CFA Minimum Passing Score: Is 65% Enough to Pass CFA Exam?

Is 65% enough to pass the CFA exam? Read the article below to know the minimum passing score, scaled scores and how is the MPS calculated.

CFA Institute will release the CFA 2026 results through emails. Earlier, the institute used to only send the exam status, indicating pass or did not pass, but now the institute has added more transparency to the CFA score report. The institute now releases the scaled score for all levels of the CFA exam and group average performance for each topic area.

Scaled score is the numerical representation of the performance of candidates in the CFA exam against the Minimum Passing Score (MPS). After taking the CFA exam, students should analyse their score report to get the information required to prepare for the next step in the CFA journey, whether it is preparing for the next level of the CFA exam, retaking the same level or exploring a Plan B.

CFA is known to be one of the most difficult finance exams around the globe but is also considered one of the most prestigious ones. Read the article below to know what is the MPS, and how much score is enough to pass the CFA exam.

What Is Minimum Passing Score, MPS?

MPS or the Minimum Passing Score, is minimum score a candidate can get in the CFA exam to pass the exam. The thin grey line represents the MPS in the CFA scorecard. CFA Institute uses the Angoff Method to determine the MPS.

Any score below the MPS line, would mean that the candidate did not pass the CFA exam. The scaled score for MPS is as follows for each level of CFA exam:

There are three cases in the CFA scores of the candidates which will indicate the status of the candidate passing the exam:

Case 1: Score and Confidence Interval Above MPS: A candidate who has scored well in the CFA exam will have high confidence that they would have passed in any case.

Case 2: Score and Confidence Interval Below MPS: A candidate who has scored poorly in the CFA exam will have a confidence interval below the MPS line and they would not have passed in any circumstance. They should study more rigorously to pass the exam.

Case 3: Score below the MPS, Confidence box overlaps MPS: A candidate who has scored near to MPS and might have passed under some circumstances can push the odds in their favour by more studying.

Also Read: Understanding CFA results 2026

Scaled Score in CFA Exam

A CFA scaled score is a mathematically transformed raw score, or the number of correct answers marked by the students, on a standard scale. This process makes the scores of candidates more interpretable and comparable.

Scaled scores show how well a student performed in CFA exam against the MPS. Check the table below to know the scaled score for each level candidate:

Determining CFA Passing Score

Earlier, the authorities used a simple formula to determine the passing score for the CFA exam. That is 70% of the highest score, will be the MPS. This means that if the highest scorer has secured 80%  thn the passing score will be:

70% X 80% = 56%

But now, as mentioned above, the CFA Institute uses a custom methodology called the Angoff Method. To calculate and determine the passing score,

• A large group of CFA charterholders evaluate the each question of the CFA exam and makes a judgement individually on the performance of the candidates. In other words, they judge the probability of the candidate passing the CFA exam by the correctly answering the question.
• After the evaluation, they revisit the performance metrics and analyse it again
• Psychometricians oversee the entire process, and finally set the MPS.
• CFA Institute Board then puts all the information collected in the process and then a final decision is taken to decide the MPS.

Also Read: How to pass all levels of CFA exam in first attempt?

CFA Pass Rate

CFA Institute releases the CFA Pass rate along with the declaration of results. Check the level wise CFA pass rates over the years:

CFA Pass Rate Level I

The average CFA Level I pass rate has been 41% recently. Check the table below to know the CFA 2025 Level I Pass Rate.

CFA 2025 Level 2 Pass Rate

The average Level 2 pass rate for the CFA exam has been approximately 46% recently. Check the table below to know the CFA Level II Pass Rate:

CFA Level 3 Pass Rate 2025

The average pass rate in the last nine years has been 50% for Level III exam. Check the table below to know the CFA Level III Pass Rate.

So, to answer if 65% will be enough to pass the CFA exam, this score is not a guaranteed benchmark, as CFA Institute does not follow a fixed passing percentage. The MPS changes with each exam and level. In other words, there is no preset CFA cutoff. Candidates who score 65% can fall close to MPS, but passing the CFA exam depends on how they performed in comparison to other candidates, their scaled score, and confidence interval. 

Read More:

• How Hard Are CFA Exam?
• CFA exam: Cost, curriculum and difficulty level