Tyro, you are near enough correct. Remember though that is days of yore maks over 90% were practically impossible. A typical superb score might be 80%. It is only in today's grade inflated exam results that we are used to regarding as mediocre anything less than 90%.
The BM university exams are marked out of 100 and traditionally a mark over 80 is never awarded as an undergraduate is never that good.
Once in the training system however an exam pass of 60%, while a pass, actually shows that you didn'y get 40% of the questions correct.
So taking today's youth and telling them that the pass mark is 65% doesn't tell them the truth as they see it.