CFA® exam results and pass rates
Access your CFA exam results, and check the latest pass rates and results timeline.
Results for the May 2025 CFA exams will be emailed to Level II candidates on 1 July 2025 after 9:00 am ET. Don’t forget about your PSM!
Results timeline
Within 5-8 weeks after the close of your exam window, you will receive an email from CFA Institute notifying you that your official exam results are available. You will receive a result of "pass" or "fail" along with information on your topic level performance and an overall scale score which allows you to compare how well you performed against the Minimum Passing Score. (Candidates who pass Level III will not receive detailed results.) Use the Understanding Your Exam Results guide to help you interpret your score report.
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
- August 2024 CFA Level I exam pass rate: 44%
- November 2024 CFA Level I exam pass rate: 43%
- February 2025 CFA Level I exam pass rate: 45%
- May 2025 CFA Level I exam pass rate: 45%
CFA Level II exam pass rate
- August 2024 CFA Level II exam pass rate: 47%
- November 2024 Level II exam pass rate: 39%
- May 2025 CFA Level II exam pass rate: 54%
CFA Level III exam pass rate
- August 2024 CFA Level III exam pass rate: 48%
- February 2025 CFA Level III exam pass rate: 49%
Results process
After all testing is completed and the exam window closes, CFA Institute begins conducting a thorough analysis of exam questions and candidate performance. For Level III grading, hundreds of CFA® Charterholders will participate in an essay grading event. 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.
Where theory meets practice
Where Theory Meets Practice overviews the necessary procedures needed to support the fidelity and validity of the CFA Program. This document presents readers with a transparent view of how exam items and forms are constructed and administered. Additionally, insights are provided on grading processes and how score results are reported.
Minimum passing score (MPS)
Minimum passing score, also known as MPS, is the score needed to pass the exam. Whenever there is significant curriculum or population change, the CFA Institute Board of Governors sets the MPS for each level after an exam administration. When there are not significant changes, the MPS is maintained from administration to administration via equating. Equating allows for the transfer of an approved MPS from standard setting and applies it to future administrations. The results allow direct comparison between administrations; treating them as though they came from the same version. The purpose of this approach is to ensure fairness to candidates across administrations as the difficulty of each test is taken into account.
How to access past exam results
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.
Are you new to the CFA Program?
If you're just getting started, explore the CFA exam overview.