CFA Pass Rate 2025: Know Recent Scores, Difficulty, Grading for All Levels
Chartered Financial Analyst Exam 2025 ( CFA Exam )
Registration - 12 Aug '25 - 12 Feb '26
Candidates receive a result of "pass" or "fail" along with information on their topic-level performance. CFA pass rates are released on the official website. Read the article below to know more about CFA pass rate, difficulty level, study tips, etc.
CFA Pass Rate
CFA Pass Rate: The first question that arises for students of CFA exam is how difficult is the CFA exam? CFA pass rate is one of the most important factors in their minds when they are planning to appear for the exam. The CFA exam is often tagged as hardest exam in the world. CFA is hard in nature, but it does not mean it cannot be cracked. CFA exam result 2025 for the August exam level 1 was released on October 7, 2025. The Level 2 was released on October 9, 2025 and the Level 3 results are to be released on October 23, 2025. Read the article below to know more about CFA pass rate, difficulty level of the CFA exam, grading, etc.
- CFA Pass Rates
- How is the CFA Passing Score Determined?
- What is the Minimum Passing Score or the MPS?
- CFA Pass Rate Over the Years
- How Hard is the CFA Exam: Reason Behind the Low Pass Rate in CFA
CFA Pass Rates
Knowing the CFA pass rate is very helpful. The CFA pass percentage gives an idea about the difficulty level and the amount of preparation required to crack CFA exam. Historically, the CFA pass rates have been low, and the exam is known to be one of the toughest exams in finance. CFA pass rates over the years have helped students in setting realistic goals and tracking progress.
The CFA pass rate has also undergone changes in the past years due to the pandemic and changes in the mode of examination to computer-based testing. The average CFA pass rate is 41%. Earlier, the passing score was 43% for Level 1, which dropped after the introduction of the CBT mode.
Also Read: CFA exam pattern
How is the CFA Passing Score Determined?
Earlier, the Minimum Passing Score was 70% of the highest scoring students in the CFA exam for that year. That means, if the highest score is 92%, then the MPS would be 70% of 92% which is approximately 64%.
But now, the minimum passing score is determined by a custom methodology used by the CFA Institute. Here is how the MPS is calculated for each level:
- A large group of subject matter experts check the entire exam individually, question by question and make the judgment on the performance of the student. In other words, they estimate the probability of a student getting a particular question right.
- Once the checks are done, charter holders take a look at student performance and the evaluation is done again and they determine the minimum score that a student should receive.
- The CFA Institute uses a method known as the modified Angoff method, where the experts use the minimum score to set the passing score for the exam, which can differ depending on the performance of the student group taking the exam and the difficulty level of the CFA exam.
What is the Minimum Passing Score or the MPS?
The Minimum Passing Score is the lowest possible score that a student can obtain while passing the CFA exam. The CFA Institute does not publish the minimum passing score. The CFA pass rates are different from the MPS, as the pass rate represents the percentage of students who passed a specific exam. The purpose of setting the MPS is to ensure fairness to all, as the difficult level of the exam is also taken into consideration when setting the MPS.
Also Read: When is the CFA exam 2025?
CFA Pass Rate Over the Years
Along with the CFA results, the CFA Institute also releases the pass rate percentage for all levels. Check below the CFA pass rate 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 year wise CFA Level I Pass Rate.
| Session |
CFA Level 1 Pass Rate |
|---|---|
| August 2025 (OUT) |
43% |
| May 2025 |
45% |
| February 2025 |
45% |
| November 2024 |
43% |
| August 2024 exam |
44% |
| May 2024 exam |
46% |
| February 2024 Exam |
44% |
| November 2023 Exam |
35% |
| August 2023 Exam |
37% |
| May 2023 Exam |
39% |
| February 2023 Exam |
38% |
| November 2022 Exam |
36% |
| August 2022 Exam |
37% |
| May 2022 Exam |
38% |
| February 2022 Exam |
36% |
| November 2021 Exam |
27% |
| August 2021 Exam |
26% |
| July 2021 Exam |
22% |
| May 2021 Exam |
25% |
| February 2021 Exam |
42% |
Also Read:
CFA Pass Rate Level II
The average Level II pass rate for the CFA exam has been approximately 46% recently. Check the table below to know the CFA Level II Pass Rate:
| Session |
CFA Level 2 Pass Rate |
|---|---|
| August 2025 |
44% |
| May 2025 |
54% |
| November 2024 |
39% |
| August 2024 Exam |
57% |
| May 2024 Exam |
59% |
| November 2023 Exam |
44% |
| August 2023 Exam |
44% |
| May 2023 Exam |
52% |
| November 2022 Exam |
44% |
| August 2022 Exam |
40% |
| February 2022 Exam |
44% |
| November 2021 Exam |
46% |
| August 2021 Exam |
29% |
| May 2021 Exam |
40% |
| February 2021 Exam |
46% |
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Also Read: What to Expect of CFA Level 2
CFA Pass Rate Level III
The highest Level III pass rate for the CFA exam has been 57% in the past few years. 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.
| Session |
CFA Level 3 Pass Rate |
|---|---|
| August 2025 exam (OUT) |
50% |
| February 2025 exam |
49% |
| February 2024 Exam |
40% |
| August 2023 Exam |
47% |
| February 2023 Exam |
48% |
| August 2022 Exam |
48% |
| May 2022 Exam |
49% |
| November 2021 Exam |
43% |
| August 2021 Exam |
42% |
| May 2021 Exam |
42% |
| February 2021 Exam |
57% |
Also Read: CFA exam 2025-26: Cost, curriculum and difficulty level
How Hard is the CFA Exam: Reason Behind the Low Pass Rate in CFA
Chartered Financial Analyst exam is challenging, which requires a high preparation level and understanding of complex financial concepts. The reasons behind the low pass rates in the CFA exam can be:
- Difficulty level of the exam: The CFA exam is known to be the most difficult financial certification exam in the world and requires a good amount of time, effort and dedication to excel. CFA covers a wide range of financial and investment topics including accounting, economics, finance, portfolio management, etc.
Also Read: How hard are the CFA exams?
- Time Commitment: Students appearing for the CFA exam must know that there are three levels of the CFA exam, i.e. Level I, II and III. Each level of the CFA exam requires a major amount of preparation time and students must give at least 300 hours of study for each level to master the exam concepts and crack the exam.
- Comprehensive Syllabus: The CFA syllabus is extensive and covers a wide range of topics as mentioned above. There are both theoretical and practical applications in the CFA curriculum. To ace the CFA exam, the students need to be well versed in all the areas of CFA syllabus.
- Limited Number of Attempts: CFA has limited attempts for the students. They can retake the exam only once a year. Hence, they need to put in a lot of effort and dedication to crack the exam in the first or the second attempt.
Overall the low CFA pass rate can be because of the exam difficulty level, huge curriculum, time commitment for preparation and limited number of attempts. Students who are planning to appear for the CFA exam must have a good preparation plan and devote at least 300 hours of study. They can also sign up for CFA preparation classes and develop a study routine. Building confidence by taking at least one mock test every day in the CBT environment can be very helpful for the students.
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Student Forum
Anything you would want to ask experts?
Each level of the CFA exam has its own criteria and passing score. CFA institute sets a MPS which changes with each cycle for the newly registered candidates. Some years test takers will receive an overall CFA score of 65% and fail, and in some years they may receieve a score of 62% and pass. The scoring plays a role in deciding the overall pass score in CFA exam. In general, an overall score of 70% and above will help you pass the CFA exam.