CFA Pass Rate: Know the Recent Scores, Difficulty Level of CFA Exam, Grading for All Levels

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.

Registration - 6 Feb '25

Saumya Jain

Assistant Manager- Content

Updated on Jan 16, 2025 22:14 IST

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: 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 results for the November 2024 Level 1 exam were released on January 14, 2025, and Level 2 results was released on January 16, 2025. Read the article below to know more about the CFA pass rate, difficulty level of the CFA exam, grading, etc.

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Latest Updates: CFA Level 2 Results 2024 released for November exam, check live updates.

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.

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.

Q: How tough is the CFA exam? What are important preparation tips for the CFA exam?

If one has finance or accounting background with few years of experience, passing CFA is not that difficult. CFA is not accounting or finance programme but the curriculum covers this area as a foundation for investment analysis. Valuation of different asset classes requires some knowledge of accounting and finance. If one has non-accounting and non-finance background, the challenge will be bigger as one will require to first understand reading and analysing financial statements and basic knowledge of accounting standards. The vast curriculum is quite a challenge that requires early preparation of about 400 to 500 hours per level. I would rate level 2 as more difficult than level 3. Commitment and hard work will ensure that CFA programme is completed as returns and recognition after passing all the 3 levels of CFA are quite good. It is worth to invest 3 years of life into this world famous investment programme. According to the CFA institute, the following is what a CFA candidate can expect: An average of four years to complete the program, six months of preparation for each exam and 250 hours minimum of study time=10 to hours per week (although candidates report studying 322 hours on average) making a sincere and internalized commitment to completing the program is a prerequisite for success. The program is so intense and requires so much of one's time and energy that for many, trying to complete the program due to someone's or institution's requirements will not provide the motivation necessary to realize the end goal. Develop a study strategy. In addition to the specific study skills that must be developed to pass the exams, you must develop a specific exam strategy that provides time management, skill assessment and taking multiple previous and sample exams. Time management relates to the time necessary for study, and also for taking the exam. For example, a three-hour exam with 120 possible points means one for each minute and a half. At one hour point, you should be on question 40, any extra time used means less time for other questions, but the exam begins with ethics questions (more reading required) so maybe you shouldn't panic if you are at question 45. This understanding will only come with hundreds of practice questions.

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.

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.

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 CFA Practical Skills Module (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.

Also Read: When is the 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: What is a "passing score" for the CFA exam?

The "passing score" for the CFA (Chartered Financial Analyst) exam is the Minimum Passing Score (MPS), which is set by the CFA Institute Board of Governors after each exam. The purpose of this approach is to ensure fairness to candidates across administrations, as the difficulty of each exam is taken into account when setting the MPS. The MPS is not made public, and only the candidates who passed the exam will receive an email with their results.

It's important to note that the CFA Institute does not release individual candidate scores or detailed exam scores and responses to exam questions. The results are only available online for approximately one year after the exam date, and candidates who do not pass the exam will be given a detailed summary of their performance.

Q: What are the important tips to balance work life and exam preparation for CFA?

Education is the way to progress and there is no end to learning. This is particularly evident these days when everybody is attempting to enhance their higher education fulfilment in order to make progress career-wise. The labour market has turned out to be extremely flooded with work supply and it's getting harder to secure an employment with just a certificate, diploma or Bachelor’s degree. This element is particularly valid in the finance field. The following guide provides some valued insight into how to strike the right equilibrium between work and your CFA study schedule. 1. Be Organized If you want to stable study and work splendidly, the primary thing you ought to do is to keep your timetable organized. Attempt and write everything down, keep your documents and class work together in an arranged manner so you can effortlessly locate everything. There are numerous tools that can guide you do that, such as calendar, phone reminders, filing systems and the list goes on. 2. Talk to Your Employer This is quite significant because your employer may not apprehend how much challenging your study is and may not realize how complicated it is for you to maintain equilibrium your work schedule and learning time. This can be even trickier if your manager didn't have to go through the CFA exams in the past. By engaging with your manager/team members and by amplification to everybody your situation, it may help them get thoughtful of your demanding schedule. This could earn you more adaptable options. 3. Establish Some Sort of Support System Involving family members, friends, classmates, team members and mentors in your work-study-life is one very exceptional way to balance your wild schedule. These individuals are there to help you and support you, helping you understand that your diligent work, as well as devotion, is completely worth it. When you have an incredible support system, it allows you to let go of the things that are evaluating you down, thereby averting pent-up stress and frustration work-study-life can bring. 4. Avoid Time Wasters Abstain wasting time and stay away from the things that waste your time. If you usually get a one-hour lunch break, you could devote only a half of that at the cafeteria and get back to your workplace.

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
November 2024 exam	43%
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
November 2024 Exam	39%
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 57% 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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About the Author

Saumya Jain

Assistant Manager- Content

With over 7 years of editorial experience, Saumya has been a writer at Shiksha for over four years. With a bachelor's degree in English literature from Delhi University, she loves to write. A true Delhiite and her l... Read Full Bio

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