CMT

SM

CHARTERED MARKET TECHNICIAN

PROGRAM

CMT, the only designation for

Technical Analysts that qualifies as a
Series 86 exemption. Recognized by the
FINRA.

www.mta.org • P: 646-652-3300 • F: 646-652-3322

Table of Contents

CMT Program Overview 3

Breakdown By Level 4

Important CMT Program Information 5

Test Centers, Grades and Self Study Information 6

CMT Prep Materials 7

Additional Resources Available 7

CMT Institute (CMTi) 8

CMT Frequently Asked Questions (FAQ) 9

www.mta.org • P: 646-652-3300 • F: 646-652-3322

CMT Program Overview
THE CHARTERED MARKET determined from time to time by the MTA Board of Di-
TECHNICIANS (CMT) PROGRAM rectors, are ongoing requirements to use the CMT desig-
The Chartered Market Technician (CMT) Program is a nation.
certification process in which candidates are required to
demonstrate proficiency in a broad range of AFFILIATE CANDIDATES
technical analysis subjects. Administered by the • An MTA Affiliate who successfully completes the CMT
Accreditation Committee of the Market Technicians Program will be credited with two years toward the five-
Association (MTA), Inc., the Program consists of three year experience required for becoming an MTA Member,
levels. Level 1 is a multiple choice exam; Level 2 is a should that person choose to apply for MTA Member sta-
multiple choice exam; Level 3, is the essay portion of the tus in the future.
exam. • An MTA Affiliate who successfully completes the
CMT Program does not automatically become an MTA
The objectives of the CMT Program are: Member, the Affiliate must apply separately to become
• To guide candidates in mastering a professional body an MTA Member. Enrolling in and/or completion of the
of knowledge and in developing analytical skills; CMT Program by Members or Affiliates is voluntary, not
• To promote and encourage the highest standards of a requirement.
education; and
• To grant the right to use the professional designation of
REGISTRATION AND EXAM FEES
Chartered Market Technician (CMT) to those members
who successfully complete the Program and agree to
CMT Program Registration Fee: $250
abide by the MTA Code of Ethics. (This fee covers the entire five (5) years in which the candi-
date can complete the Program and is not refundable)
REQUIREMENTS
The following are requirements that must be met by all Level 1 Exam Fee: $250
CMT Program candidates: (CMT Program fee and Level 1 exam fee must be paid when
• The CMT candidate is required to be either an MTA first registering for the Program – Total $500.
Member or MTA Affiliate continuously (dues paid) This does not include the MTA annual dues.)
throughout the CMT process, and must agree to abide
by the MTA Code of Ethics. Level 2 Exam Fee: $450
• While MTA Affiliates may enroll in and successfully
complete the CMT Program, only full Members of the Level 3 Exam Fee: $450
MTA will be awarded and permitted to use the CMT (Exam fees can be carried over to the next test administra-
tion, but are NOT refundable)
designation.
• Continuous MTA membership, upholding the MTA
Code of Ethics, and such other requirements, as

“The CMT process was instrumental in developing and expanding my depth and
breadth of knowledge within the technical discipline early in my career. It
undoubtably catalyzed my career path as a top-ranked Wall St. Analyst.”
Jeffrey deGraaf, CMT - ISI Group
3.

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Breakdown By Level

1
Definition. The Level 1 exam measures basic, Techniques, 2nd Edition”
entry-level competence and understanding on the • Pring, Martin J. “Technical Analysis
part of the candidate. The candidate needs to have a Explained, 4th Edition”
working knowledge of the basic tools of the • Wilkinson, Chris. “Technically Speaking”
technical analyst.

3
Exam length: 2 hours. Integration. The Level 3 exam requires the
Format: computerized, multiple choice. candidate to take an essay exam. The Level 3
Recommended Reading List: exam will test the candidate on the formation
• Edwards, Robert D. and Magee, John, of well thought-out research opinions, portfolio
“Technical Analysis of Stock Trends, strategies or trading decisions based on a wide range of
9th Edition” charts and technical data.
•Kirkpatrick, Charles D. and Dahlquist, Exam length: 4 hours.
Julie, “Technical Analysis: The Formats: computerized, typed witen essay
Complete Resource for Financial Market Recommended Reading List:
Technicians” • Brown, Constance. “Technical Analysis for
• Pring, Martin J. “Technical Analysis the Trading Professional”
Explained, 4th Edition” • Frost, A.J. and Prechter, Robert. “Elliott
Wave Principle, Tenth Edition”

2
Application. The Level 2 exam requires the • Murphy, John. “Intermarket Analysis:
candidate to demonstrate a greater depth of Profiting From Global Market
competency in a variety of fields of expertise. The Relationships”
candidate is expected to demonstrate proficiency • Nison, Steve. “Japanese Candlestick Charting
in applying more advanced analytical techniques. Techniques, 2nd Edition”
Exam length: 4 hours. • Shefrin, Hersh, “Beyond Greed and Fear”
Format: computerized, multiple choice. • Shiller, Robert. “Irrational Exuberance, 2nd
Recommended Reading List: Edition”
• Aronson, David, “Evidence Based
Technical Analysis”
• Frost, A.J. and Prechter, Robert. “Elliott
Wave Principle, Tenth Edition”
• Kaufman, Perry J. “Trading Systems and
Methods, 4th Edition”
•Kirkpatrick, Charles D. and Dahlquist,
Julie, “Technical Analysis: The
Complete Resource for Financial Market
Technicians”
• Nison, Steve. “Japanese Candlestick Charting

Please make sure you check the MTA website (www.mta.org) for the most up to date reading list.

4.

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Important CMT Program Information
DATES AND TIME REQUIREMENTS PLEASE BE AWARE...

Exam dates: Exams for all 3 levels are administered twice Special Accommodations: If you have a special need or
a year in Spring and in Fall. require special accommodations, please contact the MTA
at 646-652-3300 before registering for the CMT Exam
Time Frame for CMT Program: The candidate will have to request special testing arrangements. If, and after,
five (5) years from the date of registration in the CMT you receive approval for special accommodations you
Program to complete all three (3) levels of the CMT, and will be instructed to call the Special Accommodations
will noticed of the deadline date. Candidates may take Department at 800-967-1139 in the U.S. and Canada or
only one exam each date. Internationally, on a region by region basis, at one of the
following numbers:
WHAT TO BRING TO THE TEST CENTER
Japan +81 3 5541 4800
Candidates must provide two forms of current and valid Europe +31 320 239 540
ID, bearing a signature; one of these must include a recent Middle East +31 320 239 530
photograph. Acceptable forms of primary identification Africa +31 320 239 593
include: valid passport, driver’s license (with signature), Malaysia +603 7628 3333
employee ID card (with photograph), state ID card. India 91-124-4147700
Acceptable forms of secondary ID include; valid credit Korea +82 2 3211 1233
card, ATM card, check-cashing card, citizenship card. Latin America +1 443 923 8160

Special notice for candidates who are taking the exam Rescheduling/Cancellation Policy: If you wish to change
outside of your country of citizenship -- You must have your exam date or time, you must do so at least two
a valid passport, it will be the only form of acceptable days prior to your originally scheduled testing time by
identity. 12:00PM (local test center time) using the Reschedule/
Cancel option at www.prometric.com (available 24/7)
We suggest printing a confirmation of your scheduled or calling the Prometric Regional Registration Center.
exam from the Prometric website once you have completed Level 3 candidates must reschedule at the same test cen-
registering. This confirmation contains the date and time ter to ensure the availability of the test charts. You will
of your exam, and the address of the test center. not be able to reschedule/cancel within 48 hours of your
originally scheduled testing time. There will be a $50 re-
• For CMT Level 1 & 2, you must bring a simple scheduling fee for all adjustments made after April 17th
calculator to the test center. If you have any questions, please contact Marie Penza,
• For CMT Level 3, you must bring a pencil, ruler, and a 646-652-3300.
simple calculator to the test center.
• Prometric will supply paper upon request. No Show Policy: If you do not cancel or reschedule, the
examination fee is forfeited. There are no refunds or
transfers.

“In today’s market place where there exist as many methodologies as there are opinions, the
three letters C-M-T bring an instant creditability to my practice.”
Buff Pelz Dormeier, CMT - Wachovia Securities
5.

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Test Centers, Grades and Self Study Information

CMT EXAM TEST CENTERS SELF-STUDY MATERIALS

• Testing locations are available over 300 sites world- The CMT Exam Program is designed to be SELF-STUDY:
wide. The MTA Accreditation Committee has recommended the
following minimum study hours for CMT exams, based
• Not all exam sites listed will be available for each sitting. on having a general college education but not necessarily a
Please confirm at registration. background in finance or technical analysis:

CMT Exam Level 1 -- 100 hours

CMT Exam Level 2 -- 140 hours
CMT Exam Level 3 -- 160 hours

Recommended study time differs from person to person

based on experience with the subject, time working in the
field and prior knowledge of technical analysis. However
a significant effort is required on the part of all candidates
wishing to successfully complete the 3 exam levels.

Books for the CMT Program are not sold through the
NOTIFICATION OF EXAM RESULTS Market Technicians Association. A limited number
of copies are available to members and affiliates for
• CMT Level 1 and 2 test takers can normally expect short-term loan through the MTA Library. Failure to
to receive their test score immediately upon completion return loaned books will incur a substantial fine. Books
of the exam, provided a psychometric review is not to be can be purchased through the NEW MTA Trader’s
conducted. As the program continues to evolve, if there is Library website (www.invest-store.com/mta). This
to be a psychrometric review, all will be notified of this in website was created to offer all MTA Members and
a timely fashion. Affiliates the CMT recommended assignments at
Trader’s Library lowest price.
• Results for CMT 3 will be announced within 90
days.

“The CMT designation has opened doors for me in my career. It helped me build
my methodology by exposing me to strategies and indicators I might otherwise
have missed. As a publishing research analyst, I find that clients and coworkers
appreciate the dedication and expertise the CMT program demands.”
6. Katie Stockton, CMT - MKM Partners

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CMT Prep Materials

CMT PRACTICE EXAMS

CMT Level 1 Practice Exam...................................Member Price $45.00
CMT Level 2 Practice Exam...................................Member Price $45.00
CMT Level 3 Practice Exam...................................Member Price $75.00

CMT QUIZ CARDS

CMT Level 1 Quiz Cards.........................................Member Price $40.00
CMT Level 2 Quiz Cards.........................................Member Price $40.00

These practice exams and quiz cards are designed to provide candidates with examples of how the questions will
appear, and the level of difficulty to expect. The questions that appear in the practice exams and quiz cards are derived
from the recommended reading list, which represents the MTA’s Body of Knowledge. In no way are they to be seen
as the actual exam questions.
Additional Resources Available
These DVDs were recorded at the 2005 MTA Education Seminar in New York City. While they were not specifically
created as CMT Prep materials, they do provide knowledge on the following topics and may be beneficial to those
preparing for the CMT Exam.

TECHNICAL ANALYSIS FOUNDATIONAL TOPICS

Ralph Acampora - “Introduction to Technical Analysis”
Phillip Roth - “Volume, Trend, and Momentum”
Kenneth Tower - “Introduction to Point & Figure and Candle Charting”
Larry Berman - “Incorporating Technicals with Fundamentals”
John Murphy - “Intermarket Analysis”
Member Price $23.96 each

ADVANCED TOPICS
Bruce Kamich - “Point and Figure”
Steve Nison - “Japanese Candle Charting”
Steven Poser - “Elliott Wave”
Mike Rocca - “Commodities”
William Dale - “Foreign Exchange”
Bob Kepler - “Fixed Income”
Peter Martin - “Equities” Member Price $63.96 each
These above DVDs were created by Trader’s Library and can be purchased from their website. However, MTA
Members and Affiliates can purchase them at a discounted rate from the MTA’s online Shopping Cart.
7.

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CMT Institute (CMTi)

1
ABOUT CMTi
This is an exciting educational offering that Chartered
Market Technician (CMT) candidates have said they want Dates: 3/23, 3/30, 4/6, 4/13
and need. The Market Technicians Association is currently Time: TO BE ANNOUNCED
offering interactive webcast exam mentorship courses for Price: $500
the CMT Level 1, 2, & 3 Exams. Instructor: Paul Ciana, CMT
Registrants for the CMTi will also have the ability
to view CMTi classes from a previous exam administra-
tion, and will be placed in an interactive discussion group.
Instructors will monitor the forum, post threads to the
forum, and answer questions on a weekly basis. In

2
addition, there will also be an archived webcast tutorial
on how to use the technology platform of Adobe Connect.
If you have any questions regarding the archives or the
Dates: 3/24, 3/31, 4/7, 4/14
CMTi, please contact Tim Licitra at [email protected] or 646-
Time: TO BE ANNOUNCED
652-3300.
Price: $500
The webcast prep courses may be attended live or
Instructor: TO BE ANNOUNCED
viewed in archive form throughout the duration of the
course. These classes are first come first serve with a max-
imum capacity. The cost for this course is $500 per level.
There will be four live classes that will begin the week of
March 23rd and each level will meet once a week. Each
session is recorded and archived for later review. They will

3
conlcude the week of April 13th, with the CMT Exam test-
ing window from April 23rd - May 2nd.
“The classes were fantastic and very helpful. I reviewed Dates: 3/25, 4/1, 4/8, 4/15
the recordings a number of times to grasp concepts Time: TO BE ANNOUNCED
I was not comfortable with and that was invaluable. The Price: $500
instructor was great and kept the class interesting and Instructor: C. MacNeil Curry, CFA, CMT
on its toes. I would recommend the classes to any CMT
candidates.”
Konstantinos Piskopanis - Sprint

Paul Ciana, CMT MacNeil Curry, CFA, CMT

8. Bloomberg LP Barclays Capital

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CMT Frequently Asked Questions (FAQ)
These Frequently Asked Questions include information about the CMT exams and program, as well as study advice
for all levels, grading information, etc.
Q. What is the length of the exams? • Candidates do not need to memorize ALL formulas;
• Level 1 – 2 hours however, a solid understanding of technical indicators such
• Level 2 – 4 hours as moving averages and oscillators does require a working
• Level 3 – 4 hours knowledge of the formula used to calculate the indicator.
Therefore, candidates should memorize the formulas
Q. What is the format of the exams? used to construct most widely used technical indicators.
• Level 1 – 120 multiple choice questions The exam does not cover programming of various techni-
• Level 2 – 150 multiple choice questions cal software platforms and any detailed formulas used in
• Level 3 – essay – the entire exam is worth 240 points constructing trading systems need not be memorized.
and candidates are allowed 240 minutes, so candidates
should pace their progress so that they do not spend too Q. Do candidates have to memorize ALL Japanese
much time on minor questions and so that they do allow terms for candlestick charting patterns?
time for more time consuming questions. • Candidates should know the Japanese terms such as
Doji and Harami commonly used by textbook authors. More
Q. What is required of the candidate in the exams? obscure and infrequently used Japanese terms are not
• Level 1 – Primarily definitions, this exam is designed tested.
to measure basic, entry-level competence and tests con-
cepts such as terminology, charting methods and ethics. Q. Is ALL material in suggested readings covered in
• Level 2 – Focuses on application of technical exams?
analysis. Candidates should understand ethics and more • No. Each version of the CMT exam is designed to test
complex theories (e.g., Dow Theory, Elliott Wave, inter- a representative sample of the body of knowledge. Any
market, etc.). given version of the exam will only have a limited number
• Level 3 – Tests candidates’ competency in ethics of questions and therefore can only cover a limited amount
and in rendering technical opinions integrating multiple of material. Therefore, some specific areas may not be
aspects of technical analysis. Essay responses should be covered in exams. Each level of the CMT exam is carefully
of the quality of technical research published by practic- prepared to ensure that they have the same level of difficulty.
ing CMT charterholders. Candidates must also be able to retain and build upon
prior knowledge.
Q. How study much time does it typically take candi-
dates to prepare for the exams? Q. Will ALL material tested be contained in the sug-
• Level 1 – 100 hours gested readings?
• Level 2 – 140 hours • No. While the suggested readings are
• Level 3 – 160 hours compiled to cover as much of the body of knowledge as
possible, certain areas tested in the CMT exams may
Q. How long do candidates have to achieve the not have been covered in the readings. Candidates are r
requirements of all three levels of the CMT pro- esponsible to seek out other sources of information
gram? such as the Internet, other readings, colleagues and
• Five (5) years from the date of registration. technical analysis message boards to gain a full and
complete understanding of all material which may be test-
Q. Are candidates required to memorize ALL formu- ed on the CMT exams. Candidates are presumed to have
las contained in the required readings?
9.
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basic knowledge of the workings of financial markets and MTA staff attempting to obtain a CMT charter by argu-
instruments material to the field of technical analysis ing about the process, rather than demonstrating a solid
in order to be fully prepared for any level of the CMT understanding of technical analysis through their perfor-
Program. mance on the exams. The MTA staff has no authority to
changes exam results and should be spending its time on
Q. How are the exams graded? more pressing matters.
• Level 1 and 2 exams are machine graded since
they are multiple choice. The MTA uses the services Q. What is the process for challenging a failing
of Prometric to ensure that exam questions fairly test score?
candidates on the subject matter. Their analysis includes • Keep in mind that Level 1 and 2 exams are machine
a post-exam assessment of all exam questions using graded and double checked for grading accuracy. All bor-
statistical techniques to identify and eliminate any derline Level 3 exams are automatically regraded. For a
questions which have produced an unusually high fee of $100, the MTA will review a candidate’s CMT 3
number of wrong answers. [essay] exam. After reviewing, candidates receive person-
alized feedback indicating problems areas such as which
• Level 3 exams are graded by experienced CMT answers were unclear or incomplete.
charterholders typically including textbook authors, MTA
board members and committee chairpersons. Grading is Q. What are the common mistakes failing candidates
based on a uniform answer key for each question which generally make on the exams?
indicates the information which must be contained in • Level 1 – As this level of the exam is relatively
candidates’ questions and how many points each part of straightforward, it appears that unsuccessful candidates
a question is worth. After all exams are graded, all ex- have not sufficiently familiarized themselves with the
ams which are close to, but below passing level, are com- material covered. Many candidates overlook studying the
pletely re-graded to ensure that grading was in compli- MTA Code of Ethics as they spend all their study time on
ance with the answer key and that all possible points were the assigned textbooks. Ethics is an important part of all
awarded. three levels of the CMT exam process.

Q. What is the passing score for each level of the • Level 2 – At this level unsuccessful candidates
exam? appear not to have developed as complete an understanding
• While the passing score is generally approximate- of technical analysis as is required. Candidates should
ly 70%, the actual passing score is adjusted as certain understand how various indicators are constructed and
questions which generated unusually low scores among how this impacts the interpretation of the indicator. One
most candidates are eliminated (questions can be common mistake is confusing similar terms such as RSI
eliminated due to errors, unclear wording, inconsistency and relative strength.
with reading materials and other factors). The MTA does
not provide the actual passing score for exams. • Level 3 – Unsuccessful candidates at this level have
not been able to produce coherent essays supporting a
Q. Why does the MTA not provide the actual score for technical opinion using multiple technical tools. When
passing scores? answering level 3 questions, consider the style and qual-
• There are several reasons for this policy. First, as not- ity of research reports produced by practicing CMTs.
ed, the final passing score is based on a statistical process
so the passing percentage changes from one version of a) Frequently, candidates will fail to clearly state an
the exam to the next. Second, the MTA has found from opinion when one is clearly required by the question. This
experience that providing this information is counter-pro- causes candidates to lose a significant number of points
ductive. Candidates have too often repeatedly contacted since, if candidates do not clearly state an opinion, they
10.

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then are unable to respond to questions asking them to Indicators, Second Edition by Robert Colby.
defend this opinion. Remember, many times in technical
analysis multiple interpretations are possible and candi- Q. Once a candidate completes all three levels of the
dates can be awarded points for a variety of opinions on CMT program, what other requirements are there in
many questions. order to receive the CMT charter?
• Only full members (as opposed to affiliates) of the
b) Candidates also tend to focus only on a portion MTA may be awarded the CMT designation and char-
of a chart and fail to utilize all indicators to demon- ter. The MTA member application process is separate
strate an ability to integrate multiple aspects of technical from the CMT program. Candidates who have com-
analysis. For example, in discussing Elliott Wave counts, pleted the three levels of the CMT program need only
candidates often ignore other chart aspects such as oscil- demonstrate three years of acceptable work experience
lators, moving averages and support/resistance levels. rather than the five years normally required. Due to the
time consuming nature of the member application pro-
c) Unsuccessful candidates often consistently provide cess, it is strongly recommended that candidates submit
essay answers which are not up to the level of professional- their application for membership as soon as they meet the
ism expected of a CMT charter holder. In order to maintain eligibility requirements and know the 3 MTA members
the quality of the CMT charter, the Accreditation Commit- who will sponsor the candidate for member status.
tee seeks to ensure that successful candidates, who will be
awarded the CMT designation, can professionally pro- Q. How is the CMT designation actually conferred and
vide technical opinions in a manner that will be a credit when do I receive my physical charter document?
to the entire CMT program. • The CMT designation is granted by the MTA Board
of Directors. Successful candidates who are full members
d) Additionally, candidates at levels 2 and 3 are re- are recommended to the Board at the next monthly board
sponsible for all material tested on prior exam levels. meeting and a vote is held. You will receive a letter in
For example, Point and Figure charting is typically ex- the postal mail confirming this, and you will also receive
plained in level 1 readings, but may not be utilized in a CMT charter certificate. These certificates are ordered
the level 3 readings. This does not mean that Point annually and mailed to candidates. Candidates may also
and Figure charting is not tested on level 3 and, in purchase special CMT charter frames at their own ex-
fact, the level 3 exam is designed so as to include the pense from a vendor which provides discounted framing
maximum number of chart types, and indicators possi- services to MTA members.
ble.
Q. Once a CMT charter is awarded, to which require-
Q. What other sources of information should ments must a charter holder adhere?
candidates refer to in order to better understand the • In order to maintain the CMT designation, you must
exam material? be a member in good standing of the Market Technicians
• Candidates should refer to textbooks or web sites oth- Association (MTA). This requires you to maintain your
er than those assigned in the readings if they come across member dues and abide by the MTA Code of Ethics.
material which they are having difficulty with. Often, an
explanation by a different author aids in understanding. The Q. Under what circumstances can a CMT charter be
MTA also maintains a forum where CMT candidates can revoked?
discuss the exam material. Additionally, many candidates • The MTA Board of Directors, acting under the advice
have commented that they gained a better understanding of of the Ethics Committee, may revoke a member’s CMT
the material by reading all of the assigned textbooks, even charter for serious violations of the MTA Code of Eth-
if only certain chapters were specifically assigned. One ics.
general technical analysis reference source which is often
used by candidates is the Encyclopedia of Technical

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Q. Is there any re-review of the examination, post- Q. How important are the questions on the MTA Code
grading, that can be provided? of Ethics?
• There is no mechanism for a post-grading review of • Candidates are required to achieve a minimum
CMT levels one and two, as they are machine scored. For passing score of 70% on the Ethics section of the CMT
the CMT 3 examination, which is in essay format, we 3 exam. This means that candidates MUST receive pass-
will (for a period of 45 days after the candidate receives
ing marks on the other sections of the CMT 3 exam AND
their score) have an independent grader perform a review attain a passing score of at least 70% on the ethics ques-
of the examination and give him feedback to the candi- tions to pass the exam. Candidates that receive passing
date on the grading process. There is a fee of $100 dollars
marks on the other sections of the CMT 3 exam but DO
for the post-grading review process to be performed. NOT attain a score of at least 70% on the ethics questions
will not pass the exam and will be required to sit for the
• If the candidate wants this re-grading of the exami- entire exam at a later administration of the test. Please
nation, please contact Marie Penza @mta.org who will consider this decision as you prepare for the upcoming
handle the process for you. CMT 3 exam.

Q. The CMT 3 examination is a essay format. I do not

type well and English is not my native language. As a
result, there may be typo’s or grammar errors on the
examination. Is this taken into account as part of the
grader’s scoring process?
• The graders of the essay have been specifically told
that it is the application of the technical analysis concepts
that are being tested, not the typing skills or English
grammar used on the examination. No points are
deducted for typos or grammar.

Q. How long is the CMT tests maintained on file?

• CMT level 1 and 2 examinations are computer scored OTHER
and maintained as a record for 5 years. CMT 3 examina-
tions, which are essay format, and the grader’s scoring
QUESTIONS???
sheet, is maintained on file for 2 years at the MTA facili-
ties.
IF SO, PLEASE CONTACT
Q. Is it possible to have questions on the exam that THE MTA
were not pulled from the suggested reading?
• No. The Exam questions are related and derived
HEADQUARTERS OFFICE
from the reading assignments. Accompanying each ques- AT
tion contained in the item bank is specific reference to
the book, author, chapter number and page number. The
item coding is confidential to protect the integrity of the 646-652-3300.
exam. In addition, each question is analyzed to ensure
that it performs as expected through psychometrics anal-
ysis. When this analysis identifies a question that does
not meet expectations, the question is “pinned” without
any consequences to the candidate.
12.

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