These results reflect the rigor of the exams, but pass rates can vary significantly by level and exam window. While the CFA passing score differs by level, CFA Institute recommends approximately 300 hours of study per level, though individual needs vary. Use historical pass rates for context, not as a prediction of your exam outcome.
CFA Exam Pass Rates: 2026 Results and Historical Trends
CFA Institute publishes current and historical pass rates dating back to 1963. The current 10-year average CFA Level 1 pass rate is approximately 40%, compared with 45% for Level 2 and 51% for Level 3. Actual pass rates vary by exam window and year.
| Level I | Level II | Level III | Total | |
|---|---|---|---|---|
| Candidates | 1,044,253 | 459,666 | 278,571 | 1,782,760 |
| Pass Rate | 40% | 45% | 51% | 43% |
CFA Level 1 Pass Rates
The latest available 2026 CFA Level 1 results show a 43% pass rate for August 2026.
| Testing Period | Candidates | Pass Rate |
|---|---|---|
| 2026 YTD | 83,717 | 42.3% |
| February | 24,006 | 45.0% |
| May | 31,566 | 39.0% |
| August | 28,145 | 43.0% |
| 2025 Total | 97,019 | 44.0% |
| February | 19,848 | 45.0% |
| May | 24,227 | 45.0% |
| August | 26,192 | 43.0% |
| November | 26,752 | 43.0% |
| 2024 Total | 89,389 | 44.1% |
| February | 16,932 | 43.8% |
| May | 21,116 | 45.8% |
| August | 24,937 | 44.3% |
| November | 26,404 | 42.8% |
| 2023 Total | 92,553 | 37.1% |
| February | 16,959 | 38.0% |
| May | 23,352 | 38.7% |
| August | 23,289 | 37.4% |
| November | 28,953 | 34.9% |
CFA Level 2 Pass Rates
The latest available 2026 CFA Level 2 results show a 45% pass rate for August 2026.
| Testing Period | Candidates | Pass Rate |
|---|---|---|
| 2026 YTD | 28,115 | 44.0% |
| May | 18,111 | 43.0% |
| August | 10,004 | 45.0% |
| 2025 Total | 39,901 | 46.6% |
| May | 15,000 | 54.0% |
| August | 9,898 | 44.0% |
| November | 15,003 | 42.0% |
| 2024 Total | 36,772 | 48.6% |
| May | 14,304 | 58.6% |
| August | 8,879 | 46.9% |
| November | 13,589 | 39.2% |
| 2023 Total | 39,554 | 47.2% |
| May | 15,895 | 52.2% |
| August | 9,074 | 44.1% |
| November | 14,585 | 43.7% |
CFA Level 3 Pass Rates
The latest available 2026 CFA Level 3 results show a 50% pass rate for February 2026.
| Testing Period | Candidates | Pass Rate |
|---|---|---|
| 2026 YTD | 11,269 | 50% |
| February | 11,269 | 50% |
| 2025 Total | 25,669 | 49.5% |
| February | 11,131 | 49% |
| August | 14,538 | 50% |
| 2024 Total | 30,566 | 48.5% |
| February | 13,619 | 49.4% |
| August | 16,947 | 47.7% |
| 2023 Total | 30,893 | 47.5% |
| February | 14,858 | 47.8% |
| August | 16,035 | 47.3% |
How to Interpret Your CFA Exam Results and Scaled Score
CFA exam results are reported as Pass or Did Not Pass and include an overall scaled score. You can compare this score with the MPS for your exam level to understand your performance.
Candidates who do not pass receive additional information showing their overall score, confidence interval, and performance by topic area. Candidates who pass Level 3 continue to receive a congratulatory result rather than a detailed score report.
If your scaled score is at or above the MPS, you pass the exam. A score and confidence interval clearly above the MPS indicate stronger performance relative to the required passing standard.
If your scaled score is below the MPS, you do not pass. If your confidence interval is also entirely below the MPS, CFA Institute recommends substantial remediation before retaking the exam.
If your score is below the MPS but the confidence interval overlaps the MPS, you were relatively close to the passing standard. CFA Institute notes that additional focused preparation may help improve your performance on a future attempt.
Your score report may also show performance by topic area, including your score, confidence interval, and the administration average. CFA Institute does not set a separate passing score for each topic. Instead, topic-level results can help identify areas that may need additional preparation.
CFA Institute displays 50% and 70% reference lines, but these are not topic-level passing scores. Consistent performance above 70% can be considered a useful signal of topic mastery.
How the CFA Exam Is Scored
CFA Institute converts each candidate’s raw exam performance into a scaled score. Scaled scores make results easier to interpret and compare across different exam administrations and exam forms.
| CFA Level | Minimum Scaled Score | MPS | Maximum Scaled Score |
|---|---|---|---|
| Level 1 | 1,000 | 1,600 | 1,900 |
| Level 2 | 2,000 | 2,600 | 2,900 |
| Level 3 | 3,000 | 3,600 | 3,900 |
These scaled MPS values have applied under CFA Institute’s new scoring system beginning with the 2025 exam administrations.
What Is a CFA Scaled Score?
A scaled score is a mathematically transformed version of your raw exam score. It allows scores from different exam forms and administrations to be reported on a consistent scale. CFA Level 1 scores range from 1,000 to 1,900, Level 2 from 2,000 to 2,900, and Level 3 from 3,000 to 3,900. To pass, your scaled score must meet or exceed the MPS for your level.
How Does CFA Institute Set the MPS?
CFA Institute uses standard setting to recommend the MPS based on the knowledge and skills candidates are expected to demonstrate, with final approval from the Board of Governors. When appropriate, equating is used to maintain a consistent passing standard across exam administrations and account for differences among exam forms.
Once your exam is submitted, it enters a rigorous grading process focused on quality control. Machines grade multiple-choice and item-set questions, while CFA charterholders from around the world review essays. Multiple checks and procedures are followed to ensure grading is fair and consistent.
Multiple-choice and item-set questions are scored electronically. Constructed-response questions are evaluated by trained graders under CFA Institute’s standardized grading procedures.
For constructed-response questions, CFA Institute applies multiple quality-control checks. Approximately the middle 30% of candidates in the preliminary score distribution may undergo a second full grading by a different grader, with additional review where scores differ.
When Are CFA Exam Results Released?
CFA Institute typically releases:
- Level 1 results: within approximately 5-7 weeks
- Level 2 results: within approximately 5-7 weeks
- Level 3 results: within approximately 6-8 weeks
Candidates must complete their required Practical Skills Module (PSM) before receiving their exam result. CFA Institute’s broader results guidance notes that official results are generally released within 5-9 weeks after the exam window closes.
Frequently Asked Questions (FAQs)
What is the current CFA Level 1 pass rate?
Based on results released so far in 2026, the CFA Level 1 pass rate was 45% in February and 39% in May. Across both exam windows, the year-to-date pass rate is approximately 42%.
What is the current CFA Level 2 pass rate?
The May 2026 CFA Level 2 pass rate was 43%, with 18,111 candidates taking the exam.
What is the current CFA Level 3 pass rate?
The February 2026 CFA Level 3 pass rate was 50%, with 11,269 candidates taking the exam.
When are CFA exam results released?
CFA Level 1 and Level 2 results are typically available within 5 to 7 weeks after the exam window closes, while Level 3 results generally take 6 to 8 weeks. Candidates must also complete the required PSM before receiving their CFA exam results.
What is the CFA Minimum Passing Score (MPS)?
The MPS is the CFA passing score required for each exam level. CFA Institute currently sets the MPS at 1,600 for Level 1, 2,600 for Level 2, and 3,600 for Level 3. Your scaled score must meet or exceed the MPS for your level to pass.
Is 70% the CFA passing score?
No. CFA Institute does not use a universal 70% raw-score requirement as the CFA passing score. You pass by meeting or exceeding the MPS for your exam level. The 70% reference lines in topic-level performance reports are not separate passing scores for individual topics.
What does a CFA scaled score mean?
A CFA scaled score is a standardized version of your raw exam score. It allows results from different exam forms and administrations to be reported on a consistent scale. Level 1 scores range from 1,000 to 1,900, Level 2 from 2,000 to 2,900, and Level 3 from 3,000 to 3,900.
Are all CFA exam questions scored?
Not necessarily. CFA Institute may include unscored questions for statistical and exam-development purposes. These questions are not identified during the exam and do not affect your final score.
How many times can I take each CFA exam level?
You can attempt each CFA exam level a maximum of six times. CFA Institute also limits candidates to no more than two attempts per calendar year, subject to exam-window spacing requirements.
How long are CFA exam results available?
Detailed CFA exam results are generally available in your CFA Institute account for approximately one year after the exam date. After that, you can generate a verification letter confirming your exam status, but detailed topic-level performance may no longer be available.
What does it mean if my confidence interval overlaps the MPS?
If your scaled score is below the MPS but your confidence interval overlaps it, your performance was relatively close to the CFA passing score. However, your actual scaled score determines whether you pass or fail. The confidence interval does not change your final result.
Do I need to pass every CFA topic separately?
No. CFA Institute does not require a separate passing score for every topic area. Your overall exam performance determines whether you meet the MPS. Topic-level results help you identify your stronger and weaker areas.
Why are CFA pass rates relatively low?
CFA pass rates reflect the rigor of the curriculum and the knowledge and application required at each exam level. Preparation quality, study consistency, exam familiarity, and individual circumstances can also affect exam performance.