There's no single average CFA pass mark, as the Minimum Passing Score (MPS) is set by the CFA Institute after each exam, generally believed to be between 60-70%, varying by level and exam difficulty, with Level I around 60-70%, Level II slightly higher, and Level III often around 50-60% (pass rates, not MPS). Candidates receive scaled scores, not raw percentages, with the goal being to score above the undisclosed MPS for each level.
CFA Minimum Passing Score
For level I the minimum score is 1000, the MPS 1600 and the maximum score is 1900. The first digit represents the level of the exam i.e. CFA level I so in practice scores range from 0 to 900 with 600 being a pass. A scale score is a mathematically transformed raw score.
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 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.
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.”)
You should aim for advanced proficiency rating in most topics and score 70% or more when taking practice problems. One strategy to improve performance on CFA exams is to take the CFA Institute developed practice packs and mock exams to further your preparation.
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.
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.
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.
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.
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.
CFA Level 1 passing scores 2012-2025 (estimated)
We estimated that CFA Level 1's MPS ranged from 56%-74% from 2012-2025, with an 13 year average of 65%. The latest estimated MPS for CFA Level 1 is estimated to be around 68%.
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.
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.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
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.
Will AI replace CFA professionals in finance jobs? No. While AI optimises efficiency, it does not replace intelligent decision-making, client engagement, or ethics oversight performed by CFAs.
Choose CFA if you want deep investment knowledge, can self-study and are focused on technical roles. Choose MBA if you're pivoting industries, need a network and want to move into leadership. Choose a Master's in Finance if you're early in your career and want an academic depth with strong recruiting access.