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Whether you are ultra-competitive or simply curious, many professionals want to know the pass rates for the CFA exams
In this guide, we break down the CFA exam pass rate for each level and show how CFA exam pass rates have changed over time. We cover the most recent pass rate numbers for CFA levels 1, 2 and 3 and what those percentages really mean for your study plan, your chances of passing and how hard the CFA exam feels in real life. We also walk through the scoring system minimum passing score and historical trends so you can decide with clear expectations whether pursuing the CFA charter makes sense for you.
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 Exam Level 1 Passing Score And Pass Mark
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.
Since the move to computer-based testing in 2021, the MPS is reported as a scaled score rather than a raw percentage. For the 2026 Level 1 exam, the MPS has been set at a scaled score of 1600. The CFA Institute does not publish the exact percentage correct required to achieve this, but candidates consistently hitting above 70% on full-length mock exams are generally in the passing range.
One factor candidates near the MPS should know: the CFA Institute reviews Ethics performance as part of the final pass/fail determination for borderline candidates. Strong Ethics can tip a borderline result into a pass.
CFA Exam 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 Exam Level 2 Passing Score And Pass Mark
The Board of Governors determines the MPS for Level 2 after each exam cycle based on difficulty and candidate performance. Candidates consistently hitting above 70% on full-length mock exams are generally in a comfortable position.
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 Exam 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 Exam Level 3 Passing Score And Pass Mark
For the Level 3 exam, the MPS is reported as a scaled score of 3600 on a scale of 3000 to 3900. Based on historical estimates, this corresponds to roughly 60% of questions answered correctly, though the CFA Institute does not publish the exact figure.
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 Exam 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 higher rate reflects survivor bias rather than a simpler exam. By Level 3, the candidate pool consists only of those who have already passed two rigorous exams.
Even so, Level 3 is genuinely demanding. The essay format requires candidates to construct and defend answers rather than select from options, which tests a different and more advanced set of skills than Levels 1 and 2.
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.
What are the CFA exam historical pass rates by year?
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?
There is no published fixed CFA exam pass score or pass mark. Instead the CFA Institute sets a minimum passing score after each sitting based on exam difficulty and candidate performance so the passing criteria can move from one exam to the next.
