All candidates who sit for a CFA Program exam are provided with "pass" or "did not pass" exam result and a summary of their performance in each topic area.
Candidates who do not pass the exam are provided with additional information regarding their performance relative to all other candidates who did not pass.
After you receive your exam result, you may register for the next exam. If you do not pass an exam, we encourage you to use your detailed exam result report to guide your studies and re-take the exam at a later date. You can take as much time as you need before registering for the next exam.
December 2014 Exam Pass Rate
June 2014 Exam Pass Rates
- Level I: 42%
- Level II: 46%
- Level III: 54%
View historical pass rates (PDF)
Availability of Exam Results
Results for Level I and II candidates are available within 60 days of the exam date and within 90 days for Level III candidates. Exam results are available online for approximately one year after the exam date. After this date, candidates may request an official letter confirming their result, but their topic area performance summary will no longer be available.
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.
Minimum Passing Score
After each exam administration, the CFA Institute Board of Governors sets the minimum passing score (MPS) for each level. The purpose for this approach is to ensure fairness to candidates across administrations as the difficulty of each exam is taken into account when setting the MPS. CFA Institute does not release the MPS or individual candidate scores.