GARP says they take the top 5th quantile (i.e., whatever score cutoffs the top 5th “percentile”), then they take a ratio (e.g., 0.75) of that top score. I personally suspect the ratio (0.X of top 5%) is calibrated after the results are tabulated to approximate a ~50% pass result; or, best case, they use .75 of top 5% (e.g., if 0.75* top 5% only passes a small % due to high difficulty, I doubt they would keep it).
But, either way, it’s really based on an (ex post) “grading on a curve” (no segmentation by section/topic, all questions weigh equally)...therefore: I do not think you can divine anything useful from the method. Unfortunately, it’s a waiting game.
FRM成績(jī)單的形式是對(duì)考生每個(gè)科目的答題情況進(jìn)行評(píng)分，將每個(gè)科目的全體考生分?jǐn)?shù)劃分為5檔(Quartile)。
Following is the analysis of your performance in each of the exam categories:
1．Credit Risk Measurement and Management
You scored in the 1st Quartile in this category. Candidates scoring in this quartile demonstrated a strong understanding of the subject area. These candidates scored in the top 25%.
2．Market Risk Measurement and Management
You scored in the 1st Quartile in this category. Candidates scoring in this quartile demonstrated a strong understanding of the subject area. These candidates scored in the top 25%.
3．Operational and Integrated Risk Management
You scored in the 1st Quartile in this category. Candidates scoring in this quartile demonstrated a strong understanding of the subject area. These candidates scored in the top 25%.
4．Quantitative Analysis
You scored in the 1st Quartile in this category. Candidates scoring in this quartile demonstrated a strong understanding of the subject area. These candidates scored in the top 25%.
5．Risk Management and Investment Management
You scored in the 1st Quartile in this category. Candidates scoring in this quartile demonstrated a strong understanding of the subject area. These candidates scored in the top 25%.
