Interpretation Samples
CAIA Level I Candidate Performance Report
In Effect As Of April 2012

The CAIA Level I Candidate Performance Report includes a profile with an overview of your performance by topic area on the Level I examination. The first column in the table lists the topic areas assessed on your exam along with the exam weights associated with each topic. Your performance in each topic area is reported on a relative scale (Weak, Lower, Comparable, Higher, and Outstanding), as compared to a reference group consisting of all candidates whose total test scores were within the bottom quartile of those who passed the exam during your testing window.

Performance Profile 1
This profile represents a candidate who passed the Level I examination.  Note that strong performance in one area can offset weaker performance in other areas.  Note also that the Hedge Funds and Professional Standards and Ethics topics comprised higher relative weights and thus counted more toward the overall decision.  This profile illustrates that an overall test result of “Pass” does not necessarily indicate that a candidate excelled in all topics.

Performance Profile 2
This profile represents a candidate who failed the Level I examination. The candidate’s  stronger relative performance in the Introduction to Alternative Investments topic was not enough to overcome relatively weaker performance in other areas.  Note that the Hedge Funds and Professional Standards and Ethics topics comprised higher relative weights and thus counted more toward the overall decision.  This profile illustrates that an overall test result of “Fail” does not necessarily indicate that a candidate did poorly in all topics.

Performance Profile 3
This profile represents a candidate who was close to passing, but failed the Level I examination.  Note that the Hedge Funds and Professional Standards and Ethics topics comprised higher relative weights and thus counted more toward the overall decision.  This profile illustrates that an overall test result of “Fail” does not necessarily indicate that a candidate did poorly in all topics.