CFA Result 2026: February Release Date (OUT), How to Download, Check Pass Rate & Score Validity

CFA level 1 February result will be released on March 19, 2026. CFA level 3 2026 result for the February session will be released on April 7, 2026. The results will be announced online. 

Passing score of CFA exam is also called the Minimum Passing Score (MPS). It is set by CFA Institute is set by CFA Institute Board of Governors after each exam. This ensures fairness to the candidates, and the difficulty level is taken into consideration when setting the minimum score.

CFA exam results are released according to the following timelines

CFA results are released online only. Candidates who appeared for the CFA exam will get an email regarding their CFA results and can check through candidate portal. 

1. Go to website of the CFA Institute.
2. Find CFA Result link
3. Enter email ID and password
4. CFA result will be displayed.
5. Download and take a printout of the result for future reference.

1. Level I Pass Rate: 40% to 45%. 

2. Level II Pass Rate: 40% to 45% as well.

3. Level III Pass Rate: 50% to 60%.

For the Level 1 exam candidates, the CFA Institute will only release a pass or fail result. There will be no detailed result breakdown in any specific section or cores. They will only receive a performance band, if they pass the exam.

On the other hand, CFA level 2 and 3 candidates will receive a pass or fail result along with the detailed breakdown of the CFA result and scorecard. Along with the performance band, they can check how they did in the sections and core areas.

There is no fixed passing marks or percentage that the candidate needs to secure to pass the CFA exam. They need to meet the minimum passing score (MPS) which is decided by the CFA institute and is very discreet. The MPS can vary from one exam window to another. While the exact MPS remains confidential until results are released, historical data and analyst estimates show that the MPS usually remains between 65% to 70%. 

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.

CFA level 1 and 2 results are released within 5 to 7 weeks. Level 3 results are released within 8 weeks. 

Once the candidate has cleared Level 2 of the CFA exam, they should start preparing for the Level 3 exam. Starting the CFA Level 3 preparation early and strategizing will help candidates pass the CFA Level 3 exam with a better score. 

To prepare for the CFA exam, students should focus on the constructed response questions, writing skills, curriculum topic differences from the previous levels, and weightage of topics in Level 3 of the CFA exam. 

After passing the Level 3 of the CFA exam, candidates should register officially with the CFA Institute as the CFA Charterholder. This will open doors to various opportunities. Students can opt for jobs such as Investment manager, hedge fund manager, investment banking analyst, corporate financial analyst, stock analyst, etc. 

Students can also opt for further certifications such as Chartered Alternative Investment Analyst (CAIA)

The average pass rate in India is 35% to 45%. Check the table below to know the CFA pass rate in India for Level 1:

Check the table below to know the level wise average pass rate in India:

Candidates should complete their PSM in order to view their CFA result. Each PSM takes about 10-20 hours to complete. The level 1 CFA exam has the following PSMs:

• Financial Modelling
• Python Programming Fundamentals

The following Practical Skills Module is available for the Level 3 CFA candidates. They need to complete the PSM in order to view their CFA result:

• Analyst Skills
• Financial modelling
• Portfolio Development and Construction
• Python, data Science and AI
• Python Programming Fundamentals. 

CFA result has thick black dotted line in the scorecard. It shows the 10th percentile score, i.e. 10% of candidates who took the exam scored lesser than this.

CFA result cum scorecard includes a purple dashed line, which indicates 90th percentile. This means that 10 per cent of students scored higher than this. 

The following PSM is availabel for the Level 2 CFA exam:

• Analyst Skills
• Python, Data Science and AI
• Python Programming Fundamentals

Three pathways will be released in mid-August 2025 for the Level 3 PSM. These are:

• Practical Macro (Portfolio Management Pathway)
• Due Diligence (Private Markets Pathway)
• Managing Private Wealth Clients (Private Wealth Pathway)

The light blue box around or over and above the MPS is the confidence interval in CFA result card. 

A candidate who has scored really well could have a high confidence interval. They will have grey line with the confidence interval box above MPS. 

A candidate who has scored poorly can have a high confidence interval, they would not have passed under any circumstances and would need to study more in the future will have the grey line with a confidence interval box under the MPS line.

A candidate who has secured an average score (close to MPS) might have passed under some circumstances and would have pushed the odds in his/her favour, score line and confidence interval box will overlap MPS.