CFA Exam Scores

For the CFA exams, the level of detail provided in your results varies depending on the exam level:Level I Exam: For Level I, you will receive a pass or fail result. There is no detailed breakdown of your performance in specific sections or topic areas. You will only receive a performance band (10th percentile) if you pass, which provides some context about your performance relative to other passing candidates.Level II and III Exams: For Level II and III, you will receive a more detailed breakdown of your performance. You will see how you performed in each specific topic area or study session. This breakdown allows you to assess your strengths and weaknesses in different areas of the curriculum. You will also receive a performance band (10th percentile) if you pass these levels, indicating your relative performance compared to other passing candidates.The detailed performance breakdown provided for Level II and III exams is valuable for candidates, as it helps them identify areas where they may need to focus more attention in their studies for future exam levels or retakes.

The waiting time for CFA exam results is as follows:Level I Exam: Results for the Level I CFA exam are typically released about 60 days after the exam date. This means you can expect to receive your Level I results approximately two months after taking the exam.Level II and III Exams: Results for the Level II and III CFA exams usually take a bit longer to be released. They are typically available approximately 90 days after the exam date. So, for Levels II and III, you can expect to receive your results about three months after taking the exam.While waiting for your results, you can use this time to relax, prepare for the next level (if applicable), or plan your next steps in your CFA journey.

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.

The pass rates for CFA exams can vary from year to year and level to level. The CFA Institute typically releases pass rates for each exam level after the results are announced. Level I: Pass rates for Level I exams have historically been around 40% to 45%. This means that, on average, 40-45% of candidates pass the Level I exam.Level II: Pass rates for Level II exams have historically been lower than Level I, averaging around 40% to 45% as well.Level III: Pass rates for Level III exams have tended to be slightly higher, with historical pass rates ranging from 50% to 60%.It's important to note that these pass rates are approximate and can vary from year to year. The CFA Institute does not target a specific pass rate but aims to maintain a rigorous and standardized examination process to ensure that candidates who pass the exams have demonstrated a high level of competence in the subject matter.

The information included in the CFA exam scorecard for all levels (Level I, Level II, or Level III) include:For Level I CFA Exam Results:Pass or Fail Status Performance Band (10th Percentile): Level I candidates who pass will receive a performance band, which indicates their relative performance compared to other candidates who passed the same exam. It is represented as a numeric score, such as "Performance Band 10th."For Level II and III CFA Exam Results:Pass or Fail StatusFor Level II and III, you'll receive a detailed breakdown of your performance in each specific topic area or study session. You'll receive a summary of your performance, which may include your score in each topic area, as well as the minimum passing score (MPS) for each topic.Performance Band (10th Percentile)Additional Information: The result notification may include additional information, such as instructions for registering for the next exam level or guidance on the next steps in your CFA journey.It's important to carefully review your exam results to gain insight into your performance and identify areas where you may need to focus more attention in your future studies. Additionally, understanding the performance band can help you gauge how your performance compares to other candidates who passed the same exam.

If you fail a level of the CFA exam, you have the opportunity to retake that specific level in future exam windows. You need to register again to take the same exam in the subsequent exam window. The CFA Level I exam is offered twice a year (in February and August). You will ne required to pay the registration fee again for the level you are retaking.It's advisable to use the time between your failed attempt and your retake to further prepare and strengthen your understanding of the exam material. Many candidates who initially fail use this period to study more intensively, seek additional resources, and address their weaknesses.There is no limit to the number of times you can retake a specific level of the CFA exam. You can keep attempting the same level until you pass. Remember that the CFA exams are known for their difficulty, and it's not uncommon for candidates to fail at least one level before ultimately passing. Many successful CFA charterholders faced initial setbacks but persevered through the process. With dedication, effective study strategies, and a commitment to improving your knowledge in areas of weakness, you can increase your chances of success in retaking and passing the exam level you previously failed.