No, the CFA exam is not graded on a curve. Instead, the CFA Institute uses a criterion-referenced approach to determine a Minimum Passing Score (MPS) for each exam, meaning your score is not affected by how other candidates perform.
Not a curve
If a candidate did not manage to reach that minimum level of competence they should not be progressing to the next level of knowledge.
Think of it as the bell curve, where most outcomes sit close to the average and extreme results are rare. Mastering it helps with probability, risk and portfolio questions. Prepare for success with AnalystPrep.
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.
Listing CFA Level One in the education section of the resume
Write "Chartered Financial Analyst." Include a hyphen and "Passed Level 1" next to it with the year you earned the qualification.
Average Age of CFA Candidates
Although many candidates are in their late twenties or early thirties, the Program has a wide age range. Many begin at 35, 40, or even 50. Some of the most thoughtful, determined candidates are the ones who start later. Experience is not a burden.
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.
The CFA may be down, but it's not out, financial advisors say. A total of 116,727 people sat for all three levels of the CFA exam in the first eight months of 2024, down 2,735 from the same period in 2023, according to the CFA Institute.
Level I of the CFA Program usually has the lowest pass rate which could imply it's the most difficult exam in the program. However, this will not apply to every candidate because each person will have different strengths and weaknesses.
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.
How hard is the CPA Exam? From Q1 2024 - Q3 2025, the overall pass rate was just over 50%, which shows that the exam is difficult, but certainly not impossible.
Each section is scored on a scale of 0–99, with a score of 75 required to pass. However, a 75 doesn't mean answering 75% of questions correctly — each question is weighted based on difficulty. Importantly, the CPA Exam uses positive scoring — you gain points for correct answers, but there's no penalty for guessing.
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.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
Neither the CFA nor the MBA is universally "better"; their value depends on your career goals, with the CFA offering deep investment expertise for roles like portfolio management and the MBA providing broad business skills for leadership and strategy, often through strong networking. The CFA is ideal for specialized finance careers (research, asset management) and is globally recognized for technical depth, while an MBA offers flexibility across industries (consulting, general management) and often higher senior leadership representation, with top school prestige being crucial.
For example, once you have earned your CFA Level I and are preparing for the Level II exam, you should state, "Earned CFA Level I; CFA Level II Candidate (Exam Date: Dec. 2023)." You may not use the CFA letters after your name until you have passed all three exams and have earned official CFA Charterholder status.
Here are the hardest CFA Level 1 topics to watch out for: