Each candidate who sits for a CFA Program exam is provided with a "pass" or "did not pass" exam result as well as detailed information on their performance.
After candidates receive their exam result, 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.
December 2017 exam pass rate
June 2017 exam pass rates
December 2016 exam pass rate
- Level I: 43%
- Level II: 47%
- 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.
Note: Exam results are available online for approximately one year after the exam date. After this date, candidates may request an official letter confirming their "pass" or "did not pass" exam 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.
Detailed exam scores and responses to exam questions are measurement information and part of a candidate's exam record, both owned solely by CFA Institute. This information is not given to candidates.
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.