
52%
54%
56%
58%
60%
62%
64%
66%
68%
70%
72%
74%
76%
78%
80%
Quantitative Methods 12% 64.0% 12.1% 12% 26.8% N/A
Pass Fail

First time sitting for that level?

First time sitting for Level I? Is English Your First Language? (December 2018)
100%
10.9% 8.0%
15.8% 15.8%
80%

60% No
92.0% 31%
89.1% 84.2% 84.2%
40%
Yes
20% 69%

0%
December 2018 (Pass) June 2018 (Pass) December 2018 (Fail) June 2018 (Fail)

Yes No
 How many years of job experience do you have? (December 2018) How many years of investment related job experience do you have?
(December 2018)
200
178 350
180 314
160 300
140
250
120 110
200
100
80 150
60 45 39 100
40 26 30 59
50 33
20 10 4 10 10 9 6 1
0 0
0-1 1-2 2-3 3-4 4-5 5 - 10 10 - 15 15 + 0-1 1-2 2-3 3-4 4-5 5 - 10 10 - 15 15 +

Mean Estimate: 2.4 σ Estimate: 2.9 Mean Estimate: 1.3 σ Estimate: 2.0

What did you average on the CFAI Mocks / Q Bank? CFAI Mocks / Q Bank (December 2018)
50
Mean St. Dev. Sample 45
December 2018 Pass 69.0% 6.3% 326 40
June 2018 Pass 70.0% 6.0% 172 35
Total Pass 69.3% 6.2% 498
30
December 2018 Fail 61.2% 6.9% 21 25
June 2018 Fail 58.2% 6.6% 13 20
Total Fail 60.1% 6.8% 34
15
Total December 2018 68.5% 6.4% 347 10
Total June 2018 69.2% 6.1% 185 5
Total Sample 68.8% 6.3% 532
0
40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90%
 Kaplan Schweser Mocks / Q Bank (December 2018) What did you average on the Kaplan Schweser Mocks / Q Bank?
25
Mean St. Dev. Sample
20 December 2018 Pass 69.2% 7.8% 174
June 2018 Pass 70.0% 7.4% 102
Total Pass 69.5% 7.6% 276
15
December 2018 Fail 62.6% 6.7% 14
10 June 2018 Fail 63.0% 0.0% 4
Total Fail 62.7% 5.2% 18

5 Total December 2018 68.7% 7.7% 188

Total June 2018 69.8% 7.1% 106
Total Sample 69.1% 7.5% 294
0
40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90%

What did you average on the Wiley Mocks / Q Bank? Wiley Mocks / Q Bank (December 2018)
4
Mean St. Dev. Sample
December 2018 Pass 69.2% 6.7% 23
June 2018 Pass 70.0% 7.3% 9 3
Total Pass 69.4% 6.9% 32
December 2018 Fail 70.0% N/A 1 2
June 2018 Fail 55.0% 7.1% 2
Total Fail 60.0% 4.7% 3
1
Total December 2018 69.2% 6.4% 24
Total June 2018 67.3% 7.3% 11
Total Sample 68.8% 6.7% 35
0
40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90%
 Hours Studied (Pass) - Level I: 604 Hours Studied (Fail) - Level I: 57
140 14

120 12

100 10
80 8
60 6
40 4
20 2
0 0
0 - 50 50 - 100 - 150 - 200 - 250 - 300 - 350 - 400 - 450 - 500 - 550 - 600 + 0 - 50 50 - 100 - 150 - 200 - 250 - 300 - 350 - 400 - 450 - 500 - 550 - 600 +
100 150 200 250 300 350 400 450 500 550 600 100 150 200 250 300 350 400 450 500 550 600

December 2018 (Pass) June 2018 (Pass) December 2018 (Fail) June 2018 (Fail)

December 2018 (Pass) - Mean Est: 252 December 2018 (Pass) - σ Est: 111 December 2018 (Fail) - Mean Est: 242 December 2018 (Fail) - σ Est: 104
June 2018 (Pass) - Mean Est: 279 June 2018 (Pass) - σ Est: 109 June 2018 (Fail) - Mean Est: 188 June 2018 (Fail) - σ Est: 80

What Resources did you utilize? (December 2018)

330 303
300 267 260
270 231
240
210
180 163 153 147
150 126
120 90
90 46
60 36 38 26 27 31 22 10 10 9 8
30 6 4 4 5 7 6
0
 What is your Age? (December 2018) What is your Gender? (December 2018)
250 229

200
Female
10.4%
155
150

100
Male
43 89.6%
50
10 4 1
0
< 25 25 - 29 30 - 34 35 - 39 40 - 49 50 +

Mean Estimate: 26.1 σ Estimate: 3.9

Full Mock Exams Taken - Level I Full Mock Exams Taken (December 2018)
120
Mean St. Dev Sample
100
0.668874 December 2018 Pass 3.5 2.5 404 100
0.331126 June 2018 Pass 4.0 2.4 200 0.9
0.913767 Total Pass 3.7 2.5 604 80
69
0.666667 December 2018 (Fail) 2.5 2.1 38 55
60 50 50
0.333333 June 2018 (Fail) 2.4 2.5 19 0.1
43
0.086233 Total Fail 2.5 2.2 57 38
40
December 2018 3.4 2.4 442
20 15
June 2018 2.4 2.4 219 8
6 4 4
Total Sample 3.6 2.4 661
0
0 1 2 3 4 5 6 7 8 9 10 11 12 +

Mean Estimate: 3.4 σ Estimate: 2.4

 When did you begin studying? (December 2018) When did you finish the curriculum / start revision? (December 2018)
120 140
100 120
80
100
60
80
40
60
20
0 40

20

0
June 2018 Early Late Early Late Early Late Early Late Early
or prior August August September September October October November November December
2018 2018 2018 2018 2018 2018 2018 2018 2018

Pass Fail Pass Fail

December 2018 (Pass) - Mean Est: Late July σ Est (Months): 2.3 December 2018 (Pass) - Mean Est: Early November σ Est (Months): 0.8
December 2018 (Fail) - Mean Est: Late July σ Est (Months): 2.4 December 2018 (Fail) - Mean Est: Early November σ Est (Months): 1.2

When did you begin studying? (June 2018) When did you finish the curriculum / start revision? (June 2018)
60 50
45
50 40
35
40 30
25
30
20
20 15
10
10 5
0
0

Pass Fail Pass Fail

June 2018 (Pass) - Mean Est: Late January σ Est (Months): 2.1 June 2018 (Pass) - Mean Est: Early May σ Est (Months): 1.0
June 2018 (Fail) - Mean Est: Mid February σ Est (Months): 2.5 June 2018 (Fail) - Mean Est: Late May σ Est (Months): 0.9
 To what capacity did you utilize r/CFA (December 2018) What continent are you from? (December 2018)
Australia / Oceania
Africa 5%
I practically lived here 10 3%

Contributor - I comment and help others if I can 22

User - I come here to see if there is help 161 Asia

23%
If I see it on my front page and the topic interest
me, I'll check it out 123 North America
56%
Europe
Not at all 93
12%

I don't know what that is 33

South America
0 20 40 60 80 100 120 140 160 180 1%
 appendix

December 2018 CFA Results Survey - Performance Section

156 Responses as of February 5, 2019

90%
80%
Alternatives Investments & Derivatives - December 2018 (Weight: 9%) Pass Fail Total Est Score 90th
Above the 90th percentile 52 0 52 84.4% 70%
Pretty darn close to the 90th percentile 21 0 21 81.6% 60% 70%
Between 70% & the 90th percentile 33 2 35 75.8%
50%
Pretty darn close to 70% 12 2 14 70.0% 50%
Between 70% and 50% 17 4 21 60.0% 40%
Pretty darn close to 50% 5 3 8 50.0% 30%
Between 50% and the 10th percentile 4 1 5 44.8%
20% 10th
Pretty darn close to the 10th percentile 0 0 0 39.6%
Below the 10th percentile 0 0 0 29.8% 10%
144 12 156 0%
Alternatives & Derivatives

90%
80% 90th
Corporate Finance - December 2018 (Weight: 7%) Pass Fail Total Est Score
Above the 90th percentile 28 0 28 88.4% 70%
Pretty darn close to the 90th percentile 25 0 25 86.3% 60% 70%
Between 70% & the 90th percentile 52 1 53 78.2%
50%
Pretty darn close to 70% 15 1 16 70.0%
40% 50%
Between 70% and 50% 19 7 26 60.0%
Pretty darn close to 50% 4 2 6 50.0% 30%
Between 50% and the 10th percentile 0 0 0 42.2%
20%
Pretty darn close to the 10th percentile 1 1 2 34.4% 10th
Below the 10th percentile 0 0 0 27.2% 10%
144 12 156 0%
Corporate Finance
 appendix

90%
80%
Economics - December 2018 (Weight: 10%) Pass Fail Total Est Score 90th
Above the 90th percentile 27 0 27 82.4% 70%
Pretty darn close to the 90th percentile 14 0 14 79.3% 60% 70%
Between 70% & the 90th percentile 19 0 19 74.6%
50%
Pretty darn close to 70% 30 1 31 70.0%
50%
Between 70% and 50% 34 4 38 60.0% 40%
Pretty darn close to 50% 13 3 16 50.0% 30%
Between 50% and the 10th percentile 7 2 9 42.9%
20% 10th
Pretty darn close to the 10th percentile 0 2 2 35.8%
Below the 10th percentile 0 0 0 27.9% 10%
144 12 156 0%
Economics

90%
80%
Equity Investments - December 2018 (Weight: 15%) Pass Fail Total Est Score 90th
Above the 90th percentile 57 0 57 82.9% 70%
Pretty darn close to the 90th percentile 21 0 21 79.9% 60% 70%
Between 70% & the 90th percentile 15 1 16 75.0%
50%
Pretty darn close to 70% 23 3 26 70.0%
40% 50%
Between 70% and 50% 24 4 28 60.0%
Pretty darn close to 50% 2 2 4 50.0% 30%
Between 50% and the 10th percentile 2 1 3 42.3%
20%
Pretty darn close to the 10th percentile 0 0 0 34.5% 10th
Below the 10th percentile 0 1 1 27.3% 10%
144 12 156 0%
Equity Investments
 appendix

90%
80%
Ethical and Professional Standards - December 2018 (Weight: 15%) Pass Fail Total Est Score 90th
70%
Above the 90th percentile 64 0 64 82.5%
Pretty darn close to the 90th percentile 22 1 23 79.4% 60% 70%
Between 70% & the 90th percentile 14 3 17 74.7% 50%
Pretty darn close to 70% 20 3 23 70.0%
40%
50%
Between 70% and 50% 23 4 27 60.0%
30%
Pretty darn close to 50% 0 1 1 50.0%
Between 50% and the 10th percentile 1 0 1 43.4% 20% 10th
Pretty darn close to the 10th percentile 0 0 0 36.8% 10%
Below the 10th percentile 0 0 0 28.4%
0%
144 12 156 Ethical & Professional
Standards Performance

90%
80%
Fixed Income - December 2018 (Weight: 10%) Pass Fail Total Est Score
90th
Above the 90th percentile 44 0 44 79.8% 70%
Pretty darn close to the 90th percentile 10 0 10 76.3% 60% 70%
Between 70% & the 90th percentile 14 0 14 73.1%
50%
Pretty darn close to 70% 19 1 20 70.0%
40% 50%
Between 70% and 50% 43 3 46 60.0%
Pretty darn close to 50% 9 4 13 50.0% 30%
Between 50% and the 10th percentile 5 3 8 42.3%
20%
Pretty darn close to the 10th percentile 0 0 0 34.6% 10th
Below the 10th percentile 0 1 1 27.3% 10%
144 12 156 0%
Fixed Income
 appendix

90%
80%
Financial Reporting and Analysis - December 2018 (Weight: 20%) Pass Fail Total Est Score 90th
Above the 90th percentile 38 0 38 82.5% 70%
Pretty darn close to the 90th percentile 18 1 19 79.4% 60% 70%
Between 70% & the 90th percentile 19 0 19 74.7%
50%
Pretty darn close to 70% 21 1 22 70.0%
40% 50%
Between 70% and 50% 43 4 47 60.0%
Pretty darn close to 50% 4 2 6 50.0% 30%
Between 50% and the 10th percentile 1 2 3 41.7%
20%
Pretty darn close to the 10th percentile 0 2 2 33.4% 10th
Below the 10th percentile 0 0 0 26.7% 10%
144 12 156 0%
Financial Reporting & Analysis

90%
80%
Portfolio Management - December 2018 (Weight: 7%) Pass Fail Total Est Score 90th
Above the 90th percentile 59 1 60 81.9% 70%
Pretty darn close to the 90th percentile 14 0 14 78.7% 60% 70%
Between 70% & the 90th percentile 15 0 15 74.4%
50%
Pretty darn close to 70% 14 1 15 70.0%
Between 70% and 50% 33 4 37 60.0% 40% 50%
Pretty darn close to 50% 6 3 9 50.0% 30%
Between 50% and the 10th percentile 3 3 6 40.8%
20%
Pretty darn close to the 10th percentile 0 0 0 31.6% 10th
Below the 10th percentile 0 0 0 25.8% 10%
144 12 156 0%
Portfolio Management
 appendix

90%
80%
Quantitative Methods - December 2018 (Weight: 12%) Pass Fail Total Est Score 90th
Above the 90th percentile 38 0 38 83.7% 70%
Pretty darn close to the 90th percentile 19 1 20 80.8% 60% 70%
Between 70% & the 90th percentile 25 0 25 75.4%
50%
Pretty darn close to 70% 18 2 20 70.0%
Between 70% and 50% 29 2 31 60.0% 40% 50%
Pretty darn close to 50% 7 5 12 50.0% 30%
Between 50% and the 10th percentile 6 2 8 40.3%
20%
Pretty darn close to the 10th percentile 1 0 1 30.7% 10th
Below the 10th percentile 1 0 1 25.3% 10%
144 12 156 0%
Quantitative Methods
 appendix

December 2018 CFA Results Survey - Pass Rate Tables

Not all survey questions were required and some allowed multiple selections. Share represents the portion of total responses that sat for that level and selected that response

December 2018 June 2018

What degrees have you obtained?
Sample Share Pass Sample Share Pass
Bachelor’s Degree (Finance, Econ,
292 66% 92.5% 166 76% 90.4%
Accounting related)
Bachelor’s Degree (Non-Finance, Econ,
111 25% 91.0% 42 19% 92.9%
Accounting related)
MBA 31 7% 90.3% 11 5% 81.8%
Post-work / Masters (Non-MBA, MS in
31 7% 96.8% 12 5% 91.7%
Finance)
MS in Finance 29 7% 96.6% 10 5% 90.0%
Associates Degree 11 2% 90.9% 11 5% 81.8%
Doctorate 6 1% 100.0% 1 0% 100.0%
Juris Doctor 15 3% 86.7% 1 0% 100.0%
MS in Accounting 0 0% 0.0% 0 0% 0.0%

What other designations have you December 2018 June 2018

obtained or are actively pursuing? Sample Share Pass Sample Share Pass
CPA 21 5% 83.3% 15 7% 93.3%
FRM 9 2% 66.7% 4 2% 100.0%
CAIA 4 1% 100.0% 4 2% 100.0%
CFP 0 0% 100.0% 1 0% 100.0%
ASA 8 2% 0.0% 2 1% 50.0%
AACI 0 0% 0.0% 2 1% 100.0%
FIA 0 0% 0.0% 0 0% 0.0%
CIM 3 1% 0.0% 1 0% 100.0%
P.Geo 0 0% 0.0% 1 0% 0.0%
QKA 0 0% 0.0% 0 0% 0.0%
ACA 0 0% 0.0% 1 0% 100.0%
10% 14%

Was this your first time sitting for that December 2018 June 2018
level? Sample Share Pass Sample Share Pass
Yes 392 89% 91.8% 200 91% 92.0%
No 50 11% 88.0% 19 9% 84.2%
 appendix

December 2018 June 2018

What resources did you utilize?
Sample Share Pass Sample Share Pass
CFAI Mocks 303 69% 94.7% 164 75% 97.0%
CFAI Q Bank 267 60% 94.0% 160 73% 95.0%
CFAI Books 231 52% 90.0% 129 59% 87.6%
Kaplan Schweser Textbooks 260 59% 91.2% 130 59% 92.3%
r/CFA 153 35% 93.5% 92 42% 90.2%
Kaplan Schweser Mocks 163 37% 94.5% 88 40% 95.5%
Kaplan Schweser Q Bank 147 33% 91.8% 87 40% 96.6%
Mark Meldrum (paid) 46 10% 91.3% 18 8% 94.4%
Kaplan Schweser SecretSauce 90 20% 94.4% 44 20% 86.4%
Mark Meldrum (free) 126 29% 94.4% 70 32% 92.9%
Kaplan Schweser Videos 27 6% 88.9% 12 5% 91.7%
300hours.com 36 8% 91.7% 18 8% 94.4%
Live Mock 26 6% 96.2% 12 5% 91.7%
Wiley Textbooks 9 2% 88.9% 8 4% 100.0%
Wiley Q Bank 10 2% 100.0% 8 4% 100.0%
Wiley Mocks 10 2% 100.0% 7 3% 100.0%
Study Group 5 1% 100.0% 6 3% 100.0%
Wiley Videos 6 1% 100.0% 4 2% 100.0%
Local CFA Society Sponsored Study Session 8 2% 87.5% 4 2% 100.0%
Bloomberg Exam Prep 6 1% 83.3% 2 1% 50.0%
Analyst 0 0% 0.0% 2 1% 100.0%
Fitch Learning 4 1% 100.0% 4 2% 100.0%
Mentor 1 0% 100.0% 2 1% 100.0%
IFT Videos 0 0% 0.0% 2 1% 100.0%
U of T course 0 0% 0.0% 0 0% 0.0%

December 2018 June 2018

Is English Your First Language?
Sample Share Pass Sample Share Pass
Yes 304 69% 91.4% 165 75% 89.1%
No 138 31% 91.3% 54 25% 98.1%

December 2018 June 2018

Gender
Sample Share Pass Sample Share Pass
Male 388 88% 93.0% 187 85% 90.4%
Female 45 10% 82.2% 29 13% 96.6%
 appendix
December 2018 June 2018
When did you start studying? When did you start studying?
Sample Share Pass Sample Share Pass
Prior to December 2017 1 0% 100.0% Prior to June 2017 1 0% 100.0%
December-17 3 1% 100.0% June-17 0 0% 0.0%
January-18 3 1% 66.7% July-17 1 0% 0.0%
February-18 6 1% 100.0% August-17 2 1% 100.0%
March-18 22 5% 86.4% September-17 5 2% 100.0%
April-18 7 2% 85.7% October-17 12 5% 100.0%
May-18 24 5% 91.7% November-17 12 5% 91.7%
June-18 37 8% 94.6% December-17 11 5% 100.0%
July-18 48 11% 93.8% January-18 50 23% 94.0%
August-18 102 23% 90.2% February-18 56 26% 92.9%
September-18 111 25% 90.1% March-18 28 13% 82.1%
October-18 46 10% 91.3% April-18 19 9% 94.7%
November-18 27 6% 96.3% May-18 18 8% 83.3%
December-18 5 1% 100.0% June-18 4 2% 75.0%

When did you finish the curriculum December 2018 When did you finish the curriculum June 2018
(start revision)? Sample Share Pass (start revision)? Sample Share Pass
June 2018 or prior 4 1% 75.0% February 2018 or prior 5 2% 100.0%
Early August 2018 1 0% 100.0% Early March 2018 5 2% 100.0%
Late August 2018 2 0% 100.0% Late March 2018 5 2% 80.0%
Early September 2018 3 1% 100.0% Early April 2018 12 5% 100.0%
Late September 2018 9 2% 100.0% Late April 2018 20 9% 100.0%
Early October 2018 25 6% 92.0% Early May 2018 33 15% 87.9%
Late October 2018 54 12% 96.3% Late May 2018 47 21% 100.0%
Early November 2018 115 26% 92.2% Early June 2018 30 14% 90.0%
Late November 2018 101 23% 94.1% Late June 2018 20 9% 75.0%
Early December 2018 38 9% 86.8% Didn't follow explicit curriculum 14 6% 85.7%
I used resources, but didn't follow any 45 10% 93.3% I never finished a curriculum 19 9% 78.9%
I never finished a curriculum 37 8% 0.0% I chose not to read a curriculum 9 4% 100.0%

December 2018 June 2018

What continent are you from?
Sample Share Pass Sample Share Pass
North America 247 56% 93.1% 148 68% 89.2%
Asia 100 23% 85.0% 35 16% 94.3%
Europe 55 12% 94.5% 18 8% 100.0%
Australia / Oceania 20 5% 95.0% 6 3% 83.3%
Africa 14 3% 85.7% 4 2% 100.0%
South America 6 1% 100.0% 8 4% 100.0%
 appendix

Realistically, how many hours did you December 2018 June 2018
study? Sample Share Pass Sample Share Pass
0 - 50 12 3% 83.3% 2 1% 100.0%
50 - 100 26 6% 96.2% 11 5% 72.7%
100 -150 49 11% 91.8% 18 8% 50.0%
150 - 200 56 13% 89.3% 27 12% 77.8%
200 - 250 75 17% 92.0% 30 14% 93.3%
250 - 300 72 16% 88.9% 41 19% 92.7%
300 - 350 81 18% 92.6% 44 20% 95.5%
350 - 400 36 8% 91.7% 28 13% 100.0%
400 - 450 20 5% 95.0% 8 4% 100.0%
450 - 500 8 2% 87.5% 5 2% 100.0%
500 - 550 3 1% 100.0% 2 1% 100.0%
550 - 600 0 0% 0.0% 0 0% 0.0%
600 + 4 1% 100.0% 3 1% 100.0%

December 2018 June 2018 Level III

Full Mock Exams Taken
Sample Share Pass Sample Share Pass
0 55 12% 85.5% 22 10% 81.8%
1 38 9% 89.5% 16 7% 62.5%
2 69 16% 91.3% 22 10% 90.9%
3 100 23% 90.0% 52 24% 96.2%
4 50 11% 88.0% 27 12% 96.3%
5-6 93 21% 96.8% 50 23% 96.0%
7-8 21 5% 100.0% 20 9% 90.0%
9 - 10 12 3% 91.7% 7 3% 100.0%
11 - 12 4 1% 100.0% 2 1% 100.0%
13 - 14 0 0% 0.0% 1 0% 100.0%
15 - 16 0 0% 0.0% 0 0% 0.0%
17 + 0 0% 0.0% 0 0% 0.0%
 appendix

December 2018 June 2018

CFAI Mocks / Q Bank Average
Sample Share Pass Sample Share Pass
< 50% 2 0% 50.0% 1 0% 100.0%
50 - 55% 5 1% 60.0% 6 3% 16.7%
56 - 59% 13 3% 61.5% 3 1% 66.7%
60 - 62% 40 9% 92.5% 14 6% 85.7%
63 - 64% 31 7% 96.8% 16 7% 93.8%
65 - 67% 66 15% 90.9% 33 15% 93.9%
68 - 69% 35 8% 100.0% 17 8% 100.0%
70 - 72% 76 17% 97.4% 39 18% 97.4%
73 - 74% 17 4% 94.1% 8 4% 100.0%
75 - 77% 37 8% 100.0% 32 15% 100.0%
78 - 79% 14 3% 100.0% 3 1% 100.0%
80 - 82% 14 3% 100.0% 9 4% 100.0%
83 - 84% 2 0% 100.0% 0 0% 0.0%
85 - 87% 2 0% 100.0% 4 2% 100.0%
88 - 89% 1 0% 100.0% 0 0% 0.0%
90% + 1 0% 100.0% 0 0% 0.0%
81% 84%

Kaplan Schweser Mocks / Q Bank December 2018 June 2018

Average Sample Share Pass Sample Share Pass
< 50% 1 0% 100.0% 0 0% 0.0%
50 - 55% 10 2% 70.0% 2 1% 100.0%
56 - 59% 3 1% 100.0% 5 2% 80.0%
60 - 62% 19 4% 89.5% 14 6% 100.0%
63 - 64% 15 3% 80.0% 3 1% 100.0%
65 - 67% 35 8% 91.4% 15 7% 80.0%
68 - 69% 21 5% 90.5% 7 3% 100.0%
70 - 72% 37 8% 94.6% 25 11% 100.0%
73 - 74% 8 2% 100.0% 5 2% 100.0%
75 - 77% 20 5% 100.0% 12 5% 100.0%
78 - 79% 6 1% 100.0% 3 1% 100.0%
80 - 82% 12 3% 100.0% 11 5% 100.0%
83 - 84% 1 0% 100.0% 1 0% 100.0%
85 - 87% 1 0% 100.0% 3 1% 100.0%
88 - 89% 0 0% 0.0% 0 0% 0.0%
90% + 1 0% 100.0% 0 0% 0.0%
43% 48%
 appendix

December 2018 June 2018

Wiley Mocks / Q Bank
Sample Share Pass Sample Share Pass
< 50% 0 0% 0.0% 0 0% 0.0%
50 - 55% 1 0% 100.0% 1 0% 0.0%
56 - 59% 0 0% 0.0% 0 0% 0.0%
60 - 62% 2 0% 100.0% 2 1% 50.0%
63 - 64% 1 0% 100.0% 1 0% 100.0%
65 - 67% 5 1% 100.0% 1 0% 100.0%
68 - 69% 0 0% 0.0% 2 1% 100.0%
70 - 72% 9 2% 88.9% 1 0% 100.0%
73 - 74% 0 0% 0.0% 1 0% 100.0%
75 - 77% 3 1% 100.0% 0 0% 0.0%
78 - 79% 0 0% 0.0% 0 0% 0.0%
80 - 82% 3 1% 100.0% 2 1% 100.0%
83 - 84% 0 0% 0.0% 0 0% 0.0%
85 - 87% 0 0% 0.0% 0 0% 0.0%
88 - 89% 0 0% 0.0% 0 0% 0.0%
90% + 0 0% 0.0% 0 0% 0.0%
5% 5%

December 2018 June 2018

Age
Sample Share Pass Sample Share Pass
< 25 229 52% 90.4% 105 48% 91.4%
25 - 29 155 35% 93.5% 81 37% 90.1%
30 - 34 43 10% 88.4% 26 12% 96.2%
35 - 39 10 2% 100.0% 5 2% 80.0%
40 - 49 4 1% 75.0% 2 1% 100.0%
50 + 1 0% 100.0% 0 0% 0.0%

How many years of job experience do December 2018 June 2018

you have? Sample Share Pass Sample Share Pass
0-1 178 40% 89.9% 82 37% 93.9%
1 -2 110 25% 91.8% 70 22% 88.6%
2-3 45 10% 95.6% 61 19% 88.5%
3-4 26 6% 96.2% 38 12% 86.8%
4-5 39 9% 89.7% 34 11% 76.5%
5 - 10 30 7% 90.0% 47 15% 85.1%
10 - 15 10 2% 90.0% 13 4% 76.9%
15 + 4 1% 100.0% 6 2% 66.7%
 appendix

How many years of investment related December 2018 June 2018

job experience do you have? Sample Share Pass Sample Share Pass
0-1 314 71% 91.1% 145 66% 90.3%
1 -2 59 13% 91.5% 39 18% 92.3%
2-3 33 7% 97.0% 20 9% 100.0%
3-4 10 2% 80.0% 4 2% 100.0%
4-5 10 2% 90.0% 4 2% 75.0%
5 - 10 9 2% 88.9% 6 3% 83.3%
10 - 15 6 1% 100.0% 0 0% 0.0%
15 + 1 0% 100.0% 1 0% 100.0%

December 2018 June 2018

To what capacity did you utilize r/CFA
Sample Share Pass Sample Share Pass
I don't know what that is 33 7% 81.8% 2 1% 100.0%
User - I come here to see if there is help 161 36% 90.1% 98 45% 88.8%
Contributor - I comment and help others if
22 5% 100.0% 18 8% 94.4%
I can
If I see it on my front page and the topic
123 28% 95.1% 51 23% 92.2%
interest me, I'll check it out
I practically lived here 10 2% 80.0% 19 9% 89.5%
Not at all 93 21% 91.4% 31 14% 96.8%

How would you rate your experience December 2018 How would you rate your experience June 2018
with r/CFA? Sample Share Pass with r/CFA? Sample Share Pass
1 - I still don’t know what that is 38 9% 97.4% 1 - I still don’t know what that is 9 4% 100.0%
2 83 20% 90.4% 2 21 10% 100.0%
3 152 37% 90.8% 3 29 13% 89.7%
4 109 27% 94.5% 4 55 25% 94.5%
5 - It is an essential tool for my exam prep 27 7% 88.9% 5 59 27% 86.4%
6 26 12% 92.3%
7 - It is an essential tool for my exam prep 20 9% 85.0%
 appendix

Average Score Estimates - December 2018 (Level I) Sample: 156

When did you begin studying? (December 2018) How many hours did you study? (December 2018)
80.0% 76.6% 80.0% 77.1%
75.8% 76.6%
74.3% 73.4%
75.0% 72.2% 73.6%
70.0% 70.8% 70.1% 70.1% 70.2% 75.0% 73.3%
72.5%
69.9% 71.6%
70.0% 70.5% 70.0%
69.2% 69.0%
70.0%
65.0% 66.7%

60.0% 65.0%

55.0% 60.0%
50.0%
55.0%
45.0%
50.0%

45.0%

How many full mocks did you complete? (December 2018) CFAI Mock Scores (December 2018)
80.0% 0.85 82.9%
81.2% 80.6%
75.4% 80.0% 80.4%
75.2%
74.2% 0.8
75.0% 72.5% 72.7%
76.9%
72.1% 74.7%
70.9% 71.4%
0.75 72.9%
71.3%
70.0% 67.7% 69.6%
66.8% 0.7 67.9%
67.4%
65.2%
65.0% 0.65

60.0% 0.6 57.0%

0.55
55.0%
0.5
50.0%
0.45
45.0%
0 1 2 3 4 5 6 7 8 9 10 11 12 +

y-axis = estimated exam score

 appendix

Average Score Estimates - June 2018 (Level I) Sample: 59

When did you begin studying? (June 2018) How many hours did you study? (June 2018)
80% 80%
76.5% 76.2%
75% 72.0% 75%
70.8% 70.7% 71.3% 72.3%
70.4% 70.9% 71.5%
70% 68.0% 68.2% 67.8% 68.9% 69.1%
65.4% 66.0% 70% 68.2% 67.7%
66.7% 66.1%
65% 63.2%
64.1%
65%
59.2%
60%
60%
55%
55%
50%

45% 50%

45%

How many full mocks did you complete? (June 2018) CFAI Mock Scores (June 2018)
80% 85%
75.5% 80.1%
80% 77.3% 77.1%
75%
71.9% 74.1%
70.2% 75% 72.2%
70% 68.4% 67.8% 67.9% 67.4% 68.6%
65.4%
70% 67.6%
65.3% 66.6%
65%
65% 62.3%
61.1%
59.2%
60% 60%

55%
55% 50.3%
50%
50%
45%
45%
0 1 2 3 4 5-6 7-8 9 - 10 11 - 12 13 - 14

y-axis = estimated exam score

 appendix

Important Disclosure: The nature of how this data was collected involves bias for the following reasons. a) test-takers who receive a fail result may have less desire to respond to a survey about the
exam. b) responses were almost entirely sourced from the subreddit r/CFA. In the collection of this data and sharing of the results, some have commented that this sample is more likely to be well versed
in or socially involved with the CFA curriculum. This causes the sample to be more representative of the r/CFA community than the entire population of test-takers.

MPS Methodology: Only responses that completed every topic area were used. Topic areas were weighted as assigned by the CFA Institute and multiplied by the estimated scores broken out in the
performance section. The methodology behind the estimated scores can be found in the table below. If a respondent scored between two levels (e.g. between70% and the 90th percentile) and selected an
estimate for proximity to a level (on a scale of 1 - 3, 1 being closer to 70% & 3 being closer to the 90th percentile) they were assigned the product of 0.25 multiplied by the proximity they chose multiplied by
the difference between the upper and lower bound. This figure was then added to the lower bound. All other topic areas were weighted as assigned by the CFA Institute and multiplied by the estimated scores
broken out in the performance section. Topic areas were weighted as assigned by the CFA Institute and multiplied by the estimated scores broken out in the performance section. The midpoint between the
max score estimate recorded by respondents who failed and the minimum score estimate recorded by respondents who passed was assigned a 25% weight. The midpoint between the 90th percentile of fail
responses and the 10th percentile of pass responses was assigned a 75% weight. The sum of these two values is how I arrived at my MPS estimate.

Methodology
15% of the distance between the estmated mean of the 90th percentile and
Above the 90th percentile
100%
Pretty darn close to the 90th percentile The estimated mean of the 90th percentile
Between 70% & the 90th percentile Midpoint between the mean of the 90th percentile and 70%
Pretty darn close to 70% 70%
Between 70% and 50% 60%
Pretty darn close to 50% 50%
Between 50% and the 10th percentile Midpoint between the mean of the 90th percentile and 70%
Pretty darn close to the 10th percentile The estimated mean of the 10th percentile
Below the 10th percentile Midpoint between the 10th percentile and 20%

Thanks y'all!