Exam 5 Pass Score Calculation Mystery - SOLVED

[jared]

The last four years, the pass scores have been 60.5,53.5,54.25,59.75;
The 95th percentile scores have been 75.63,66.54,68.75,72.88;
The ratio of pass score to 95th percentile is 80%,80%,79%,82%.
This is not a coincidence; 80% of the 95th percentile is used.

[archie1112]

Are these scores out of 80 or out of 100?

[Utanapishtim]

Neither. Something in between the two, I think, in all years ... but the total number of points varies from year to year.

[statzman]

So, if this is correct. And 500 people sit for the exam, then the top 25 scores set the pass mark (technically, the 25th score does). As cruel as some here would like to think the CAS is, I have a hard time beleiving that they are that cruel.

We often don't pick 4 point trends in ratemaking, I can't justify picking one here. Is there enough data to go back, say 20 years?

[PAC]

I believe the stated ratio varies more for other CAS exams

[jared]

The argument could be made that the method is fair. The quality of the 95th percentile candidate (very well prepared, but not a genius) probably doesn't change much from year to year. I believe the CFA exams to a similar method, 70% of the 99th percentile candidate.