Why can't we get immediate exam feedback?
What score do I need to pass the exam?
Do I need to pass each of the exam's subsections?
What percentage of candidates pass the exams?
Do you ever remove questions from scoring?
When and how are candidates' grades released?
What do the CAIA Candidate Performance Reports look like?
What is the purpose of the CAIA Candidate Performance Report?
What is the reference group to which my performance is compared?
How are the Relative Performance Levels (Weak, Lower, Comparable, Higher, and Outstanding) defined?
I did not pass my CAIA exam. How can I use the Candidate Performance Report to help me prepare for the next time I take the test?
My performance was categorized as "Comparable" in many categories. Why didn't I pass?
Can candidates obtain their actual scores?
I am disappointed with my exam results. Can I request the exam to be rescored?

Why can't we get immediate exam feedback?
We benchmark candidate scores against all test-takers, so grading cannot begin until the examination window is closed. Our turnaround time for Level I is usually within three weeks of the last examination day. Level II results are generally available within six weeks of the last examination day. top

What score do I need to pass the exam?
Setting the minimum passing score is one of the most difficult decisions to make. We are well aware of the fine line that exists between being fair to those who invest time in preparing for these exams on the one hand and ensuring the program's integrity on the other. The CAIA Examinations staff uses 70% of the total points as the initial benchmark, so candidates who earn 70% or more of the total points are assured of passing the exam. However, because we compare a candidate's score against the average exam score, there is the potential for a curve. The curve effectively moves the passing score below 70%. The CAIA Association does not release information regarding the passing score. top

Do I need to pass each of the exam's subsections?
No. Each candidate's pass/fail status is determined by his or her performance on the entire examination, rather than by his or her performance on each topic. Therefore, it is possible to score low in any area and still pass the exam. top

What percentage of candidates pass the exams?
The CAIA Association has not established a target rate of success. The percentage of candidates that pass the exams changes from exam to exam. During the September 2011 exam period, of those who sat for the Level I exam, 74% were successful in passing; for the Level II exam, 59%. top

Do you ever remove questions from scoring?
Yes. The CAIA Examinations staff review all questions before and after each exam and look for irregularities. There have been cases when the Examinations staff, after finding what was believed to be sufficient ambiguity, removed a particular question from the scoring of the exam. top

When and how are candidates' grades released?
Candidates should know that their exam performance is strictly confidential. When the results are released, you will receive an email instructing you to log in to the CAIA website to view your CAIA Candidate Performance Report. Level I exam results are usually distributed within three weeks of the close of the testing window. Level II exam results are usually distributed within six weeks of the close of the testing window. Candidates are encouraged to keep their contact information up-to-date to ensure the timely receipt of exam results. top

What do the CAIA Candidate Performance Reports look like?

• Sample Candidate Performance Report for Level I
• Sample Candidate Performance Report for Level II

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What is the purpose of the CAIA Candidate Performance Report?
The CAIA Candidate Performance Report is intended to aid in self-assessment by indicating your areas of relative strength and weakness among the topics in the exam, compared to a reference group. top

What is the reference group to which my performance is compared?
The reference group is comprised of all candidates whose total test scores were within the bottom quartile of those who passed the exam during the testing window in which you sat for the exam. top

How are the Relative Performance Levels (Weak, Lower, Comparable, Higher, and Outstanding) defined?
For each topic, your relative performance was determined by comparing your performance (Candidate Score, or CS) to the average score of the reference group (x̄) and the standard deviation of the scores of the reference group (σ). Five relative levels were created in order for candidates to compare their performance to the average performance of the lowest quartile of passing candidates.

For example, if your relative performance in the topic of Private Equity was "Lower," it means that your score in that topic was between one-half of one standard deviation and one and one-half standard deviations below the reference group's average score in that topic. top

I did not pass my CAIA exam. How can I use the Candidate Performance Report to help me prepare for the next time I take the test?
The performance categorizations in the Candidate Performance Report provide you with indicators of your exam performance in each topic relative to the reference group. The comparison of your performance to candidates who performed in the lower end of the passing range provides you with information regarding approximately how far you were from passing. In planning your studies, you may want to pay special attention to topics in which your performance was categorized as "Weak" or "Lower." top

My performance was categorized as "Comparable" in many categories. Why didn't I pass?
Remember that each category represents a range of scores. A check mark could indicate performance at the lower end of the range. In addition, the relative weights of each topic vary, so some topics contribute more to the total score than others. The examination weights listed in the first column of the table provide information regarding the proportional representation of each topic on the CAIA exams.

Finally, a candidate's overall performance on the entire examination determines his or her pass/fail status, not performance in individual topics. See the sample interpretations linked below for more information on how to interpret the CAIA Candidate Performance Report.

• Level I Sample Interpretations
• Level II Sample Interpretations

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Can candidates obtain their actual scores?
No. While we make a distinction between passing and failing scores, the CAIA Association does not attach meaning to the relative ranking of candidate scores. The performance of each candidate is measured against a specific standard of performance. Candidates who meet or exceed that standard pass the exam and those who do not meet the standard fail the exam. There is no such thing as a high pass, a low pass, or a high failure. Releasing individual candidate scores would predictably lead to such a ranking. top

I am disappointed with my exam results. Can I request that my exam be rescored?
Yes. Candidates with questions about the scoring of their exams can request a rescore after receiving their Candidate Performance Report. This means that the points earned in each part of the exam will be manually checked and matched against the reported score. It does not mean that the questions will be graded again. The fee for the rescoring option is US$100. Requests for a rescore must be submitted to candidate@caia.org within 30 days of receiving your Candidate Performance Report. Please note that all exam materials are the property of the CAIA Association and will not be released. top