Whether you are ultra-competitive or simply curious, many professionals want to know the pass rates for the CFA exams
Given the difficulty of the CFA exam, it can be helpful to know the pass rate in order to better prepare yourself (or maybe make a decision about whether you even want to pursue your charter at all). In this detailed guide, we walk you through the CFA scoring system, as well as passing scores and historical pass rates, so you have a better idea of what to expect before you sit for the CFA exams.
CFA Scoring System Overview
The multiple-choice questions for all CFA exam levels are graded by computer, while the essay portion (“constructed response”) of Level 3 is graded by CFA charterholders.
Under the computer-based testing model, Level 1 and Level 2 exam results are typically delivered within 5 to 8 weeks of the close of the exam window. Level 3 results generally take longer due to the grading of the essay portion and are released within 6 to 8 weeks.
For the essay portion, the human graders are put on teams, and each team grades a question using a rubric that is provided by the CFA Institute. During the first week of grading, various levels of charterholders grade all the exams, but also review each other’s work to ensure consistency.
In the second week, the middle fifty percent of exam scores are graded a second time. If there is a large variance in grading, the exams are then graded for a third time. The exams are then assigned a Minimum Passing Score, or MPS.
The MPS is considered a benchmark to determine if a given candidate has passed or failed the CFA exam. The MPS varies from year to year and is set by CFA charterholders on the Board of Governors of the CFA Institute.
During this scoring phase, the Board of Governors typically sets the MPS for Level 1 and Level 2 about six weeks after the exam completion and grading. For Level 3, the MPS is set about seven weeks after exam completion and grading.
Candidates will not receive a conventional numerical score for their exams. Once the Board of Governors have set the Minimum Passing Score, it is then used as the baseline and applied to all graded exams. Thereafter, the candidates are allowed to see their results.
A candidate is given a final determination of “Pass” or “Did not pass” as their exam score or result. Candidates receive a topic-level performance summary showing whether their performance was below, at, or above the passing standard for each topic area. Exact numerical scores are not disclosed.
CFA Level 1 Passing Score
Each level of the CFA has its own criteria for determining its passing score. The CFA Institute Board of Governors sets the MPS for each level, and that changes with each cycle of new candidates.
Some years test takers will receive a 65% overall score and fail, while in other years candidates have received a 62% score and passed. How the scoring is weighted plays heavily on how your overall score will turn out. Generally speaking, any score of 70% or higher should be a passing score.
CFA Level 1 Pass Rate
Gaining your CFA certification is not an easy task. The Level 1 test is intentionally designed to be fairly difficult, but for a good reason. The Board of Governors purposely sets the bar high so that only those with a deep and broad understanding of the subject matter move forward to Level 2, and the pass rate definitely supports that philosophy.
Historically, the Level 1 pass rate has averaged 41% over a 10-year period. However, the August 2025 overall pass rate ticked up to 43%. With less than half of candidates passing, using the right study materials is critical; you can see our top CFA course recommendations to see which one fits your learning style.
CFA Level 2 Passing Score
For the second level of the CFA, you will need a score of at least 65% to have a good chance of passing, although from year to year any score under 70% can be a pass or fail based on that year’s weighted scoring. Again, the Board of Governors will determine the MPS and determine whether or not each candidate is within the passing range.
As long as you score well on the multiple-choice questions, you should have a good chance of passing the second level of the CFA.
CFA Level 2 Pass Rate
The 10-year average pass rate for Level 2 is 46%. In the August 2025 session, the overall pass rate was 44%.
Since the Board of Governors purposely sets the MPS so high for Level 1, only the most qualified candidates sit for the Level 2 exam.
CFA Level 3 Passing Score
When the Minimum Passing Score is determined for the Level 3 exam, it is often placed in the 60% range. Currently, the Level 3 exam features a mixed format across both sessions. Instead of one dedicated essay session, each 132-minute session consists of a combination of multiple-choice item sets and constructed response (essay) sets. This structure allows candidates to better manage their mental stamina and ensures that one difficult essay does not derail an entire half-day of testing.
CFA Level 3 Pass Rate
The final level continues to have the highest success rate, with a 10-year average of51%. For the August 2025 exam, the pass rate was 50% overall. This last section of the test proves to be difficult for many candidates due to the fact that a large number of the questions require answers in essay format.
It is recommended that anyone that makes it this far spend significant time focusing on how to quickly and efficiently answer essay questions as well as brushing up on master topics such as portfolio management.
FAQ
What are the CFA historical pass rates?
The 10-year rolling averages for Level 1, Level 2, and Level 3 are 41%, 46%, and 51%, respectively.
What is the CFA pass percentage?
The CFA pass percentage typically ranges from 40% to 55% depending on the level. While this is numerically similar to the CPA, the CFA is widely considered more difficult due to its cumulative nature.
