CFA® Exam Results and Pass Rates
Results for CFA exams taken on the following dates are now available:
- December 2019
You will receive a result of “pass” or “fail” along with information on your topic area performance. Candidates can use the CFA Institute exam performance guide to help them interpret their precentile rank. CFA Institute will notify you when your official exam results are available. After candidates receive their CFA exam results, they may register for the next exam. We encourage candidates who do not pass to use the exam result information to guide their studies and to re-take the exam at a later date. Candidates can take as much time as they need before registering for the next exam.
If you are not satisfied with your exam result, you may request that your exam score be manually retabulated (this option is only available for paper-based exams).
CFA Exam Pass Rates
Below are the CFA Program Level I–III exam pass rates for each of the most recent exams administered. Please see the CFA exam historical pass rates (PDF) for the pass and did not pass percentages each year since 1963.
CFA Level I Exam Pass Rate
- June 2019 CFA Level I exam pass rate: 41%
- December 2019 CFA Level I exam pass rate: 42%
CFA Level II Exam Pass Rate
- June 2019 CFA Level II exam pass rate: 44%
CFA Level III Exam Pass Rate
- June 2019 Level III exam pass rate: 56%
CFA Exam Results Date
The results for the CFA Level I and II exams are available within 60 days of the exam date and within 90 days for the CFA Level III exam.* View the full June CFA exam timeline (PDF) or December CFA exam timeline (PDF) for more information.
Individual candidate results are released only to the candidate and are never released to a third party; however, lists of passing candidates are provided to societies for membership purposes.
Detailed exam scores and responses to exam questions are measurement information and part of a candidate's test record, both of which are owned solely by CFA Institute. This information is not given to candidates.
CFA Exam 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 test is taken into account when setting the MPS. CFA Institute does not release the MPS or individual candidate scores.
*Exam results are available online for approximately one year after the test date. After this date, candidates may request an official letter to confirm a "pass" or "did not pass" exam result, but their topic area performance summary will no longer be available.