• Level I: 38%

• Level I: 39%
• Level II: 43%
• Level III: 51%

Exam results are reported to candidates as "pass" or "fail" within 90 days (60 days for Level I and Level II) of the exam date.

You must attend both sessions or your exam will not be graded and you will not receive results. If you do not sit for the morning session, you will not be permitted to sit for the afternoon session.

Individual candidate results are only released to the candidate and are never released to a third party; however, lists of passing candidates are provided to societies for membership purposes.

Print a copy of your results as a permanent record. Results will be available for approximately one year after the exam date. Subsequently, an official letter can be provided indicating only a pass or fail result; the analysis grid will not be available.

• View the June exam results timeline (PDF)
• View the December exam results timeline (PDF)

The minimum passing score (MPS) for each level of the exam is determined by the CFA Institute Board of Governors each year after the administration of the exams. Neither the MPS nor individual candidate scores have ever been released. To set the MPS before the administration of the exams would require that an absolute standard be applied without regard to the difficulty of the exams; this could potentially be very unfair to candidates, especially across time.

The score matrix provided on the exam results is an indicator of overall performance and cannot be used to determine approximate scores or pass/fail status. The “≤50%” range is considered poor; “51%–70%” is considered poor to average; “>70%” is considered average to above average.

• Guiding Principles for Setting the CFA Examination Minimum Passing Score (PDF)

• Learn more about the minimum passing score (MPS) and how exams are graded (PDF)

If you are not satisfied with your exam results, you may request that your exam score be manually retabulated. Should you choose to request a retabulation, your request form and payment must be received within 30 days after results are released. The cost is US$100. Learn more and download the form (form is only available for 30 days after results are released; candidate login required).

All exam materials, including answers, are the property of CFA Institute and will not be returned to you in either original or copied form.