CFA Pass Rate 2025: Know Recent Scores, Difficulty, Grading for All Levels

CFA Pass Rates

Understanding the CFA pass rate is very helpful. The CFA pass percentage provides an idea about the difficulty level of the exam and the amount of preparation required to crack the CFA exam. Historically, the CFA pass rate has been low, and the exam is considered to be one of the toughest exams in finance. CFA pass rates over the years have helped the aspirants 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 computer-based test mode.  

Also Read: CFA exam pattern

How is the CFA Passing Score Determined?

Earlier, the MPS (Minimum Passing Score) was 70% of the highest-scoring candidates 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 devised by the CFA institute. Here is how the MPS is calculated for each level:

• A large group of subject matter experts evaluate the entire exam individually, question by question and make the judgement on the performance of the candidate. In other words, they estimate the probability of a candidate to get a particular question right.
• Once the evaluations are done, charter holders take a look at actual candidate performance and the evaluation is done again and they determine the minimum score that a candidate 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 vary depending on the performance of the student group taking the exam and the difficulty level of the CFA exam.

Also Read: What is the CFA Practical Skills Module (PSM)?

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 (year-wise).

Also Read:

• How hard are the CFA exams?
• CFA exam 2025-26: Cost, curriculum and difficulty level

How Hard is the CFA Exam: Reason Behind the Low Pass Rate in CFA

The Chartered Financial Analyst exam is rigorous and challenging which requires a high level of preparation and understanding of complex financial concepts. The reasons behind the low pass rates in the CFA exam can be the following:

• Difficulty level of the exam: The CFA exam is known to be the most difficult financial certification exam in the world and requires a significant 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.
• Time Commitment: Candidates 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 substantial amount of preparation time and candidates must devote 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 candidates need to be well-versed in all the areas of the curriculum.
• Limited Number of Attempts: CFA has limited attempts for the aspirants. Candidates can retake the exam only once a year. Hence, candidates 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 attributed to the difficulty level of the exam, vast curriculum, time commitment for preparation and limited number of attempts. Candidates who are planning to appear for the CFA exam must devise a strategic preparation plan and devote at least 300 hours of study. They can also sign up for CFA preparation classes and develop a consistent study routine. Building confidence by taking at least one mock test every day in the actual Prometric computer-based environment can be very helpful for the candidates.