NISM study notes. Updated Jul 2026, 8-minute read.

CFA Passing Score & MPS Explained

The CFA exam does not have a published fixed passing percentage. Instead, the CFA Institute sets a Minimum Passing Score, or MPS, for each exam through a formal standard-setting process. Your result depends on whether your performance meets that benchmark, not on beating a fixed cut-off like 50% or 70%.

Key takeaways

There is no officially published fixed passing percentage for any CFA level.
The CFA Institute Board sets a Minimum Passing Score (MPS) for each exam via a standard-setting process.
The MPS reflects the level of competence expected, not a simple average of candidate scores.
Historical Level I pass rates have often ranged around 35-45%.
Ethics performance can influence borderline results through the ethics adjustment.
Results for Levels I and II are typically released within about five to eight weeks.

Why there is no fixed CFA pass mark

One of the most common misconceptions about the CFA exam is that you need a specific percentage, say 70%, to pass. In reality, the CFA Institute does not publish a fixed passing score. There is no universal number you must hit. Instead, a Minimum Passing Score (MPS) is determined for each exam administration, and candidates who meet or exceed it pass.

This approach exists because exam difficulty can vary slightly from one administration to another. A fixed percentage would unfairly penalise candidates who sat a harder version. The MPS mechanism keeps the standard of competence consistent even as the questions change.

What is the Minimum Passing Score?

The MPS is the score that separates passing from failing candidates for a given exam. It is set by the CFA Institute Board of Governors based on a rigorous standard-setting process. Rather than picking an arbitrary number, panels of subject-matter experts evaluate what a just-competent candidate should be able to answer, and this informs the recommended MPS.

Importantly, the MPS is not disclosed to candidates. You will not be told the exact threshold or your precise numerical score. Instead you receive a pass or fail result along with performance information showing how you did relative to the passing standard across topics.

How standard-setting works

Standard-setting is a structured, defensible method used by many high-stakes professional exams. Expert panels review the exam questions and judge the difficulty and the level of knowledge a minimally competent candidate should demonstrate. Their assessments are aggregated to produce a recommended MPS, which the Board then reviews and approves. This is why the passing bar reflects competence rather than a fixed statistical cut-off.

Historical pass rates

Because the MPS is competence-based, pass rates are an outcome, not a target. Historically, Level I pass rates have often fallen in the region of 35-45%, though they fluctuate by administration. Levels II and III pass rates have typically been somewhat higher than Level I but still reflect a demanding standard. These figures underline that a large share of candidates do not clear each attempt, so thorough preparation is essential.

The role of Ethics

Ethics deserves special mention. It is heavily weighted at every level, and CFA Institute applies what is known as the ethics adjustment: for candidates whose overall performance is close to the MPS, strong or weak performance on Ethics can tip the result. In practice this means Ethics can be the deciding factor for borderline candidates, so it should never be treated as an afterthought.

When you get your results

After sitting the exam, you do not receive an instant result. The CFA Institute processes and validates scores before releasing them. Results for Level I and Level II are typically released within about five to eight weeks, while Level III, with its essay component, may take a little longer to grade. You are notified by email when results are available, and your online account shows your pass or fail status with topic-level performance bands.

Because timelines can change, confirm current results dates on cfainstitute.org. To understand what you are being scored on, read our CFA exam pattern guide, and to gauge the challenge realistically, see how difficult the CFA exam is. For preparation strategy, read how to prepare for CFA.

Frequently asked questions

What percentage do you need to pass the CFA exam?

There is no fixed passing percentage. The CFA Institute sets a Minimum Passing Score through a standard-setting process, and candidates who meet or exceed it pass. The exact threshold is not disclosed.

What is the CFA Minimum Passing Score (MPS)?

The MPS is the benchmark score, set by the CFA Institute Board via expert standard-setting, that separates passing from failing candidates for each exam administration. It is not published to candidates.

What are typical CFA pass rates?

Historically, Level I pass rates have often ranged around 35-45%, fluctuating by administration. This means a large proportion of candidates do not clear each attempt, so strong preparation matters.

When are CFA results released?

Results for Levels I and II are typically released within about five to eight weeks of the exam, while Level III can take longer due to essay grading. Confirm dates on cfainstitute.org.

Written by Arpan Das.

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