It is highly unlikely to pass the CFA Level 1 exam with 60%. While the CFA Institute does not disclose the exact Minimum Passing Score (MPS), it is generally estimated to be between 65% and 70%, with some recent estimates suggesting a higher threshold. A score of 60% is typically below the passing benchmark.
The CFA Level 1 passing score is not fixed every year, but it usually stays between 65% and 70%. CFA Institute does not publish an official cut-off, but this range is considered the minimum benchmark to pass.
CFA Level 1 Passing Score
The CFA Institute Board of Governors sets the MPS for each level, and that changes with each cycle of new candidates. Some years test takers will receive a 65% overall score and fail, while in other years candidates have received a 62% score and passed.
Many successful CFA charterholders failed Level 1 once or more before eventually passing. You're in good company. Give yourself a day or two to sit with the disappointment, then get ready to rise.
If you are currently a candidate in the CFA Program:
Include your participation in the CFA Program in the education section of your resume. (For example: “CFA® Program participant, CFA Institute.”) You may also list the levels completed. (For example: “Completed Level I in 2020.”)
CFA Level 1 is widely considered a very difficult exam due to its broad curriculum, demanding study commitment (often 300+ hours), challenging technical content, and typical ~40% pass rates, requiring strong discipline to learn and recall foundational finance concepts, though it's often seen as the most manageable of the three levels because it focuses on learning and describing rather than deep analysis. Success hinges on consistent study, mastering core topics like Ethics, FSA, and Investments, and effective exam technique, making it a significant hurdle for many.
Is CFA tougher than CA? A: The CFA and CA (Chartered Accountant) qualifications have different focuses and challenges. While both are demanding, many find CA to be more rigorous due to its extensive practical training and exams.
The Institute considers a score of 70% or higher sufficient mastery of the topic, and a. candidate who scores above the 70% line on most topics can expect to pass the exam. Scores between 50% and 70% represent areas for light improvement, and below 50% areas for major improvement.
In-Depth Breakdown of the Most Difficult CFA Level 1 Topics & How to Tackle Them
3 months can be enough if you're disciplined and can actually put in 20–30 hrs a week. With a math/stats background you'll likely move faster through Quant and FI, so the key is drilling CFAI QBank, EOCs, and mocks once you cover the readings.
Instead, a deep understanding of the principles is necessary to pass this level successfully. It would be safe to generalize that most CFA charterholders would call Level 2 the hardest of the CFA Exams. However, with patience, dedication, and practice, candidates can conquer the Level 2 Exam.
While CFA Level 1 on its own may not greatly impact job or university applications, it's an excellent foundation for anyone new to finance.
1- People underestimate the commitment needed: the average passing candidate studies about 300 hours. Unlike work or school, there is no one there to ensure you are studying along the way. It's entirely self taught. This leads to many candidates not studying as consistently as they should be.
The 10th and 90th percentiles were removed from the report because we have added scale scores. Scale scores add more precision to your results interpretation. The 10th and 90th percentiles only provide a comparison of your result against other candidates in the same administration.
CFA difficulty level increases at each step. Candidates often find Level 2 the most challenging because you can no longer rely on rote memorization. The vignettes test whether you can interpret data, link concepts and solve problems under pressure.
Not a curve
The Angoff Method purely determines how well someone who has the required knowledge to have passed the CFA® exam level would have scored and then relates the individual candidates to that benchmark.
CFA Level I Pass Rate Stays at 43% for November Test
Candidates who put off taking the test have a smaller likelihood of success. Those who took the Level I exam in November with at least one deferral saw a 29% pass rate, compared with 49% for first-time candidates, the CFA Institute said.
Here are the hardest CFA Level 1 topics to watch out for:
However, let's put things into perspective: the CFA Level 1 exam is not a math test. The CFA Institute has made it clear that calculations will account for no more than 30% of the questions on the exam. To put it in numbers, that's a maximum of 54 out of the 180 questions.
CFA Charterholder vs.
MBAs are in a much broader field of careers than CFA Charterholders but where they do overlap can be in the fields of finance and management. Regardless, according CFA Institute, the average salary for a CFA is $180,000 and the average salary for an MBA is $107,000.
CFA Exams Pass Rates
The CFA exams are perhaps the most challenging exams out there. They are often referred to as “bar none” the toughest exams—even harder than medical school or law school exams—with pass rates that hover around 50% and were much lower during the recent pandemic.