Candidates receive a result of "pass" or "fail" along with information on their topic-level performance. CFA pass rates are released on the official website. Read the article below to know more about CFA pass rate, difficulty level, study tips, etc.
CFA Pass Rate
CFA Pass Rate: The first question that arises for the aspirants of the CFA exam is how difficult is the CFA exam? CFA pass rate is one of the most important factors in the minds of the aspirants when they are planning to appear for the exam. The CFA exam is often tagged as the ‘world’s hardest exam’. CFA is hard in nature but it does not mean it cannot be cracked. CFA 2024 result for the August 2024 Level 1 exam was released on October 8, 2024. The Level 2 and Level 3 August exam 2024 CFA result was released on October 10, 2024, and October 17, 2024, respectively.
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Latest Updates: CFA exam result 2024 released for Level 2 August 2024 exam
CFA Pass Rates
Understanding the CFA pass rate is very helpful. The CFA pass rate provides an idea about the difficulty level of the exam and the amount of preparation required to crack the CFA exam. Historically, the CFA pass rate has been low and the exam is considered to be one of the toughest exams. CFA pass rates over the years have helped the aspirants in setting realistic goals and tracking progress.
Q: How tough is the CFA exam? What are important preparation tips for the CFA exam?
Q: Can I self-study for the CFA exam?
Yes, of course you can self-study for the CFA exam. Many students prefer to choose this option for preparation because of the flexibility it offers. The CFA insitute provides an official curriculum for each level of the exam. It serves as a comprehensive guide and primary source of study material. You can follow the curriculum independently and study at your own pace.
Besides the CFA Institute curriculum, there are number of other resources available for the CFA study material. These may include guides, sample papers, video lectures, tutorials, etc. You can utilize these resources to supplement your self study efforts and reinforce your understanding of the important topics of the CFA syllabus.
Create an effective study plan that outlines your study schedule, goals and progress. This will help you stay organised and improve time management. You can also engage with online forums and communities and various social media groups dedicated to CFA preparation. These platforms provide the opportunity to connect with fellow candidates, seek clarification, share insights and access additional study resources.
While self-studying is a viable option, keep in mind that the CFA exams are rigorous and the material can be complex. Ensure that you allocate sufficient time, maintain discipline and monitor your progress regularly.
Q: What is the mode of CFA exam?
The CFA (Chartered Financial Analyst) exams are conducted in a computer-based testing (CBT) format. The transition from paper-based exams to computer-based exams was implemented by CFA Institute to provide a more efficient and secure testing experience for candidates.
Under the CBT format, candidates take the exams on a computer at designated testing centers. The exams are administered over multiple sessions, with each session focusing on specific topics. The CFA Level I exam consists of multiple-choice questions, while the Level II and Level III exams include item-set questions (also known as vignettes) and constructed response (essay) questions.
The CBT format offers several advantages, such as immediate exam results, standardized navigation tools, the ability to mark and review questions, and an enhanced exam security system. Additionally, candidates have the flexibility to choose their preferred exam date within the available testing window.
It's important to note that while the CFA exams are computer-based, they still maintain the same level of rigor and depth in assessing candidates' knowledge and skills in finance and investment management.
The CFA pass rate has also undergone changes in the past years due to the pandemic and changes in the mode of examination to computer-based testing. The average CFA pass rate is 41%. Earlier, the passing score was 43% for Level 1 which dropped after the introduction of the computer-based test mode.
Also Read: CFA exam pattern
How is the CFA Passing Score Determined?
Earlier, the MPS (Minimum Passing Score) was 70% of the highest-scoring candidates in the CFA exam for that year. That means, if the highest score is 92%, then the MPS would be 70% of 92% which is approximately 64%.
But now, the minimum passing score is determined by a custom methodology devised by the CFA institute. Here is how the MPS is calculated for each level:
- A large group of subject matter experts evaluate the entire exam individually, question by question and make the judgement on the performance of the candidate. In other words, they estimate the probability of a candidate to get a particular question right.
- Once the evaluations are done, charter holders take a look at actual candidate performance and the evaluation is done again and they determine the minimum score that a candidate should receive.
- The CFA Institute uses a method known as the modified Angoff method, where the experts use the minimum score to set the passing score for the exam, which can vary depending on the performance of the student group taking the exam and the difficulty level of the CFA exam.
Also Read: What is the PSM?
What is the Minimum Passing Score (MPS)?
The Minimum Passing Score is the lowest possible score that a candidate can obtain while passing the CFA exam. The CFA institute does not publish the minimum passing score. The CFA pass rates are different from the MPS, as the pass rate represents the percentage of candidates who passed a specific exam. The purpose of setting the MPS is to ensure fairness to all candidates, as the difficult level of the exam is also taken into consideration when setting the MPS.
Q: Which level of CFA is the hardest?
The Level 3 CFA Exam is considered by many CFA charterholders as the most challenging due to the amount of time and consideration required to successfully complete the constructed responses. Only about 56% of CFA candidates pass the exam, despite the fact that the Level 3 CFA Exam typically has the highest pass rates of any CFA Exam.
Q: What are the affordable CFA colleges in India?
It is estimated that joining CFA colleges in India can be affordable as most of the colleges have a total tuition fee of less than INR 1 lakh. Listed below are some of the colleges along with their total tuition fees:
| Low-cost Colleges | Total Tuition Fee |
|---|---|
| IMS ProSchool, Pune | INR 20,000 - INR 40,000 |
| IMS Proschool, Chennai | INR 20,000 - INR 40,000 |
| IMS Proschool, Navi Mumbai | INR 20,000 - INR 40,000 |
| IMS Proschool, Andheri West | INR 32,000 - INR 40,000 |
| IIKMFE Financial Education | INR 70,000 |
Q: Is 65 score enough for passing the 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.
Q: What is the weightage of the CFA Level I exam?
The Level I exam covers a broad range of topics, and the weightings can vary slightly from one exam to another. The approximate weightings were as follows:
- Ethics and Professional Standards: 15%
- Quantitative Methods: 10%
- Economics: 10%
- Financial Reporting and Analysis: 15%
- Corporate Finance: 10%
- Equity Investments: 11%
- Fixed Income: 10%
- Derivatives: 6%
- Alternative Investments: 6%
- Portfolio Management and Wealth Planning: 6%
- Quantitative Review: 1%
Q: Which is the easiest pathway in CFA exam Level 3?
No pathway will be easier than the other. Each pathway is designed in a way that they are at par with each other. This does not mean that the CFA pass rate will be also be the same between each as many factors influence pass rate such as quality of the cohort, mix of the cohort, difficulty of the given set of questions in a given window, demographic factors, etc.
Also Read: When is the CFA exam?
CFA Pass Rate Over the Years
Along with the CFA results, the CFA institute also releases the pass rate percentage for all levels. Check below the CFA pass rate over the years:
CFA Pass Rate Level I
The average Level I pass rate for the CFA exam has been 41% recently. Check the table below to know the CFA Level I Pass Rate (year-wise).
| Session |
Pass Rate |
|---|---|
| August 2024 exam |
44% |
| May 2024 exam |
46% |
| February 2024 Exam |
44% |
| November 2023 Exam |
35% |
| August 2023 Exam |
37% |
| May 2023 Exam |
39% |
| February 2023 Exam |
38% |
| November 2022 Exam |
36% |
| August 2022 Exam |
37% |
| May 2022 Exam |
38% |
| February 2022 Exam |
36% |
| November 2021 Exam |
27% |
| August 2021 Exam |
26% |
| July 2021 Exam |
22% |
| May 2021 Exam |
25% |
| February 2021 Exam |
42% |
Also Read: What to Expect of CFA Level 1
CFA Pass Rate Level II
The average Level II pass rate for the CFA exam has been approximately 46% recently. Check the table below to know the CFA Level II Pass Rate (year-wise).
| Session |
Pass Rate |
|---|---|
| August 2024 Exam |
57% |
| May 2024 Exam |
59% |
| November 2023 Exam |
44% |
| August 2023 Exam |
44% |
| May 2023 Exam |
52% |
| November 2022 Exam |
44% |
| August 2022 Exam |
40% |
| February 2022 Exam |
44% |
| November 2021 Exam |
46% |
| August 2021 Exam |
29% |
| May 2021 Exam |
40% |
| February 2021 Exam |
46% |
Also Read: What to Expect of CFA Level 2
CFA Pass Rate Level III
The highest Level III pass rate for the CFA exam has been 49% in the past few years. The average pass rate in the last nine years has been 50% for Level III exam. Check the table below to know the CFA Level III Pass Rate (year-wise).
| Session |
Pass Rate |
|---|---|
| February 2024 Exam |
49% |
| August 2023 Exam |
47% |
| February 2023 Exam |
48% |
| August 2022 Exam |
48% |
| May 2022 Exam |
49% |
| November 2021 Exam |
43% |
| August 2021 Exam |
42% |
| May 2021 Exam |
42% |
| February 2021 Exam |
57% |
Also Read:
How Hard is CFA Exam: Reason Behind Low Pass Rate in CFA
The Chartered Financial Analyst exam is rigorous and challenging which requires a high level of preparation and understanding of complex financial concepts. The reasons behind the low pass rates in the CFA exam can be the following:
- Difficulty level of the exam: The CFA exam is known to be the most difficult financial certification exam in the world and requires a significant amount of time, effort and dedication to excel. CFA covers a wide range of financial and investment topics including accounting, economics, finance, portfolio management, etc.
- Time Commitment: Candidates appearing for the CFA exam must know that there are three levels of the CFA exam, i.e. Level I, II and III. Each level of the CFA exam requires a substantial amount of preparation time and candidates must devote at least 300 hours of study for each level to master the exam concepts and crack the exam.
- Comprehensive Syllabus: The CFA syllabus is extensive and covers a wide range of topics as mentioned above. There are both theoretical and practical applications in the CFA curriculum. To ace the CFA exam, the candidates need to be well-versed in all the areas of the curriculum.
- Limited Number of Attempts: CFA has limited attempts for the aspirants. Candidates can retake the exam only once a year. Hence, candidates need to put in a lot of effort and dedication to crack the exam in the first or the second attempt.
Overall the low CFA pass rate can be attributed to the difficulty level of the exam, vast curriculum, time commitment for preparation and limited number of attempts. Candidates who are planning to appear for the CFA exam must devise a strategic preparation plan and devote at least 300 hours of study. They can also sign up for CFA preparation classes and develop a consistent study routine. Building confidence by taking at least one mock test every day in the actual Prometric computer-based environment can be very helpful for the candidates.
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Student Forum
Anything you would want to ask experts?Answered 2 months ago
Here are some practical tips to help you perform your best on the CFA exam.
- Financial Statement Analysis: Questions on this topic are based on International Financial Reporting Standards (IFRS) unless otherwise noted. If a question references U.S. GAAP, this will be explicitly stated.
- No penalty for g
A
Contributor-Level 10
Answered 2 months ago
Follow the steps mentioned below to learn how to fill out the CFA application form
- Visit the official website of the CFA institute
- Click on the application link or copy https://login.cfainstitute.org/LoginApplication.
- Create a login account with the candidate’s email ID.
- The candidate will be asked to e
A
Contributor-Level 10
Answered 2 months ago
CFA Charter Holders have the distinct advantage of applying their skills in several professional roles. They can work in areas like wealth management, hedge funds, fixed income, insurance and equity research.
A
Contributor-Level 10
Can you share some tips to prepare for CFA exam?