CFA® Exam Results and Pass Rates
Results for CFA exams taken on the following dates are now available:
- August 2022
- November 2022
- February 2023
- May 2023
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.
Watch our video series, Inside the CFA® Program, for candid, accessible answers to common questions we hear from our candidates, from how we set the bar, to what goes into the grading process and more.
CFA Level I Exam Pass Rate
- November 2022 CFA Level I exam pass rate: 36%
- February 2023 CFA Level I exam pass rate: 38%
- May 2023 CFA Level I exam pass rate: 39%
CFA Level II Exam Pass Rate
- November 2022 CFA Level II exam pass rate: 44%
- May 2023 CFA Level II exam pass rate: 52%
CFA Level III Exam Pass Rate
- February 2023 CFA Level III exam pass rate: 48%
CFA Exam Results Timeline
Exam results will be available approximately 5 - 8 weeks after the close of an exam window, depending on exam level.*
After all testing is completed and the exam window closes, CFA Institute begins conducting a thorough analysis of exam questions/candidate performance to identify the minimum passing score (MPS) that represents basic competence in the subject matter. For Level III grading, hundreds of CFA charterholders will participate in an essay grading event. The Board of Governors will then convene to approve the MPS. Rigorous quality control processes and data quality review steps are completed to ensure results are presented accurately to all tested candidates. Candidates will receive periodic messages to keep them updated on the progress of exam results, and additional information will be published to this page as it becomes available.
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 for approximately one year after the test date. After this date, candidates may prove their status with CFA Program by generating and downloading a verification letter from the Verification Letter section in their Account Profile. The verification letter will confirm a “pass” or “fail” exam result, but the topic area performance summary will not be available.