June 2018 CFA Results Survey

694 Responses as of September 10, 2018

Level III
22.6%
Level I MPS Estimates*
31.6%
181 Responses as of September 10, 2018

Level I 61.7%
Level II Level II 62.9%
45.8% Level III 56.5%

Did you pass (Level I)? Did you pass (Level II)? Did you pass (Level III)?

8.7% 8.9%
16.0%

91.3% 84.0% 91.1%

Yes No Yes No Yes No

Sample Mean Range St. Dev. 10th Percentile

Level I - Pass 58 69.6% 55.8% - 81.3% 6.7% 61.7%
Level II - Pass 70 73.2% 56.4% - 81.6% 5.0% 67.1%
Level III - Pass 37 65.8% 46.4% - 75.4% 7.1% 56.5%

Sample Mean Range St. Dev. 90th Percentile

Level I - Fail 1 50.3% 50.3% - 50.3% N/A 50.3%
Level II - Fail 11 58.9% 49.3% - 61.8% 3.5% 61.3%
Level III - Fail 4 44.9% 41.6% - 47.3% 2.4% 45.2%
*Methodology on final page
 Level I - Pass Level I - Fail Estimated Scores - Level I
Weight Mean St. Dev Weight Mean St. Dev 7
Alternatives Investments & Derivatives 5% 73.2% 11.6% 5% 61.0% N/A 6
Corporate Finance 7% 78.2% 11.7% 7% 52.6% N/A 5
Alternative Investments & Derivatives (2) 4% 73.9% 11.1% 4% N/A N/A
4
Economics 10% 67.4% 12.0% 10% 51.3% N/A
3
Equity Investments 15% 76.9% 9.0% 15% 45.6% N/A
2
Ethical & Professional Standards 15% 74.5% 7.5% 15% 62.6% N/A
Fixed Income 10% 69.8% 11.5% 10% 51.2% N/A 1
Financial Reporting & Analysis 20% 63.0% 11.7% 20% 51.4% N/A 0

50%
52%
54%
56%
58%
60%
62%
64%
66%
68%
70%
72%
74%
76%
78%
80%
Portfolio Management 7% 65.6% 10.3% 7% 49.6% N/A
Quantitative Methods 12% 64.0% 12.1% 12% 26.8% N/A Pass Fail

Level II - Pass Level II - Fail Estimated Scores - Level II

Weight Mean St. Dev Weight Mean St. Dev 10
Alternatives Investments & Derivatives 11% 74.2% 9.1% 11% 62.2% 11.1%
Corporate Finance 10% 76.7% 10.4% 10% 60.1% 13.1% 8
Alternative Investments & Derivatives (2) 9% 73.5% 8.7% 9% 64.3% 10.5% 6
Economics 10% 73.5% 10.8% 10% 55.6% 13.6%
Equity Investments 15% 72.5% 9.3% 15% 57.1% 13.0% 4
Ethical & Professional Standards 10% 72.2% 11.0% 10% 63.3% 11.1% 2
Fixed Income 10% 77.0% 11.6% 10% 56.1% 17.9%
Financial Reporting & Analysis 15% 72.7% 8.9% 15% 63.3% 10.4% 0

49%
51%
53%
55%
57%
59%
61%
63%
65%
67%
69%
71%
73%
75%
77%
79%
81%
Portfolio Management 5% 63.4% 16.9% 5% 41.9% 16.3%
Quantitative Methods 5% 71.9% 13.6% 5% 45.5% 13.7% Pass Fail

Level III - Pass Level III - Fail Estimated Scores - Level III
Weight Mean St. Dev Weight Mean St. Dev 4
Essay 50% 64.2% 8.6% 50% 43.6% 4.9%
Alternatives & Derivatives 5% 70.0% 10.5% 5% 46.1% 12.9% 3
Alternatives & Derivatives (2) 3% 69.5% 7.1% 3% 15.1% 10.7%
Behavioral Finance 15% 71.1% 10.0% 15% 49.6% 15.1% 2
Economics 9% 52.9% 16.7% 9% 36.5% 10.4%
Equity Investments 3% 73.4% 9.4% 3% 69.1% 13.0% 1
Ethical & Professional Standards 5% 65.0% 12.4% 5% 53.5% 6.9%
Fixed Income 5% 69.9% 7.2% 5% 56.0% 4.9% 0

41%
43%
45%
47%
49%
51%
53%
55%
57%
59%
61%
63%
65%
67%
69%
71%
73%
75%
77%
79%
Trading 5% 67.5% 14.5% 5% 48.6% 4.3%
Pass Fail
 What other designations have you obtained or are actively pursuing? What degrees have you obtained?
60 600
531
51
50 500

400
40
300
30 28
200
127
20 16
100 70 50 65
37
7 5 1
10
3 3 0
2 1 2 1 1 1 Bachelor’s Bachelor’s MBA Post-work / MS in Finance Associates Doctorate Juris Doctor MS in
Degree Degree (Non- Masters (Non- Degree Accounting
0 (Finance, Econ, Finance, Econ, MBA, MS in
Accounting Accounting Finance)
CPA FRM CAIA CFP ASA AACI FIA CIM P.Geo QKA ACA related) related)

What did you average on the CFAI Mocks / Q Bank? CFAI Mocks / Q Bank (total sample)
90
Mean St. Dev. Sample 80
0.33463 Level I (Pass) 70.0% 6.0% 172
70
0.437743 Level II (Pass) 66.7% 6.6% 225
0.227626 Level III (Pass) 68.7% 6.2% 117 60
0.900175 Total Pass 68.3% 6.5% 514 50
0.22807 Level I (Fail) 58.2% 6.6% 13 40
0.631579 Level II (Fail) 59.4% 5.4% 36
30
0.140351 Level III (Fail) 63.9% 7.9% 8
0.099825 Total Fail 59.8% 6.2% 57 20

Total Sample 67.4% 6.9% 571 10

0
40 45 50 55 60 65 70 75 80 85
 Kaplan Schweser Mocks / Q Bank (total sample) What did you average on the Kaplan Schweser Mocks / Q Bank?
50
45 Mean St. Dev. Sample
40 0.348123 Level I (Pass) 70.0% 7.4% 102
0.450512 Level II (Pass) 67.8% 7.4% 132
35
0.201365 Level III (Pass) 67.7% 6.2% 59
30 0.912773 Total Pass 68.5% 7.2% 293
25
0.142857 Level I (Fail) 63.0% 0.0% 4
20
0.678571 Level II (Fail) 61.9% 6.0% 19
15 0.178571 Level III (Fail) 66.4% 6.5% 5
10 0.087227 Total Fail 62.9% 5.9% 28
5 Total Sample 68.0% 7.3% 321
0
35 40 45 50 55 60 65 70 75 80 85

What did you average on the Wiley Mocks / Q Bank? Wiley Mocks / Q Bank (total sample)
4
Mean St. Dev. Sample
0.236842 Level I (Pass) 70.0% 7.3% 9
3
0.447368 Level II (Pass) 67.8% 8.7% 17
0.315789 Level III (Pass) 66.6% 22.4% 12
0.926829 Total Pass 67.9% 14.0% 38 2
0.666667 Level I (Fail) 55.0% 7.1% 2
0.333333 Level II (Fail) 65.0% N/A 1
1
0 Level III (Fail) N/A N/A 0
0.073171 Total Fail 58.3% 7.6% 3
Total Sample 67.2% 13.8% 41 0
50 55 60 65 70 75 80 85
 Hours Studied (Pass) - Total Sample: 610 Hours Studied (Fail) - Total Sample: 84
140 20
18
120
16
100 14
80 12
10
60
8
40 6
4
20
2
0 0
0 - 50 100 - 150 200 - 250 300 - 350 400 - 450 500 - 550 600 + 50 - 100 150 - 200 250 - 300 350 - 400 450 - 500

Level I (Pass) Level II (Pass) Level III (Pass) Level I (Fail) Level II (Fail) Level III (Fail)

Level I (Pass) - Mean Estimate: 279 Level I (Pass) - σ Estimate: 109 Level I (Fail) - Mean Estimate: 188 Level I (Fail) - σ Estimate: 80
Level II (Pass) - Mean Estimate: 310 Level II (Pass) - σ Estimate: 117 Level II (Fail) - Mean Estimate: 275 Level II (Fail) - σ Estimate: 115
Level III (Pass) - Mean Estimate: 309 Level III (Pass) - σ Estimate: 124 Level III (Fail) - Mean Estimate: 334 Level III (Fail) - σ Estimate: 149
Total Pass - Mean Estimate: 300 Total Pass - σ Estimate: 117 Total Fail - Mean Estimate: 265 Total Fail - σ Estimate: 123

How many years of job experience do you have? How many years of investment related job experience do you have?
180 350
160 154 298
300
140 134
114 250
120
96 200
100 89
80 67 150 135
60 89
100
40 30 58 50 47
10 50
20 13 4
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: 3.55 Mean Estimate: 2.29

 What Resources did you utilize?
600 539
490
500 441
411
400
323
298
300
225
174 181
200
89
100 59 36 46 35
28 22 25 12 6 6 5 9 5 4 1
0

What is your Age?

350
309
300
250
250

200

150
94
100

50 26
14
1
0
< 25 25 - 29 30 - 34 35 - 39 40 - 49 50 +

Mean Estimate: 27.2

 When did you begin studying? - Total Sample (Pass): 610 When did you begin studying? - Total Sample (Fail): 84
180 25
160
140 20
120
15
100
80
10
60
40 5
20
0 0

Level I (Pass) Level II (Pass) Level III (Pass) Level I (Fail) Level II (Fail) Level III (Fail)

Level I (Pass) - Mean Estimate: Late January 2018 Level I (Fail) - Mean Estimate: Mid February 2018
Level II (Pass) - Mean Estimate: Early January 2018 Level II (Fail) - Mean Estimate: Mid January 2018
Level III (Pass) - Mean Estimate: Early January 2018 Level III (Fail) - Mean Estimate: Early January 2018
Total Pass - Mean Estimate: Mid January 2018 Total Fail - Mean Estimate: Late January 2018

When did you finish the curriculum (start revision)? - Total Sample (Pass): 610 When did you finish the curriculum (start revision)? - Total Sample (Fail): 84
140 25
120
20
100
80 15
60 10
40
5
20
0 0

Level I (Pass) Level II (Pass) Level III (Pass) Level I (Fail) Level II (Fail) Level III (Fail)

Level I (Pass) - Mean Estimate: Early May 2018 Level I (Fail) - Mean Estimate: Late May 2018
Level II (Pass) - Mean Estimate: Early May 2018 Level II (Fail) - Mean Estimate: Mid May 2018
Level III (Pass) - Mean Estimate: Late April 2018 Level III (Fail) - Mean Estimate: Mid May 2018
Total Pass - Mean Estimate: Early May 2018 Total Fail - Mean Estimate: Mid May 2018
 First time sitting for that level?
100%
90%
8.0%
19.1% 15.4% 15.8% 11.8% Is English Your First Language?
80% 35.7%

70%
60%
No
50%
92.0%
84.6% 84.2% 88.2% 23%
40% 80.9%
30% 64.3%

20%
10% Yes
0% 77%
Level I Level II Level III Level I Level II Level III
(Pass) (Pass) (Pass) (Fail) (Fail) (Fail)

Yes No

What is your Gender? What continent are you from?

Australia / Africa South America
Oceania 2% 2%
4%
Female
11% Europe
11%

Asia
14% North America
Male 67%
89%
 Full Mock Exams Taken - Total Sample (Pass) Full Mock Exams Taken (total sample)
160 152
Mean St. Dev Sample
140
0.327869 Level I (Pass) 4.0 2.4 200
120 111
0.437705 Level II (Pass) 4.1 2.6 267
100 93 89
0.234426 Level III (Pass) 5.5 3.1 143 83
0.878963 Total Pass 4.4 2.7 610 80
58
60 43
0.22619 Level I (Fail) 2.4 2.5 19 41
40
0.607143 Level II (Fail) 3.5 2.8 51 14
0.166667 Level III (Fail) 4.5 3.2 14 20 7 2
0.121037 Total Fail 3.4 2.8 84 0

Total Sample 4.3 2.7 694

To what capacity did you utilize r/CFA How would you rate your experience with r/CFA?
250
Not at all 89 201
200 182
I practically lived here 53
150
If I see it on my front page and the topic interests
me, I'll check it out 172
100 87 79
Contributor - I comment and help others if I can 78 57 59
50 29
User - I come here to see if there is help 296
0
I don't know what that is 6 1 - I still don’t 2 3 4 5 6 7 - It is an
know what essential tool
that is for my exam
0 50 100 150 200 250 300 350 prep

Mean Estimate: 4.4

 appendix
June 2018 CFA Results Survey - Performance Section
~205 Responses as of September 10, 2018
Alternative Investments and Derivatives - Level I (Weight: 9%) Pass Fail Total Est. Score
Above the 90th percentile 14 0 14 84.3% 90%
Pretty darn close to the 90th percentile 12 0 12 81.5%
80%
Between 70% & the 90th percentile 12 0 12 75.8% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 13 0 13 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 5 1 6 61.0%
50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 69.6%
Between 70% and the 10th percentile, around the midpoint 4 0 4 51.9% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 57.7% 30%
Between 70% and the 10th percentile, closer to the 10th percentile 2 0 2 42.9%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 45.8% 20%
10th
Pretty darn close to the 10th percentile 1 0 1 33.9% 10%
Below the 10th percentile 0 0 0 26.9%
0%
I choose not to disclose 0 0 0 0.0% Alternatives (Level I)
This was not broken out in my exam results 2 0 2 0.0%
65 1 66

Alternative Investments and Derivatives - Level II (Weight: 20%) Pass Fail Total Est. Score
Above the 90th percentile 30 0 30 82.2% 90%
Pretty darn close to the 90th percentile 9 3 12 79.1%
80%
Between 70% & the 90th percentile 9 0 9 74.6% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 18 2 20 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 6 3 9 61.5% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 68.3% 50%
Between 70% and the 10th percentile, around the midpoint 3 5 8 52.9% 40%
Between the 90th & 10th percentile, around the midpoint 1 0 1 57.5%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 2 1 3 44.4%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 46.7% 20% 10th
Pretty darn close to the 10th percentile 0 0 0 35.9% 10%
Below the 10th percentile 0 0 0 27.9%
I choose not to disclose 2 0 2 0.0% 0%
This was not broken out in my exam results 2 0 2 Alternatives (Level II)
0.0%
82 14 96
 appendix

Corporate Finance - Level I (Weight: 7%) Pass Fail Total Est. Score
Above the 90th percentile 15 0 15 88.7% 90%
Pretty darn close to the 90th percentile 16 0 16 86.7%
80% 90th
Between 70% & the 90th percentile 13 0 13 78.4%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 10 0 10 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 3 0 3 61.3%
50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 73.8%
Between 70% and the 10th percentile, around the midpoint 5 1 6 52.6% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 60.9%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 1 0 1 43.9%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 48.1% 20%
10th
Pretty darn close to the 10th percentile 0 0 0 35.2% 10%
Below the 10th percentile 0 0 0 27.6%
I choose not to disclose 1 0 1 0.0% 0%
Corporate Finance (Level I)
This was not broken out in my exam results 0 0 0 0.0%
64 1 65

Corporate Finance - Level II (Weight: 10%) Pass Fail Total Est. Score
Above the 90th percentile 12 0 12 88.8% 90%
Pretty darn close to the 90th percentile 12 0 12 86.9%
80% 90th
Between 70% & the 90th percentile 33 3 36 78.4%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 11 0 11 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 6 2 8 63.0% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 75.6% 50%
Between 70% and the 10th percentile, around the midpoint 5 3 8 55.9% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 64.3%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 1 1 2 48.9%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 53.1% 20% 10th
Pretty darn close to the 10th percentile 1 2 3 41.8% 10%
Below the 10th percentile 0 0 0 30.9%
I choose not to disclose 1 0 1 0.0% 0%
Corporate Finance (Level II)
This was not broken out in my exam results 0 0 0 0.0%
82 11 93
 appendix

Alternative Investments and Derivatives - Level I (Weight: 9%) Pass Fail Total Est. Score
Above the 90th percentile 15 0 15 83.6% 90%
Pretty darn close to the 90th percentile 9 0 9 80.8%
80%
Between 70% & the 90th percentile 11 0 11 75.4% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 6 0 6 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 4 0 4 60.8%
50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 68.8%
Between 70% and the 10th percentile, around the midpoint 2 0 2 51.6% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 56.9%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 2 0 2 42.3%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 45.0% 20%
10th
Pretty darn close to the 10th percentile 1 0 1 33.1% 10%
Below the 10th percentile 0 0 0 26.6%
I choose not to disclose 1 0 1 0.0% 0%
Derivatives (Level I)
This was not broken out in my exam results 8 1 9 0.0%
59 1 60

Alternative Investments and Derivatives - Level II (Weight: 20%) Pass Fail Total Est. Score
Above the 90th percentile 24 0 24 81.4% 90%
Pretty darn close to the 90th percentile 10 3 13 78.2%
80%
Between 70% & the 90th percentile 8 0 8 74.1%
90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 13 1 14 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 4 1 5 61.6% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 67.7% 50%
Between 70% and the 10th percentile, around the midpoint 5 4 9 53.2% 40%
Between the 90th & 10th percentile, around the midpoint 1 0 1 57.3%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 1 0 1 44.8%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 46.8% 20% 10th
Pretty darn close to the 10th percentile 0 0 0 36.4% 10%
Below the 10th percentile 0 0 0 28.2%
I choose not to disclose 2 0 2 0.0% 0%
Derivatives (Level II)
This was not broken out in my exam results 7 1 8 0.0%
75 10 85
 appendix

Economics - Level I (Weight: 10%) Pass Fail Total Est. Score

Above the 90th percentile 13 0 13 80.8% 90%
Pretty darn close to the 90th percentile 7 0 7 77.4%
80%
Between 70% & the 90th percentile 4 0 4 73.7%
90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 16 0 16 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 8 0 8 60.7%
50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 1 0 1 66.2%
Between 70% and the 10th percentile, around the midpoint 9 1 10 51.3% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 55.0%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 3 0 3 42.0%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 43.8% 20%
10th
Pretty darn close to the 10th percentile 1 0 1 32.7% 10%
Below the 10th percentile 0 0 0 26.3%
I choose not to disclose 1 0 1 0.0% 0%
Economics (Level I)
This was not broken out in my exam results 0 0 0 0.0%
63 1 64

Economics - Level II (Weight: 10%) Pass Fail Total Est. Score

Above the 90th percentile 26 0 26 83.9% 90%
Pretty darn close to the 90th percentile 8 0 8 81.0%
80%
Between 70% & the 90th percentile 10 0 10 75.5% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 16 3 19 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 7 2 9 62.7% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 71.0% 50%
Between 70% and the 10th percentile, around the midpoint 6 3 9 55.5% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 61.0%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 3 1 4 48.2%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 51.0% 20% 10th
Pretty darn close to the 10th percentile 1 0 1 41.0% 10%
Below the 10th percentile 0 2 2 30.5%
I choose not to disclose 2 0 2 0.0% 0%
Economics (Level II)
This was not broken out in my exam results 0 0 0 0.0%
79 11 90
 appendix

Equity Investments - Level I (Weight: 15%) Pass Fail Total Est. Score
Above the 90th percentile 20 0 20 84.7% 90%
Pretty darn close to the 90th percentile 12 0 12 82.0%
80%
Between 70% & the 90th percentile 11 0 11 76.0% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 10 0 10 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 4 0 4 61.9% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 70.9% 50%
Between 70% and the 10th percentile, around the midpoint 2 0 2 53.7% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 59.7%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 1 1 2 45.6%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 48.6% 20% 10th
Pretty darn close to the 10th percentile 0 0 0 37.4% 10%
Below the 10th percentile 0 0 0 28.7%
I choose not to disclose 0 0 0 0.0% 0%
Equity Investments (Level I)
This was not broken out in my exam results 1 0 1 0.0%
61 1 62

Equity Investments - Level II (Weight 15%) Pass Fail Total Est. Score
Above the 90th percentile 14 1 15 83.9% 90%
Pretty darn close to the 90th percentile 8 1 9 81.0%
80%
Between 70% & the 90th percentile 22 1 23 75.5% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 17 1 18 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 6 2 8 63.3% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 71.6% 50%
Between 70% and the 10th percentile, around the midpoint 6 3 9 56.6% 40%
Between the 90th & 10th percentile, around the midpoint 1 0 1 62.1%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 4 3 7 49.9%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 52.6% 20% 10th
Pretty darn close to the 10th percentile 0 0 0 43.2% 10%
Below the 10th percentile 0 0 0 31.6%
I choose not to disclose 1 0 1 0.0% 0%
Equity Investments (Level II)
This was not broken out in my exam results 0 0 0 0.0%
79 12 91
 appendix

Ethical & Professional Standards - Level I (Weight: 15%) Pass Fail Total Est. Score
Above the 90th percentile 34 0 34 79.4% 80%
Pretty darn close to the 90th percentile 6 0 6 75.8% 90th
70%
Between 70% & the 90th percentile 4 0 4 72.9%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 60%
Pretty darn close to 70% 10 0 10 70.0% 70%
50%
Between 70% and the 10th percentile, closer to 70% 2 1 3 62.6%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 67.0% 40%
Between 70% and the 10th percentile, around the midpoint 4 0 4 55.3%
30%
Between the 90th & 10th percentile, around the midpoint 0 0 0 58.2%
Between 70% and the 10th percentile, closer to the 10th percentile 1 0 1 47.9% 20% 10th
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 49.4% 10%
Pretty darn close to the 10th percentile 0 0 0 40.5%
Below the 10th percentile 0 0 0 30.3% 0%
I choose not to disclose 1 0 1 0.0% Ethical & Professional Standards
(Level I)
This was not broken out in my exam results 0 0 0 0.0%
62 1 63

Ethical & Professional Standards - Level II (Weight 10%) Pass Fail Total Est. Score
Above the 90th percentile 15 0 15 83.8% 90%
Pretty darn close to the 90th percentile 10 1 11 81.0%
80%
Between 70% & the 90th percentile 20 3 23 75.5% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 11 0 11 70.0% 60% 70%
Between 70% and the 10th percentile, closer to 70% 12 1 13 64.4% 50%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 72.6%
40%
Between 70% and the 10th percentile, around the midpoint 3 2 5 58.8%
Between the 90th & 10th percentile, around the midpoint 0 0 0 64.2% 30%
Between 70% and the 10th percentile, closer to the 10th percentile 1 3 4 53.1% 10th
20%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 55.9%
10%
Pretty darn close to the 10th percentile 3 1 4 47.5%
Below the 10th percentile 2 0 2 33.8% 0%
I choose not to disclose 2 0 2 0.0% Ethical & Professional Standards
(Level II)
This was not broken out in my exam results 0 0 0 0.0%
79 11 90
 appendix

Fixed Income - Level I (Weight: 10%) Pass Fail Total Est. Score
Above the 90th percentile 25 0 25 79.7% 80%
Pretty darn close to the 90th percentile 4 0 4 76.1% 90th
Between 70% & the 90th percentile 1 0 1 73.1% 70%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 60%
Pretty darn close to 70% 14 0 14 70.0%
Between 70% and the 10th percentile, closer to 70% 8 0 8 60.6% 50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 65.2%
40%
Between 70% and the 10th percentile, around the midpoint 5 1 6 51.2%
Between the 90th & 10th percentile, around the midpoint 0 0 0 54.2% 30%
Between 70% and the 10th percentile, closer to the 10th percentile 4 0 4 41.8%
20%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 43.3% 10th
Pretty darn close to the 10th percentile 0 0 0 32.3% 10%
Below the 10th percentile 0 0 0 26.2%
I choose not to disclose 1 0 1 0.0% 0%
Fixed Income (Level I)
This was not broken out in my exam results 0 0 0 0.0%
62 1 63

Fixed Income - Level II (Weight: 10%) Pass Fail Total Est. Score
Above the 90th percentile 13 0 13 87.5% 90%
Pretty darn close to the 90th percentile 11 0 11 85.3%
80%
Between 70% & the 90th percentile 33 3 36 77.7% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 10 1 11 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 3 1 4 62.6% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 74.1% 50%
Between 70% and the 10th percentile, around the midpoint 5 0 5 55.2% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 62.9%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 1 4 5 47.8%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 51.7% 20% 10th
Pretty darn close to the 10th percentile 0 0 0 40.5% 10%
Below the 10th percentile 0 2 2 30.2%
I choose not to disclose 2 0 2 0.0% 0%
Fixed Income (Level II)
This was not broken out in my exam results 0 0 0 0.0%
78 11 89
 appendix

Financial Reporting & Analysis - Level I (Weight: 20%) Pass Fail Total Est. Score
Above the 90th percentile 8 0 8 80.2% 90%
Pretty darn close to the 90th percentile 3 0 3 76.7%
80%
Between 70% & the 90th percentile 3 0 3 73.4% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 12 0 12 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 18 0 18 60.7% 50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 65.7%
40%
Between 70% and the 10th percentile, around the midpoint 10 1 11 51.4%
Between the 90th & 10th percentile, around the midpoint 0 0 0 54.8% 30%
Between 70% and the 10th percentile, closer to the 10th percentile 5 0 5 42.2% 20%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 43.8% 10th
10%
Pretty darn close to the 10th percentile 1 0 1 32.9%
Below the 10th percentile 0 0 0 26.4% 0%
I choose not to disclose 1 0 1 0.0% Financial Reporting & Analysis
(Level I)
This was not broken out in my exam results 0 0 0 0.0%
61 1 62

Financial Reporting & Analysis - Level II (Weight 15%) Pass Fail Total Est. Score
Above the 90th percentile 17 0 17 82.8% 90%
Pretty darn close to the 90th percentile 5 0 5 79.8%
80%
Between 70% & the 90th percentile 23 3 26 74.9% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 19 3 22 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 4 0 4 62.0% 70%
50%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 69.3%
40%
Between 70% and the 10th percentile, around the midpoint 5 4 9 54.0%
Between the 90th & 10th percentile, around the midpoint 1 0 1 58.9% 30%
Between 70% and the 10th percentile, closer to the 10th percentile 2 1 3 46.0% 20% 10th
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 48.5%
10%
Pretty darn close to the 10th percentile 0 0 0 38.0%
Below the 10th percentile 0 0 0 29.0% 0%
Financial Reporting & Analysis
I choose not to disclose 1 0 1 0.0%
(Level II)
This was not broken out in my exam results 0 0 0 0.0%
77 11 88
 appendix

Portfolio Management - Level I (Weight: 7%) Pass Fail Total Est. Score
Above the 90th percentile 17 0 17 76.3% 80%
Pretty darn close to the 90th percentile 6 0 6 72.1%
70% 90th
Between 70% & the 90th percentile 3 0 3 71.1%
Above 70% (only select if the 90th percentile < 70%) 1 0 1 75.0% 60%
Pretty darn close to 70% 7 0 7 70.0%
Between 70% and the 10th percentile, closer to 70% 12 0 12 59.8% 50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 1 0 1 61.4%
40%
Between 70% and the 10th percentile, around the midpoint 10 1 11 49.6%
Between the 90th & 10th percentile, around the midpoint 1 0 1 50.6% 30%
Between 70% and the 10th percentile, closer to the 10th percentile 1 0 1 39.3%
20%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 39.9%
10th
Pretty darn close to the 10th percentile 0 0 0 29.1% 10%
Below the 10th percentile 0 0 0 24.6%
I choose not to disclose 0 0 0 0.0% 0%
Portfolio Management (Level I)
This was not broken out in my exam results 1 0 1 0.0%
60 1 61

Portfolio Management - Level II (Weight: 5%) Pass Fail Total Est. Score
Above the 90th percentile 14 0 14 82.1% 90%
Pretty darn close to the 90th percentile 10 0 10 79.0%
80%
Between 70% & the 90th percentile 1 0 1 74.5% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 17 2 19 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 7 1 8 58.2%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 64.9% 50%
70%
Between 70% and the 10th percentile, around the midpoint 14 1 15 46.3% 40%
Between the 90th & 10th percentile, around the midpoint 1 0 1 50.8%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 3 5 8 34.5%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 36.7% 20%
Pretty darn close to the 10th percentile 4 1 5 22.6% 10% 10th
Below the 10th percentile 0 1 1 21.3%
I choose not to disclose 3 0 3 0.0% 0%
Portfolio Management (Level II)
This was not broken out in my exam results 2 0 2 0.0%
76 11 87
 appendix

Quantitative Methods - Level I (Weight: 12%) Pass Fail Total Est. Score
Above the 90th percentile 6 0 6 82.1% 90%
Pretty darn close to the 90th percentile 5 0 5 78.9%
80%
Between 70% & the 90th percentile 9 0 9 74.4% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 9 0 9 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 9 0 9 60.9%
50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 67.6%
Between 70% and the 10th percentile, around the midpoint 17 0 17 51.8% 40%
Between the 90th & 10th percentile, around the midpoint 1 0 1 56.2% 30%
Between 70% and the 10th percentile, closer to the 10th percentile 4 0 4 42.7%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 44.9% 20%
10th
Pretty darn close to the 10th percentile 0 0 0 33.6% 10%
Below the 10th percentile 0 1 1 26.8%
0%
I choose not to disclose 1 0 1 0.0% Quantitative Methods (Level I)
This was not broken out in my exam results 0 0 0 0.0%
61 1 62

Quantitative Methods - Level II (Weight: 5%) Pass Fail Total Est. Score
Above the 90th percentile 7 0 7 87.7% 90%
Pretty darn close to the 90th percentile 9 0 9 85.5%
80%
Between 70% & the 90th percentile 28 0 28 77.8% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70%
Pretty darn close to 70% 13 1 14 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 8 2 10 61.3%
50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 72.9%
Between 70% and the 10th percentile, around the midpoint 3 2 5 52.5% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 60.3%
30%
Between 70% and the 10th percentile, closer to the 10th percentile 3 0 3 43.8%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 47.6% 20%
10th
Pretty darn close to the 10th percentile 4 5 9 35.0% 10%
Below the 10th percentile 0 1 1 27.5%
0%
I choose not to disclose 2 0 2 0.0%
Quantitative Methods (Level II)
This was not broken out in my exam results 0 0 0 0.0%
77 11 88
 appendix

Essay - Level III (Weight 50%) Pass Fail Total Est. Score
Above the 90th percentile 24 0 24 71.4%
Pretty darn close to the 90th percentile 8 0 8 66.4% 80%
Between 70% & the 90th percentile 4 0 4 68.2%
Above 70% (only select if the 90th percentile < 70%) 3 0 3 75.0% 70% 70%
Pretty darn close to 70% 1 0 1 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 8 0 8 60.3%
Between the 90th & 10th percentile, closer to the 90th percentile 7 0 7 57.6% 50% 90th
Between 70% and the 10th percentile, around the midpoint 5 2 7 50.6% 40%
Between the 90th & 10th percentile, around the midpoint 5 0 5 48.8%
Between 70% and the 10th percentile, closer to the 10th percentile 1 1 2 40.9% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 0 3 3 39.9% 20%
Pretty darn close to the 10th percentile 0 0 0 31.1% 10th
Below the 10th percentile 0 0 0 25.6% 10%
I choose not to disclose 0 0 0 0.0% 0%
This was not broken out in my exam results 0 0 0 0.0% Essay (Level III)
66 6 72
 appendix

Alternative Investments and Derivatives - Level III (Weight: 9%) Pass Fail Total Est. Score
Above the 90th percentile 12 0 12 82.0%
Pretty darn close to the 90th percentile 8 0 8 78.9% 90%
Between 70% & the 90th percentile 7 0 7 74.4%
80%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 90th
Pretty darn close to 70% 16 1 17 70.0% 70%
Between 70% and the 10th percentile, closer to 70% 8 0 8 62.6% 60%
Between the 90th & 10th percentile, closer to the 90th percentile 1 0 1 69.3% 70%
50%
Between 70% and the 10th percentile, around the midpoint 7 1 8 55.2%
Between the 90th & 10th percentile, around the midpoint 0 0 0 59.6% 40%
Between 70% and the 10th percentile, closer to the 10th percentile 2 0 2 47.8% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 50.0%
Pretty darn close to the 10th percentile 0 3 3 40.4% 20% 10th
Below the 10th percentile 1 1 2 30.2% 10%
I choose not to disclose 0 0 0 0.0%
0%
This was not broken out in my exam results 2 0 2 0.0% Alternatives (Level III)
64 6 70

Alternative Investments and Derivatives (2) - Level III (Weight: 9%) Pass Fail Total Est. Score
Above the 90th percentile 5 0 5 81.4%
Pretty darn close to the 90th percentile 4 0 4 78.1% 90%
Between 70% & the 90th percentile 2 0 2 74.1%
80%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 90th
Pretty darn close to 70% 10 0 10 70.0% 70%
Between 70% and the 10th percentile, closer to 70% 3 0 3 62.6% 60%
Between the 90th & 10th percentile, closer to the 90th percentile 1 0 1 68.7% 70%
50%
Between 70% and the 10th percentile, around the midpoint 6 0 6 55.2%
Between the 90th & 10th percentile, around the midpoint 0 0 0 59.3% 40%
Between 70% and the 10th percentile, closer to the 10th percentile 0 0 0 47.8% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 49.8%
Pretty darn close to the 10th percentile 0 0 0 40.4% 20% 10th
Below the 10th percentile 0 1 1 30.2% 10%
I choose not to disclose 1 0 1 0.0%
0%
This was not broken out in my exam results 16 1 17 0.0% Derivatives (Level III)
48 2 50
 appendix

Behavioral Finance - Level III (Weight: 15%) Pass Fail Total Est. Score
Above the 90th percentile 11 0 11 78.3%
Pretty darn close to the 90th percentile 6 0 6 74.4% 80%
Between 70% & the 90th percentile 6 0 6 72.2%
70% 90th
Above 70% (only select if the 90th percentile < 70%) 1 0 1 75.0%
Pretty darn close to 70% 8 0 8 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 5 1 6 63.0% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 66.3% 50%
Between 70% and the 10th percentile, around the midpoint 6 2 8 56.0% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 58.3%
Between 70% and the 10th percentile, closer to the 10th percentile 1 1 2 49.1% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 50.2% 10th
20%
Pretty darn close to the 10th percentile 0 0 0 42.1%
Below the 10th percentile 0 0 0 31.0% 10%
I choose not to disclose 0 0 0 0.0%
0%
This was not broken out in my exam results 10 0 10 0.0% Portfolio Management (Level III)
54 4 58

Economics - Level II (Weight 9%) Pass Fail Total Est. Score

Above the 90th percentile 8 0 8 75.0%
Pretty darn close to the 90th percentile 4 0 4 70.6% 90%
Between 70% & the 90th percentile 1 0 1 70.3%
80%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 90th
Pretty darn close to 70% 8 0 8 70.0% 70%
Between 70% and the 10th percentile, closer to 70% 5 0 5 57.1% 60%
Between the 90th & 10th percentile, closer to the 90th percentile 1 0 1 57.6% 70%
50%
Between 70% and the 10th percentile, around the midpoint 18 2 20 44.2%
Between the 90th & 10th percentile, around the midpoint 2 1 3 44.5% 40%
Between 70% and the 10th percentile, closer to the 10th percentile 5 1 6 31.3% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 2 0 2 31.5%
20% 10th
Pretty darn close to the 10th percentile 3 1 4 18.4%
Below the 10th percentile 0 0 0 19.2% 10%
I choose not to disclose 0 0 0 0.0%
0%
This was not broken out in my exam results 1 0 1 0.0% Economics (Level III)
58 5 63
 appendix

Equity - Level III (Weight: 3%) Pass Fail Total Est. Score
Above the 90th percentile 8 0 8 75.0%
Pretty darn close to the 90th percentile 4 0 4 70.6% 80%
Between 70% & the 90th percentile 1 0 1 70.3%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 70% 90th
Pretty darn close to 70% 8 0 8 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 5 0 5 57.1%
Between the 90th & 10th percentile, closer to the 90th percentile 1 0 1 57.6% 50%
Between 70% and the 10th percentile, around the midpoint 18 2 20 44.2% 70%
40%
Between the 90th & 10th percentile, around the midpoint 2 1 3 44.5%
Between 70% and the 10th percentile, closer to the 10th percentile 5 1 6 31.3% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 2 0 2 31.5% 20%
Pretty darn close to the 10th percentile 3 1 4 18.4%
Below the 10th percentile 0 0 0 19.2% 10% 10th
I choose not to disclose 0 0 0 0.0%
0%
This was not broken out in my exam results 1 0 1 0.0% Equity (Level III)
58 5 63

Ethics - Level III (Weight: 5%) Pass Fail Total Est. Score
Above the 90th percentile 10 1 11 85.7%
Pretty darn close to the 90th percentile 7 1 8 83.1% 90%
Between 70% & the 90th percentile 20 0 20 76.6%
80%
Above 70% (only select if the 90th percentile < 70%) 1 0 1 75.0% 90th
Pretty darn close to 70% 8 0 8 70.0% 70%
Between 70% and the 10th percentile, closer to 70% 3 1 4 64.4% 60% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 1 0 1 74.3%
50%
Between 70% and the 10th percentile, around the midpoint 2 1 3 58.9%
Between the 90th & 10th percentile, around the midpoint 0 0 0 65.5% 40%
Between 70% and the 10th percentile, closer to the 10th percentile 5 1 6 53.3% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 56.6% 10th
Pretty darn close to the 10th percentile 0 0 0 47.8% 20%
Below the 10th percentile 0 0 0 33.9% 10%
I choose not to disclose 1 0 1 0.0%
0%
This was not broken out in my exam results 0 0 0 0.0% Ethics (Level III)
58 5 63
 appendix

Fixed Income - Level III (Weight: 5%) Pass Fail Total Est. Score
Above the 90th percentile 12 0 12 78.2%
Pretty darn close to the 90th percentile 8 0 8 74.4% 80%
Between 70% & the 90th percentile 4 0 4 72.2%
70% 90th
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0%
Pretty darn close to 70% 10 0 10 70.0% 60%
Between 70% and the 10th percentile, closer to 70% 7 2 9 60.8%
50% 70%
Between the 90th & 10th percentile, closer to the 90th percentile 0 0 0 64.1%
Between 70% and the 10th percentile, around the midpoint 9 2 11 51.7% 40%
Between the 90th & 10th percentile, around the midpoint 0 0 0 53.9%
Between 70% and the 10th percentile, closer to the 10th percentile 4 1 5 42.5% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 2 0 2 43.6% 20%
Pretty darn close to the 10th percentile 1 0 1 33.4% 10th
Below the 10th percentile 0 0 0 26.7% 10%
I choose not to disclose 1 0 1 0.0%
0%
This was not broken out in my exam results 0 0 0 0.0% Fixed Income (Level III)
58 5 63

Trading - Level III (Weight: 5%) Pass Fail Total Est. Score
Above the 90th percentile 10 0 10 85.5%
Pretty darn close to the 90th percentile 4 0 4 83.0% 90%
Between 70% & the 90th percentile 5 0 5 76.5%
80%
Above 70% (only select if the 90th percentile < 70%) 0 0 0 75.0% 90th
Pretty darn close to 70% 6 0 6 70.0% 70%
Between 70% and the 10th percentile, closer to 70% 8 0 8 61.5% 60%
Between the 90th & 10th percentile, closer to the 90th percentile 1 0 1 71.2% 70%
50%
Between 70% and the 10th percentile, around the midpoint 8 2 10 52.9%
Between the 90th & 10th percentile, around the midpoint 0 0 0 59.4% 40%
Between 70% and the 10th percentile, closer to the 10th percentile 2 2 4 44.4% 30%
Between the 90th & 10th percentile, closer to the 10th percentile 0 0 0 47.6%
Pretty darn close to the 10th percentile 3 0 3 35.8% 20% 10th
Below the 10th percentile 0 0 0 27.9% 10%
I choose not to disclose 0 0 0 0.0%
0%
This was not broken out in my exam results 4 0 4 0.0% Trading (Level III)
51 4 55
 appendix

June 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

Level I Level II Level III

What degrees have you obtained?
Sample Share Pass Sample Share Pass Sample Share Pass
High School / GED 96 44% 92.7% 148 47% 88.5% 78 50% 85.9%
Bachelor’s Degree (Finance, Econ,
166 76% 90.4% 234 74% 84.2% 131 83% 90.1%
Accounting related)
Bachelor’s Degree (Non-Finance, Econ,
42 19% 92.9% 65 20% 83.1% 20 13% 95.0%
Accounting related)
MBA 11 5% 81.8% 31 10% 90.3% 28 18% 96.4%
Post-work / Masters (Non-MBA, MS in
12 5% 91.7% 23 7% 95.7% 15 10% 6.7%
Finance)
MS in Finance 10 5% 90.0% 34 11% 85.3% 21 13% 95.2%
Associates Degree 11 5% 81.8% 20 6% 95.0% 6 4% 100.0%
Doctorate 1 0% 100.0% 4 1% 75.0% 2 1% 100.0%
Juris Doctor 1 0% 100.0% 2 1% 0.0% 2 1% 100.0%
MS in Accounting 0 0% 0.0% 1 0% 100.0% 0 0% 0.0%

What other designations have you Level I Level II Level III

obtained or are actively pursuing? Sample Share Pass Sample Share Pass Sample Share Pass
CPA 15 7% 93.3% 24 8% 95.8% 12 8% 83.3%
FRM 4 2% 100.0% 21 7% 90.5% 3 2% 66.7%
CAIA 4 2% 100.0% 5 2% 80.0% 7 4% 100.0%
CFP 1 0% 100.0% 1 0% 100.0% 1 1% 100.0%
ASA 2 1% 50.0% 1 0% 100.0% 0 0% 0.0%
AACI 2 1% 100.0% 0 0% 0.0% 0 0% 0.0%
FIA 0 0% 0.0% 1 0% 100.0% 0 0% 0.0%
CIM 1 0% 100.0% 1 0% 100.0% 0 0% 0.0%
P.Geo 1 0% 0.0% 0 0% 0.0% 0 0% 0.0%
QKA 0 0% 0.0% 1 0% 0.0% 0 0% 0.0%
ACA 1 0% 100.0% 0 0% 0.0% 0 0% 0.0%
14% 17% 15%

Was this your first time sitting for that Level I Level II Level III
level? Sample Share Pass Sample Share Pass Sample Share Pass
Yes 200 91% 92.0% 267 84% 80.9% 143 91% 84.6%
No 19 9% 84.2% 51 16% 88.2% 14 9% 64.3%
 appendix
Level I Level II Level III
What resources did you utilize?
Sample Share Pass Sample Share Pass Sample Share Pass
CFAI Mocks 164 75% 97.0% 243 76% 87.2% 132 84% 92.4%
CFAI Q Bank 160 73% 95.0% 223 70% 87.0% 107 68% 94.4%
CFAI Books 129 59% 87.6% 200 63% 84.5% 112 71% 92.9%
Kaplan Schweser Textbooks 130 59% 92.3% 191 60% 86.4% 90 57% 90.0%
r/CFA 92 42% 90.2% 149 47% 85.2% 82 52% 86.6%
Kaplan Schweser Mocks 88 40% 95.5% 140 44% 87.9% 70 45% 90.0%
Kaplan Schweser Q Bank 87 40% 96.6% 101 32% 82.2% 37 24% 94.6%
Mark Meldrum (paid) 18 8% 94.4% 127 40% 81.1% 29 18% 96.6%
Kaplan Schweser SecretSauce 44 20% 86.4% 96 30% 87.5% 41 26% 90.2%
Mark Meldrum (free) 70 32% 92.9% 10 3% 80.0% 9 6% 88.9%
Kaplan Schweser Videos 12 5% 91.7% 31 10% 80.6% 16 10% 93.8%
300hours.com 18 8% 94.4% 12 4% 83.3% 6 4% 100.0%
Live Mock 12 5% 91.7% 20 6% 95.0% 14 9% 78.6%
Wiley Textbooks 8 4% 100.0% 15 5% 73.3% 5 3% 100.0%
Wiley Q Bank 8 4% 100.0% 11 3% 63.6% 3 2% 100.0%
Wiley Mocks 7 3% 100.0% 12 4% 75.0% 16 10% 93.8%
Study Group 6 3% 100.0% 14 4% 85.7% 5 3% 80.0%
Wiley Videos 4 2% 100.0% 6 2% 50.0% 2 1% 100.0%
Local CFA Society Sponsored Study Session 4 2% 100.0% 2 1% 100.0% 0 0% 0.0%
Bloomberg Exam Prep 2 1% 50.0% 3 1% 100.0% 1 1% 100.0%
Analyst 2 1% 100.0% 2 1% 100.0% 1 1% 100.0%
Fitch Learning 4 2% 100.0% 3 1% 100.0% 2 1% 50.0%
Mentor 2 1% 100.0% 2 1% 100.0% 1 1% 100.0%
IFT Videos 2 1% 100.0% 2 1% 100.0% 0 0% 0.0%
U of T course 0 0% 0.0% 1 0% 100.0% 0 0% 0.0%

Level I Level II Level III

Is English Your First Language?
Sample Share Pass Sample Share Pass Sample Share Pass
Yes 165 75% 89.1% 241 76% 82.2% 125 80% 90.4%
No 54 25% 98.1% 77 24% 89.6% 32 20% 93.8%

Level I Level II Level III

Gender
Sample Share Pass Sample Share Pass Sample Share Pass
Male 187 85% 90.4% 278 87% 83.8% 143 91% 90.9%
Female 29 13% 96.6% 33 10% 84.8% 11 7% 100.0%
 appendix
Level I Level II Level III
When did you start studying?
Sample Share Pass Sample Share Pass Sample Share Pass
Prior to June 2017 1 0% 100.0% 2 1% 50.0% 0 0% 0.0%
June-17 0 0% 0.0% 2 1% 100.0% 0 0% 0.0%
July-17 1 0% 0.0% 1 0% 100.0% 1 1% 100.0%
August-17 2 1% 100.0% 3 1% 100.0% 2 1% 100.0%
September-17 5 2% 100.0% 10 3% 80.0% 6 4% 100.0%
October-17 12 5% 100.0% 23 7% 82.6% 9 6% 88.9%
November-17 12 5% 91.7% 17 5% 76.5% 18 11% 88.9%
December-17 11 5% 100.0% 20 6% 90.0% 9 6% 88.9%
January-18 50 23% 94.0% 79 25% 86.1% 48 31% 93.8%
February-18 56 26% 92.9% 97 31% 86.6% 35 22% 85.7%
March-18 28 13% 82.1% 32 10% 75.0% 9 6% 88.9%
April-18 19 9% 94.7% 17 5% 76.5% 15 10% 93.3%
May-18 18 8% 83.3% 10 3% 100.0% 3 2% 100.0%
June-18 4 2% 75.0% 5 2% 60.0% 2 1% 100.0%

When did you finish the curriculum Level I Level II Level III
(start revision)? Sample Share Pass Sample Share Pass Sample Share Pass
February 2018 or prior 5 2% 100.0% 8 3% 87.5% 4 3% 100.0%
Early March 2018 5 2% 100.0% 6 2% 83.3% 3 2% 100.0%
Late March 2018 5 2% 80.0% 13 4% 92.3% 13 8% 92.3%
Early April 2018 12 5% 100.0% 21 7% 90.5% 11 7% 100.0%
Late April 2018 20 9% 100.0% 40 13% 85.0% 34 22% 94.1%
Early May 2018 33 15% 87.9% 57 18% 78.9% 30 19% 86.7%
Late May 2018 47 21% 100.0% 69 22% 81.2% 26 17% 96.2%
Early June 2018 30 14% 90.0% 44 14% 93.2% 15 10% 73.3%
Late June 2018 20 9% 75.0% 22 7% 72.7% 9 6% 77.8%
Didn't follow explicit curriculum 14 6% 85.7% 19 6% 89.5% 7 4% 100.0%
I never finished a curriculum 19 9% 78.9% 12 4% 66.7% 4 3% 100.0%
I chose not to read a curriculum 9 4% 100.0% 7 2% 100.0% 1 1% 100.0%

Level I Level II Level III

What continent are you from?
Sample Share Pass Sample Share Pass Sample Share Pass
North America 148 68% 89.2% 212 67% 81.1% 103 66% 89.3%
Asia 35 16% 94.3% 37 12% 97.3% 25 16% 92.0%
Europe 18 8% 100.0% 42 13% 81.0% 20 13% 100.0%
Australia / Oceania 6 3% 83.3% 19 6% 89.5% 4 3% 100.0%
Africa 4 2% 100.0% 5 2% 100.0% 3 2% 66.7%
South America 8 4% 100.0% 3 1% 100.0% 2 1% 100.0%
 appendix

Realistically, how many hours did you Level I Level II Level III
study? Sample Share Pass Sample Share Pass Sample Share Pass
0 - 50 2 1% 100.0% 0 0% 0.0% 1 1% 100.0%
50 - 100 11 5% 72.7% 12 4% 75.0% 3 2% 66.7%
100 -150 18 8% 50.0% 12 4% 75.0% 8 5% 100.0%
150 - 200 27 12% 77.8% 30 9% 73.3% 17 11% 88.2%
200 - 250 30 14% 93.3% 45 14% 84.4% 20 13% 100.0%
250 - 300 41 19% 92.7% 65 20% 87.7% 31 20% 90.3%
300 - 350 44 20% 95.5% 60 19% 76.7% 27 17% 88.9%
350 - 400 28 13% 100.0% 36 11% 91.7% 19 12% 100.0%
400 - 450 8 4% 100.0% 30 9% 100.0% 10 6% 70.0%
450 - 500 5 2% 100.0% 9 3% 66.7% 9 6% 100.0%
500 - 550 2 1% 100.0% 7 2% 85.7% 2 1% 50.0%
550 - 600 0 0% 0.0% 4 1% 100.0% 5 3% 100.0%
600 + 3 1% 100.0% 8 3% 87.5% 5 3% 80.0%

Level I Level II Level III

Full Mock Exams Taken
Sample Share Pass Sample Share Pass Sample Share Pass
0 22 10% 81.8% 26 8% 76.9% 10 6% 80.0%
1 16 7% 62.5% 22 7% 81.8% 5 3% 80.0%
2 22 10% 90.9% 56 18% 76.8% 15 10% 93.3%
3 52 24% 96.2% 44 14% 75.0% 15 10% 93.3%
4 27 12% 96.3% 43 14% 100.0% 19 12% 84.2%
5-6 50 23% 96.0% 69 22% 85.5% 33 21% 93.9%
7-8 20 9% 90.0% 37 12% 86.5% 26 17% 92.3%
9 - 10 7 3% 100.0% 12 4% 100.0% 22 14% 90.9%
11 - 12 2 1% 100.0% 5 2% 60.0% 7 4% 100.0%
13 - 14 1 0% 100.0% 4 1% 100.0% 2 1% 100.0%
15 - 16 0 0% 0.0% 0 0% 0.0% 2 1% 100.0%
17 + 0 0% 0.0% 0 0% 0.0% 1 1% 100.0%
 appendix
Level I Level II Level III
CFAI Mocks / Q Bank Average
Sample Share Pass Sample Share Pass Sample Share Pass
< 50% 1 0% 100.0% 3 1% 100.0% 0 0% #DIV/0!
50 - 55% 6 3% 16.7% 18 6% 33.3% 4 3% 75.0%
56 - 59% 3 1% 66.7% 11 3% 81.8% 0 0% 0.0%
60 - 62% 14 6% 85.7% 44 14% 72.7% 19 12% 89.5%
63 - 64% 16 7% 93.8% 23 7% 87.0% 8 5% 87.5%
65 - 67% 33 15% 93.9% 58 18% 91.4% 25 16% 92.0%
68 - 69% 17 8% 100.0% 36 11% 97.2% 6 4% 100.0%
70 - 72% 39 18% 97.4% 36 11% 97.2% 35 22% 100.0%
73 - 74% 8 4% 100.0% 3 1% 100.0% 2 1% 50.0%
75 - 77% 32 15% 100.0% 17 5% 100.0% 18 11% 94.4%
78 - 79% 3 1% 100.0% 0 0% 0.0% 0 0% 0.0%
80 - 82% 9 4% 100.0% 9 3% 100.0% 5 3% 100.0%
83 - 84% 0 0% 0.0% 2 1% 100.0% 2 1% 100.0%
85 - 87% 4 2% 100.0% 0 0% 0.0% 1 1% 100.0%
88 - 89% 0 0% 0.0% 0 0% 0.0% 0 0% 0.0%
90% + 0 0% 0.0% 1 0% 100.0% 0 0% 0.0%
84% 82% 80%

Level I Level II Level III

Kaplan Schweser Mocks / Q Bank Average
Sample Share Pass Sample Share Pass Sample Share Pass
< 50% 0 0% 0.0% 1 0% 100.0% 2 1% 100.0%
50 - 55% 2 1% 100.0% 7 2% 57.1% 1 1% 100.0%
56 - 59% 5 2% 80.0% 3 1% 33.3% 2 1% 100.0%
60 - 62% 14 6% 100.0% 31 10% 80.6% 14 9% 85.7%
63 - 64% 3 1% 100.0% 8 3% 87.5% 1 1% 100.0%
65 - 67% 15 7% 80.0% 28 9% 89.3% 18 11% 94.4%
68 - 69% 7 3% 100.0% 14 4% 92.9% 6 4% 100.0%
70 - 72% 25 11% 100.0% 29 9% 89.7% 15 10% 93.3%
73 - 74% 5 2% 100.0% 2 1% 100.0% 0 0% 0.0%
75 - 77% 12 5% 100.0% 13 4% 100.0% 8 5% 87.5%
78 - 79% 3 1% 100.0% 5 2% 100.0% 2 1% 100.0%
80 - 82% 11 5% 100.0% 7 2% 100.0% 2 1% 100.0%
83 - 84% 1 0% 100.0% 2 1% 100.0% 0 0% 0.0%
85 - 87% 3 1% 100.0% 1 0% 100.0% 1 1% 100.0%
88 - 89% 0 0% 0.0% 0 0% 0.0% 0 0% 0.0%
90% + 0 0% 0.0% 0 0% 0.0% 0 0% 0.0%
48% 47% 46%
 appendix
Level I Level II Level III
Wiley Mocks / Q Bank
Sample Share Pass Sample Share Pass Sample Share Pass
< 50% 0 0% 0.0% 0 0% 0.0% 1 1% 100.0%
50 - 55% 1 0% 0.0% 2 1% 100.0% 0 0% 0.0%
56 - 59% 0 0% 0.0% 0 0% 0.0% 0 0% 0.0%
60 - 62% 2 1% 50.0% 3 1% 100.0% 2 1% 100.0%
63 - 64% 1 0% 100.0% 0 0% 0.0% 0 0% 0.0%
65 - 67% 1 0% 100.0% 3 1% 66.7% 1 1% 100.0%
68 - 69% 2 1% 100.0% 2 1% 100.0% 0 0% 0.0%
70 - 72% 1 0% 100.0% 3 1% 100.0% 2 1% 100.0%
73 - 74% 1 0% 100.0% 0 0% 0.0% 1 1% 100.0%
75 - 77% 0 0% 0.0% 2 1% 100.0% 2 1% 100.0%
78 - 79% 0 0% 0.0% 1 0% 100.0% 1 1% 100.0%
80 - 82% 2 1% 100.0% 2 1% 100.0% 0 0% 0.0%
83 - 84% 0 0% 0.0% 0 0% 0.0% 0 0% 0.0%
85 - 87% 0 0% 0.0% 0 0% 0.0% 2 1% 100.0%
88 - 89% 0 0% 0.0% 0 0% 0.0% 0 0% 0.0%
90% + 0 0% 0.0% 0 0% 0.0% 0 0% 0.0%
5% 6% 8%
Level I Level II Level III
Age
Sample Share Pass Sample Share Pass Sample Share Pass
< 25 105 48% 91.4% 112 35% 81.3% 33 21% 90.9%
25 - 29 81 37% 90.1% 138 43% 87.0% 90 57% 90.0%
30 - 34 26 12% 96.2% 46 14% 87.0% 22 14% 100.0%
35 - 39 5 2% 80.0% 14 4% 71.4% 7 4% 85.7%
40 - 49 2 1% 100.0% 7 2% 71.4% 5 3% 80.0%
50 + 0 0% 0.0% 1 0% 100.0% 0 0% 0.0%

How many years of job experience do you Level I Level II Level III
have? Sample Share Pass Sample Share Pass Sample Share Pass
0-1 82 37% 93.9% 49 15% 77.6% 3 2% 66.7%
1 -2 61 28% 90.2% 70 22% 88.6% 23 15% 87.0%
2-3 28 13% 96.4% 61 19% 88.5% 25 16% 96.0%
3-4 18 8% 88.9% 38 12% 86.8% 33 21% 90.9%
4-5 8 4% 87.5% 34 11% 76.5% 25 16% 100.0%
5 - 10 14 6% 85.7% 47 15% 85.1% 35 22% 88.6%
10 - 15 6 3% 66.7% 13 4% 76.9% 11 7% 90.9%
15 + 2 1% 100.0% 6 2% 66.7% 2 1% 50.0%
 appendix

How many years of investment related job Level I Level II Level III
experience do you have? Sample Share Pass Sample Share Pass Sample Share Pass
0-1 145 66% 90.3% 117 37% 81.2% 21 13% 76.2%
1 -2 39 18% 92.3% 58 18% 81.0% 27 17% 88.9%
2-3 20 9% 100.0% 36 11% 91.7% 25 16% 96.0%
3-4 4 2% 100.0% 24 8% 91.7% 29 18% 93.1%
4-5 4 2% 75.0% 20 6% 70.0% 23 15% 95.7%
5 - 10 6 3% 83.3% 14 4% 71.4% 25 16% 100.0%
10 - 15 0 0% 0.0% 8 3% 62.5% 5 3% 80.0%
15 + 1 0% 100.0% 1 0% 100.0% 2 1% 50.0%

Level I Level II Level III

To what capacity did you utilize r/CFA
Sample Share Pass Sample Share Pass Sample Share Pass
I don't know what that is 2 1% 100.0% 3 1% 66.7% 1 1% 100.0%
User - I come here to see if there is help 98 45% 88.8% 140 44% 84.3% 58 37% 82.8%
Contributor - I comment and help others if I
18 8% 94.4% 34 11% 85.3% 26 17% 96.2%
can
If I see it on my front page and the topic
51 23% 92.2% 78 25% 85.9% 43 27% 97.7%
interest me, I'll check it out
I practically lived here 19 9% 89.5% 23 7% 91.3% 11 7% 100.0%
Not at all 31 14% 96.8% 40 13% 75.0% 18 11% 88.9%

How would you rate your experience with Level I Level II Level III
r/CFA? Sample Share Pass Sample Share Pass Sample Share Pass
1 - I still don’t know what that is 9 4% 100.0% 13 4% 69.2% 7 4% 85.7%
2 21 10% 100.0% 29 9% 86.2% 7 4% 100.0%
3 29 13% 89.7% 41 13% 80.5% 17 11% 94.1%
4 55 25% 94.5% 83 26% 83.1% 44 28% 90.9%
5 59 27% 86.4% 97 31% 87.6% 45 29% 84.4%
6 26 12% 92.3% 30 9% 90.0% 23 15% 95.7%
7 - It is an essential tool for my exam prep 20 9% 85.0% 25 8% 76.0% 14 9% 100.0%
 appendix
Average Score Estimates - Level I - Sample: 59

When did you begin studying? How many hours did you study?
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% 69.1%
68.9%
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? CFAI Mock Scores
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
Average Score Estimates - Level II - Sample: 81

When did you begin studying? How many hours did you study?
80% 85%
81.1%
74.1% 74.4% 74.7%
75% 72.8% 73.3% 80%
71.5% 72.0% 71.9%
75.2% 74.7%
74.3%
70% 68.1% 68.2% 75% 72.6% 72.2% 71.8% 71.8%

65% 70%
66.1%
58.9%
60% 65%
61.3%
59.5%
55% 60%

50% 55%

45% 50%

45%

How many full mocks did you complete? CFAI Mock Scores
80% 85%
75.2% 75.3% 78.5% 79.1%
73.7% 80%
75% 73.1% 72.9% 72.5% 72.1% 75.3%
74.2% 74.5%
75% 72.7%
70% 67.5% 67.4% 69.9% 69.9%
68.7%
70% 68.1%

65%
65%

60% 60%
55.5%
55% 52.8%
55%
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
Average Score Estimates - Level III - Sample: 41

When did you begin studying? How many hours did you study?
80% 80%
75.1%
75% 75%
70.8%
70.0%
70% 68.5% 69.5%
67.2% 68.5%
70% 68.0%
64.9%
65% 65.5% 65.3%
62.4% 64.5% 63.8%
65%
58.6% 60.9%
60% 60.6%
56.1% 59.2%
60%
55% 55.2%
49.6% 55%
50%

45% 50%
45.2%
45%

How many full mocks did you complete? CFAI Mock Scores
80% 85%

80%
75%

69.5% 69.5%
75%
71.2%
70% 67.4% 68.1% 70.0%
66.7% 70% 68.0%
66.0%
65% 63.1%
62.4% 65% 62.8% 62.7%
61.2%
59.2% 59.5%
60% 60%
56.7%
55%
55%
49.5%
50%
46.4%
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. Responses that completed just one of either the alternatives or derivatives portions were also included. I was unsure how
the CFA Institute would display the results, that is the reason both the alternatives & derivatives topic areas were included rather than together. Responses that included both the alternatives and
derivatives topic areas were weighted by the number of respondents that filled out each topic area. These weightings can be found on page 2. If the response completed just one of these topic areas, it
was weighted as assigned by the CFA Institute. All other 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. 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 for Levels II. With few fail responses for Levels I & III, I used only the 10th percentile of passing estimates.

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%
Above 70% (only select if the 90th percentile < 70%) 75%
Pretty darn close to 70% 70%
3/4ths of the distance between 70% and the estimated mean of the 10th
Between 70% and the 10th percentile, closer to 70%
percentile
3/4ths of the distance between 90% and the estimated mean of the 10th
Between the 90th & 10th percentile, closer to the 90th percentile (only select if the 90th percentile < 70%)
percentile
Between 70% and the 10th percentile, around the midpoint Midpoint between 70% and the estimated mean of the 10th percentile
Between the 90th & 10th percentile, around the midpoint (only select if the 90th percentile < 70%) Midpoint between the means of the 90th and 10th percentiles
1/4th of the distance between 70% and the estimated mean of the 10th
Between 70% and the 10th percentile, closer to the 10th percentile
percentile
Between the 90th & 10th percentile, closer to the 10th percentile (only select if the 90th percentile < 70%) 1/4th of the distance between the means of the 90th and 10th percentiles
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%
I choose not to disclose These responses were not used
This was not broken out in my exam results These responses were not used

Thanks y'all!