The CFA® is a notoriously difficult exam, and when it comes to average pass rates, the historical numbers are not encouraging. for the year, The pass rate for the CFA® exam has hovered around 40 percent, the CFA® Institute reveals that, on average, 1 in 10 students who sit for the exam walk away with passing CFA® exam results. Those who pass need to devote a lot of time and study.
But it is so worth it.
Looking at pass rates and scores required to become CFA® certified can help you do two things: determine how prepared you need to be, and determine what you need to do to get there.
Let’s take a look at both.
CFA® exam pass rate
If you’ve researched CFA® exam pass rates, you’re either in the process of or considering becoming a CFA® charterholder. Each level of this tough exam has a separate grading process that successful candidates must navigate. Those who succeed get a passing score.
The pass rate is the percentage of candidates who received a CFA® passing score for that exam level during a specific exam window.
CFA® Exam I Pass Rate
August 2022 CFA® Level I Exam, as published by the CFA® Institute Board The pass rate is 37%.. Although individual candidate scores vary historically, Only 41% candidates clear this particular exam. CFA® Level I is considered by many to be the most difficult of the three exams.
CFA® Exam II Pass Rate
For CFA® Level II, the most recent CFA® exam The pass rate was between 40% and 42%. This is a few points short of the historic passing Percentage Rate 46%. The vignette-style of questions found in CFA® Level II differs from typical exam questions, making this level particularly challenging.
CFA® Exam III pass rate
For CFA® Level III The maximum current pass rate comes to 48%. For the past 59 years CFA® charterholders have been taking the exam, the pass rate has been Average 56%.
CFA® candidates often ask why the CFA® Level III pass rate is so much higher than levels one and two. This is in part because CFA® candidates who sit for the Level III exam know the importance of a study plan and are committed to doing what it takes to pass.
Although the standardized benchmark for CFA® Level III is higher than other exam levels, the data points are still low because most of the content is in an essay format that test takers find difficult. Also, the 2023 change in how questions are mixed in sessions one and two will likely see a change in exam pass rates.
Low 2021 CFA® pass rate
It is important to note that the December 2020 CFA® exam (Level II) and February 2021 (Level I) pass rates may be lower than average.
Why?
These exams were postponed from their original dates due to the coronavirus. This allows registered candidates to sit for the CFA® during a longer study period during this exam window. The result?
A CFA® Level I pass rate is 44% and a CFA® Level II pass rate is 55%.
This contrasts with the incredibly low pass rate of the subsequent 2021 exam window.
For CFA® Level I, they came in at 25%, 22%, 26%, and 27%.
For CFA® Level II, the pass rate is as low as 29% in August 2021.
While the May and August 2021 pass rates of 42% and 39% may not seem too bad compared to other levels, it was a 17 percent drop!
There are many opinions as to why this number was so low. It may be that CFA® charter candidates have waited too long and studied too little. It could also be that there were fewer no-shows for it Date of ExaminationAffecting passing scores.
CFA® Institute minimum passing score
We know what you’re thinking.
What scores do I need to make sure I pass the CFA® exam? Unfortunately, we don’t have an answer to that question.
The CFA® Institute does many things.
One thing they don’t get rid of Minimum Passing Score (MPS) Unlike most exams that give you a minimum score you need to pass, the CFA® exams change from year to year.
We’ll go into a little more detail about this below (in the scoring section), but for now, we’ll provide CFA® Exam MPS ‘best guesses’ for the various CFA® exams. These numbers are based on previous exam administrations and what information we have from the CFA® Institute.
Let’s look at the MPS average:
CFA® Level I MPS
CFA® Exam I The minimum passing score (MPS) in the last ten years ranged from 56% to 74%.
MPS for CFA® Level I 2022 was projected to be 69%When in 2021, you had to meet one 72% amps Be a Chartered Financial Analyst.
CFA® Level II MPS
The CFA® Exam II minimum passing score (MPS) has changed over the past decade 60% to 71%.
MPS for CFA® Level II 2022 was projected to be 69.5%When in 2021, CFA® candidates had to meet 66.5% For a positive test pass rate.
CFA® Level III MPS
CFA® Exam III Minimum Passing Score (MPS) Between 55% and 60% over a ten-year period.
MPS for CFA® Level III was announced in 2022 about 59%. However, the data for 2021 scores is not as clear due to changes in the exam format.
Since the CFA® Institute does not publish a minimum passing score for the MPS number, it is recommended that all CFA® candidates shoot for scores over 70.
How is the CFA® scored?
With CFA® exam results, you will not receive a numerical score. Instead, you’ll just get a pass or fail. Typically, you will know if you have earned a CFA® passing score 7-10 weeks after taking the exam.
The scoring system consists of multiple-choice sections that are machine-graded, while Level Three’s constructed response section is graded by hand. Because of this, the CFA® Level I and CFA® Level II grading processes move quickly, and examinees typically receive their pass/fail results much faster.
When is the CFA® offered?
In the past, candidates from all over the world took their exams on the same exam day. CFA® exams used to be limited to one to two months a year. From 2023, this has changed with the following payment schedule:
Put the following information in a table
Level I: February, May, August and November (four times a year)
Level II: May, August/September and November (Thrice in a year)
Level III: February and August/September (twice a year)
Why do people fail the CFA®?
People fail the CFA® for two reasons. One you cannot control. A you can.
Number one, it’s a tough test. Two, they don’t study enough. There are some tests that you can ‘wing’ and still have a high chance of passing. Historical CFA® pass rates prove that this is not just the case with the CFA® exam.
While you likely won’t be in charge of tweaking the CFA® exam format any time soon, you will need to determine how much you’ll study and how much you’re willing to invest in the best CFA® exam study materials. This is great news for your CFA® exam results!
Due to the amount of material covered on the exam, the CFA® Institute recommends that candidates begin preparing for each exam level at least six months in advance. They recommend at least 300 study hours per level. using a suggested CFA® Study Program You can get there.
Now that you know how others have done and approximate scores, you should be one of the candidates who pass, enroll in a CFA® exam prep program, and study!
What is the pass rate for CFA®?
Average CFA® pass rates are as follows: First Level: 41%; Second level: 46%; Level three: 55%. Of course, this average changes with each exam sitting.
Do you need 70% to pass CFA®?
Because there is no minimum passing score for the CFA® exam, what you need to pass varies with each exam you sit for. Although it is recommended that you shoot for at least 70%, candidates have passed and failed with this score.
What is the passing score for CFA Level 2?
For Level II of the CFA®, you must score between 65% and 85% to have a good chance of passing. Because a minimum pass score is not published by the CFA® Institute, a standard pass/fail numerical score is not available.
