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.