CFA Exam Results

For Candidates

All candidates who sit for an exam are provided with their 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.

Detailed exam scores and responses to exam questions are part of a candidate’s exam record. This information is owned solely by CFA Institute and is not provided to candidates.

Pass Rates

June 2014 Exam Pass Rates
  • Level I: 42%
  • Level II: 46%
  • Level III: 54%
December 2013 Exam Pass Rate
  • Level I: 43%

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 90 days for Level III candidates. Online results are available 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.