1. Agreement to Terms
By registering for or using the website at analystquorum.com (the "Service"), you agree to be bound by these Terms of Use ("Terms") and the Privacy Policy (analystquorum.com/privacy-policy.html), which is incorporated by reference. If you do not agree, do not use the Service.
At registration you confirm your acceptance by ticking the acceptance checkbox; we record the date and time of your acceptance and the version of the documents you accepted.
We may update these Terms. For material changes we will show a notice on the Service before or at your next login. Continued use after a change constitutes acceptance.
2. Eligibility
The Service is available only to individuals aged 18 or older. By registering you represent that you are at least 18 years of age.
3. Description of Service
Analyst Quorum is an online practice platform for candidates preparing for the CFA examinations. The Service includes, depending on your selected level:
- Practice questions for CFA Levels I, II and III (including item-set and pathway-specific formats), with detailed answer explanations
- Constructed-response (essay) practice for Level III with automated scoring and feedback
- Personal progress tracking by topic and subtopic
- Anonymous, aggregated cohort comparison statistics
- Access via a unique personal access token
The Service is provided for educational purposes only. We make no guarantee that use of the Service will result in a passing score on any CFA examination. Features, usage limits, and availability may change: we may add, modify, limit, suspend, or withdraw any feature of the Service at any time at our discretion.
Free access and future charges. The Service is currently offered free of charge during an introductory and promotional period. Registering for or using the Service while it is free, or during any promotion, does not entitle you to free access in the future and does not create any right to continued free use. We may introduce fees, subscriptions, or other charges for the Service, or for any individual feature, at any time and at our sole discretion. Where we introduce a charge for a feature you are already using, we will give reasonable notice before the charge takes effect, and you may choose to stop using that feature rather than pay. Continued use of a feature after its charge takes effect constitutes acceptance of that charge.
4. Access Tokens and Accounts
4.1 Access is granted via a personal 8-character access token ("Token") sent to the email address you provide. Your Token is personal and must not be shared.
4.2 We may revoke any Token we reasonably believe has been shared, misused, or obtained fraudulently.
4.3 Inactivity deletion. Accounts unused for approximately 6 months are automatically and permanently deleted together with all associated practice data. We send an advance warning email approximately 7 days before deletion. You are responsible for keeping your registered email current.
4.4 If you lose your Token, use the "Forgot token?" function or contact hello@analystquorum.com from your registered email address.
4.5 Changing level. Changing your CFA level starts a new exam campaign at the new level. Your previous level's progress is archived: it is restored automatically if you change back to that level within 6 months, and is permanently deleted after 6 months. See the Privacy Policy, Section 8.
4.6 Deleting your account. You may delete your account yourself at any time from your account page. Deletion is immediate and permanent. See the Privacy Policy, Section 9.
5. Essay Practice and Automated Scoring (Level III)
5.1 Essay responses are evaluated by automated scoring technology provided by Google acting on our instructions. Scores and feedback are generated automatically, are provided for study purposes only, and are not a prediction of any actual examination result. See the Privacy Policy, Sections 2 and 8, for how your responses are handled.
5.2 Fair use and availability. Scored essay sessions are limited (currently one scored session per rolling 24-hour period per candidate). Sessions are also time-limited and subject to platform-wide daily capacity limits; scoring may occasionally be unavailable when capacity is reached. We may change these limits at any time, and we may suspend or disable automated essay scoring, temporarily or permanently, for individual accounts or for the platform as a whole, at our discretion.
5.3 If a scoring attempt fails for technical reasons you may resubmit (limited attempts per session). A failed session does not count against your daily limit.
5.4 Scoring feedback is displayed during your session, and your scores are retained in your progress history. We also retain the text of your essay responses, together with the score report they received, so that our team can review and improve the accuracy of our automated scoring. Stored response text is used only for that review. It is never shown to other candidates, is not used for advertising, is deleted immediately if you delete your account, and is in any case automatically deleted after 6 months. See the Privacy Policy, Sections 2 and 8.
6. Acceptable Use
You agree not to:
- Share your access Token with others
- Attempt to access, probe, or test the security of our systems
- Use automated tools (bots, scrapers, crawlers) to access or extract content from the Service
- Copy, reproduce, republish, or redistribute any practice question, answer, explanation, vignette, or scoring feedback from the Service, in whole or in part, without our express written consent
- Use Service content to train, fine-tune, or evaluate any machine-learning model
- Submit content in essay responses that is unlawful, malicious, or intended to disrupt or manipulate the scoring system
- Circumvent access controls, rate limits, or session limits
- Use the Service for any unlawful purpose
We may suspend or revoke access for any violation of these Terms.
7. Intellectual Property
7.1 Our content. All practice questions, vignettes, answer choices, explanations, scoring rubrics, platform design, graphics, and text are owned by or licensed to Analyst Quorum and protected by copyright and other intellectual property laws.
7.2 CFA Institute. The CFA examinations are administered by CFA Institute. Our practice materials are written independently. In developing them, we reference only the learning outcome statements that CFA Institute publishes on its publicly accessible web pages; our materials are not sourced from, copied from, or derived from CFA Institute's curriculum readings, mock examinations, question banks, or any other CFA Institute publication. Analyst Quorum is not affiliated with, endorsed by, or licensed by CFA Institute.
CFA® and Chartered Financial Analyst® are registered trademarks of CFA Institute, which does not endorse or warrant this product. Analyst Quorum is not affiliated with CFA Institute.
7.3 Your submissions. If you submit feedback or issue reports, you grant us a perpetual, royalty-free licence to use that feedback to improve the Service. Your essay responses remain yours. You grant us a limited licence to process them in order to produce your score and feedback, and to retain them, for the period set out in the Privacy Policy, so that we can review and improve the accuracy of our scoring. We do not publish your responses, and they are not used to train third-party models. See the Privacy Policy, Sections 2 and 8.
8. Advertising
The Service does not currently display third-party advertising. If advertising is introduced in future, it will be disclosed in the Privacy Policy and, where required by law, will operate only with your consent. We will not control the content of third-party advertisements, and clicking them may take you to third-party websites governed by their own terms.
9. Third-Party Links
Links to third-party websites are provided for convenience only. We do not endorse, control, or accept responsibility for their content.
10. Disclaimer of Warranties
THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
We do not warrant that: the Service will be uninterrupted, error-free, or secure; any question, answer, explanation, or automated scoring output is free from inaccuracies; or that use of the Service will result in a passing score on any examination. Automated scoring is a study aid and may contain errors. You use the Service entirely at your own risk.
Practice questions, answers, explanations and scoring feedback are generated through a carefully designed content-development methodology using artificial intelligence (AI) models, with validation checks applied before publication. However, AI models can make mistakes, and no question, answer, explanation or scoring output should be relied upon as authoritative. If you believe an item is incorrect, please report it using the in-platform "Report issue" function.
11. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL ANALYST QUORUM, ITS OPERATORS, OR AFFILIATES BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THE SERVICE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
OUR TOTAL LIABILITY FOR ANY CLAIM SHALL NOT EXCEED THE AMOUNT YOU PAID US IN THE 12 MONTHS PRECEDING THE CLAIM (WHICH, FOR A FREE SERVICE, IS ZERO).
Some jurisdictions do not allow certain exclusions or limitations, so some of the above may not apply to you. Nothing in these Terms limits rights you have under mandatory consumer protection law in your jurisdiction.
12. Privacy
Our Privacy Policy (analystquorum.com/privacy-policy.html) explains how we handle your personal information, including your rights of access, correction, and deletion. Privacy requests: privacy@analystquorum.com.
13. Termination
We may suspend or terminate your access at any time for breach of these Terms. You may stop using the Service at any time, delete your account yourself from your account page (see Section 4.6), or request deletion of your data at privacy@analystquorum.com.
14. Governing Law and Disputes
These Terms are governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. Disputes are subject to the exclusive jurisdiction of the courts of Ontario, except where mandatory law in your place of residence provides otherwise.
15. Entire Agreement
These Terms, together with the Privacy Policy and any in-Service terms you accept (such as the essay practice terms), constitute the entire agreement between you and Analyst Quorum regarding the Service.
16. Contact
Email: hello@analystquorum.com · Privacy: privacy@analystquorum.com · Website: analystquorum.com