Test Prep Insight is reader-supported. When you buy through links on our site, we may earn an affiliate commission. Learn more. Given the difficulty of credentialing exams like the CFA, it can often be helpful to know the pass rates in order to better prepare yourself. In this detailed guide, we walk you through the CFA scoring system as well as passing scores and historical pass rates so you have a better idea of what to expect before you sit for the exam.
Since the CFA exam grading is done by a mix of both human and machine , there can be some fluctuation in scoring. However, developing a methodology for determining a minimum passing score can greatly mitigate any noticeable effects of human grading variance. Keep in mind no candidate scoring above 70 percent on a CFA Exam has ever failed. Therefore, answering 84 out of correctly is typically enough to pass. Stated another way, you can afford to miss as many as 36 questions and still be well within the historical minimum passing score!
Download a sample item set provided by CFA Institute. We're using cookies, but you can turn them off in Privacy Settings. If you use the site without changing settings, you are agreeing to our use of cookies. The Board of Governors instituted a policy to place particular emphasis on ethics.
The ethics adjustment can have a positive or negative impact on these candidates' final results. CFA Institute has a policy of not releasing either the minimum passing score or individual candidate scores. Consequently, CFA Institute does not release specific information about the ethics adjustment or the candidates who were affected. The adjustment has had a net positive effect on candidate scores and thus pass rates in most exam sessions. The published pass rates always take into account the ethics adjustment for borderline candidates.
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Sign In. Don't have an account? For Levels I and II, you are expected to know the major concepts related to these topics and how they are applied:. For Level III, you must use your knowledge to evaluate specific finance scenarios and make recommendations. No level of the CFA exam is easy. Each level is progressively harder.
In the end, the number of candidates who pass all three levels is a small percentage of those who register for Level I and stick with it. That said, the general consensus of those who have taken all three levels of the CFA exam is that Level III is the most difficult because of the constructed response questions, which are in the format of essay questions.
For those who have gotten used to the multiple-choice format, writing answers can be difficult.
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