The CFP™ Certification Examination process: a discussion of the modified Angoff scoring method

Abstract

The CFP™ Certification Examination¹, unlike many other professional examinations, is scored using a system that reports scores on a pass–fail basis but does not provide specific numerical scores. This grading system, known as the modified Angoff process, establishes a passing score for each examination and then incorporates adjusting factors to reconcile actual and expected testing results. The CFP Board also factors in an additional scoring adjusting to equate test scores for consistency over time. The purpose of this paper is to explain the methodology of the modified Angoff process and, in particular, how it relates to the Certified Financial Planner Board of Standards Certification Examination.