How to use the Data Protection Act to find out precisely how well you've done in the CFA exams
CFA exams are approaching, fast. They are popular, as ever. Yesterday, the CFA Institute emitted a press release announcing 144,900 candidates have registered for the June exam, up 4% globally on last year.
The CFA exams are hard. In June 2010 only 42% of people passed level 1, only 39% passed level II and only 46% passed level III.
If you're in the minority of people who pass, you'll probably be quite happy. However, if you're in the majority who fail, you may feel bemused.
This is because the CFA doesn't actually let you know how well you did. Instead, we understand from a spokesperson, that it provides the following, which sounds a little complicated.
CFA Institute provides each CFA candidate with a results report following the exams. The report states whether a candidate passed or failed. If a fail, the candidate also receives the "score band" of his or her exam performance. Each score band represents 10% of the candidates who failed the exam. Score band 10, for example, means the candidate's performance was in the top 10% of all failed candidates. This measure is intended to assist candidates in evaluating whether it is sensible to continue to pursue the CFA Charter, which requires passing three exams and accruing at least four years work experience in the investment profession.
The results report also provides all candidates with performance information on each of the ten separate subject matter topics on the exam. For each topic, the candidate learns whether his/her score was equal to or below 50%, between 51-70%, or above 70% of the available points in that topic. This information is intended to assist candidates in formulating their study plans to retake the exam or to take the next level of exam. Candidates are advised to focus extra effort in the topic areas where their scores were relatively weakest.
What happens if you simply what to know your overall mark? The CFA Institute doesn't willingly provide this.
And yet...it's come to our attention that it may be possible to evince this information by harnessing the powers of the UK Data Protection Act.
What the Act says about exam results
The Data Protection Act specifically gives students the right to request information about their exam results. In turn, organisations receiving these requests must divulge the information within 40 days.
Full details of the policy are available here.
Nigel Miller, a partner at law firm Fox Williams, says he sees no reason why people who've taken the CFA exams couldn't use the Act to gain access to their pass mark. "While this is aimed at schools and universities, the same principles of subject access requests will apply to other examining bodies," he tells us.
So far, the CFA says it hasn't had any requests for information relating to exam results. This could, however, change.
