CFA Exam

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.

Yes, we think it is useful to have that break. You can use it to have a light snack, drink and use the toilet before heading in for the second session. It’s actually not a long break. You won’t be allowed to eat snacks or drink during the exam, but you can and should bring your own light snack and water – something that keeps well in room temperature for your optional 30 minute break. Going back in late for second session will eat into your exam time, so be mindful of this.

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.

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.

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%.

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.

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. 

CFA Institute provides the official CFA curriculum but students can always use third-party study material to enhance their CFA exam preparation. Students should opt for study resources from reputable sources. Look for CFA books and study material which explains complex topics and concepts. The CFA Institute provides a list of approved prep providers on its website, which can be a good starting point.

The CFA syllabus covers topic areas related to investment management, financial analysis, ethics, and professional standards. Main topics are:

1. Ethics and Professional Standards

2. Quantitative Methods:

3. Economics:

4. Financial Reporting and Analysis

5. Corporate Finance

6. Fixed Income

7. Equity Investment 

8. Derivatives

9. Alternative Investments

10. Portfolio Management and Wealth Planning

These main topic areas are present across all three levels of the CFA exam. The complexity increases with each passing level.