CFA Exam Eligibility Policy (2024)

FAQs

Can I pass CFA level 1 with 65%? ›

CFA Level 1 Passing Score

Some years test takers will receive a 65% overall score and fail, while in other years candidates have received a 62% score and passed.

The exam is composed of 90 questions in the first session and 90 questions in the second session. To pass this exam, aim for correctly answering at least 75% of the questions. That means you need to correctly answer at least 180(0.75) = 135 questions total, or about 68 questions in each session.

To pass CFA Level I, you probably need to target 70% in as many topics as possible... In other words, you don't have to get more than 70% in everything to pass. Some say you can get as low as 65%, or even 63%. You don't even need to get more than 51% in everything to pass.

Average pass rates tend to fluctuate. Level 1 pass rates have hovered around 37% Level 2 pass rates have been around 45% Level 3 pass rates have been better around 52%

Passing Scores

Candidates must get a minimum passing score (MPS) of 70% on the multiple-choice questions on the CFA Level I exam, a minimum score of 65% to 70% on the multiple-choice questions on the CFA Level II exam, and a minimum passing score (MPS) of 60% on the multiple-choice questions on the CFA Level III exam.

We estimated that CFA Level 2's MPS ranged from 60%-71% from 2012-2023, with an 10-year average of 65%. The latest estimated MPSs for CFA Level 2 are: Nov 2023 = 68%

If you can be 100% sure of the answers to half of the questions, and correctly guess at a 50% rate for the other half, you've just passed the exam!

How many times can you retake the CFA? Candidates have six maximum attempts to pass each level of the CFA exam, and each level can be attempted only twice per year (at least six months apart).

There also may be financial benefits. You may see your salary increase after you've become a CFA or you may surpass other applicants who don't have this designation when competing for a new job.

Very few candidates pass all three CFA exams on their first attempt. CFA Institute estimates it takes the average successful candidate four years to complete the CFA Program. So failing one level, if not two, makes you an average candidate.

Why are CFA Level 1 pass rates so low? ›

The CFA exam pass rate is low because it is a challenging exam with three levels. The percentage of people who pass all the levels is small, especially when you consider that the passing rate for Level 1 is less than half. Let's look at the data, and discuss what you can do to increase your chances of passing.

#1. CFA exams are not easy, and Level 1 is just the start. Commonly cited as one of the world's hardest exams, CFA Level 1's difficulty is comparable to a diploma level and gets harder from then on. But I didn't know that it's never-seen-before-and-by-the-way-you-could-definitely-fail tough.

Many CFA charterholders consider the Level 3 CFA Exam the most difficult because of the time and thought needed to answer the constructed responses successfully. While the typical Level 3 CFA Exam pass rates are the highest of the CFA Exams, only around 56% of CFA candidates pass the exam.

You don't have to be smart to pass a CFA exam. Because ultimately, each of the three exams is not a test of intelligence. Of course you'll need a sufficient understanding of a variety of asset classes, including: 🏦Fixed Income 🚀Equity 💰Alternative Investments But high IQ doesn't translate to a high mark.

The CFA Program isn't easy. Every exam requires 300 hours of study, which is tough when you also have a job and a family. In 2014, the CFA Institute tells us that the average CFA I candidate was aged 26.5, that the average CFA II was aged 28.2 and that the average CFA III candidate was aged 29.7.

A research analyst who has passed CFA Levels I and II may request an exemption from Series 86. Charterholders receive a waiver from the Uniform Investment Adviser Examination (series 65) from all the states requiring a licensing exam for investment advisers and investment adviser representatives.

Level 1 ranges from 22%-49%, with a 10-year average of 39%; Level 2 ranges from 29%-55%, with a 10-year average of 45%;