A score of 67% on the CFA exam is often on the borderline of the Minimum Passing Score (MPS), making it a potentially passing score, but not a guaranteed one. While historical MPS data suggests 67% is frequently sufficient, recent trends have seen the MPS for some levels fluctuate, with a safer target being 70% or higher to ensure passing.
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 Exam Results Topic Breakdown
There is no minimum passing score for each topic, so instead the topic mark is benchmarked against 70%—a score that demonstrates a “reasonable level of topic mastery.” In other words, hit 70% in a topic, and you've certainly done enough to pass in that area.
The MPS (Minimum Passing Score) is set after each exam administration to determine whether a candidate has passed or failed. The MPS is 1600 for Level I, 2600 for Level II, and 3600 for Level III.
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.
November 2025 CFA Level I Pass Rate: What 43% Really Means
The November 2025 CFA Level I pass rate came in at 43%. That number tells a few important stories. First, it is below 50 percent. That means most candidates did not pass.
Yes, the answer to Is CFA easy for CA students is that many CA students find CFA easier. It is due to the rigidity of the CA exams, as it is considered the toughest of all the accounting and finance exams to crack.
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.
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 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.
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.
Compared to the chartered financial analyst (CFA), a master of business administration (MBA) provides a broader study of business principles. An MBA teaches students valuable analytical and leadership skills that prepare them for opportunities across a number of sectors and careers in finance.
In spite of all odds, average students pass CFA exams regularly by: Employing study schedules with an emphasis on key subjects. Focusing on ethics and key notions, which have high exam weighting. Utilising quality preparation materials and practice exams.
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.
But the truth is, the CFA hasn't lost its shine – it's just changing with the times. The CFA 2026 still matters, but not in the old “pass the exam, get the job” way. It matters because it teaches real understanding – how money works, how markets move, and how decisions shape businesses.
The Level II CFA exam is widely considered to be one of the most difficult professional exams. Of the three CFA exams–Level II often claims the title of the most difficult level.
If I Fail the CFA Exam Do I Have to Pay Again? Yes, if you fail the CFA exam, you will need to pay the exam fee again when registering for a retake. The CFA Institute does not offer free re-attempts or fee waivers due to exam failure.
But obtaining a CFA is no easy feat. CFA exams are considered the most challenging out there—even harder than medical school or law school exams—with pass rates under 50%. The certification process demands years (yes, you read that right) of dedication, time, and effort.
CFA® Exam Result Validity and Attempt Policy
Candidates are permitted a maximum of six attempts per exam level. Attending and completing any portion of a scheduled CFA® exam counts as one attempt.