CFA Exam Scores

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.

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.

The pass rates for CFA exams can vary. The CFA Institute also releases pass rates for each exam level after the results are announced. 

1. Level I: Pass rates for Level I exams have historically been around 40% to 45%. This means that, on average, 40-45% of candidates pass the Level I exam.

2. Level II: Pass rates for Level II exams have historically been lower than Level I, averaging around 40% to 45% as well.

3. Level III: Pass rates for Level III exams have tended to be slightly higher, with historical pass rates ranging from 50% to 60%.

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.