How the CFA Exam Is Scored

Candidates often hunt for "the percentage you need to pass" the CFA exam. There isn't a fixed one. Here is how scoring actually works.

There is no fixed passing percentage

The CFA exam is graded against a Minimum Passing Score (MPS) set by the CFA Institute Board of Governors for each exam. The MPS is not published and is not a flat percentage like 70%. It is established through a formal standard-setting process so that the bar reflects the difficulty of that specific exam.

How the MPS is set

CFA Institute uses a standard-setting methodology (an Angoff-style process) in which a panel judges the difficulty of questions to define the level of knowledge a just-competent candidate should demonstrate [VERIFY methodology details against current CFA Institute documentation]. The practical implication: a harder exam can have a lower MPS, and an easier one a higher MPS.

What your result tells you

  • You receive a pass/fail result, not a numeric score.
  • You see your performance by topic in broad bands (above, near, or below the MPS line), which helps diagnose where you fell short.
  • Because borderline cases are decided by Ethics, weak Ethics performance hurts most exactly when you are closest to passing.

What "passing" really requires

Since you cannot target a magic number, target mastery across the curriculum. Candidates who clear the MPS comfortably tend to share three habits: 300+ study hours, thousands of completed practice questions, and at least two full timed mock exams.

See how scores translate into outcomes in our CFA pass rates by level, then find your weak topics with diagnostic practice questions.

Educational overview only. Scoring methodology can change — confirm details with official CFA Institute materials. Not affiliated with CFA Institute.

How the CFA Exam Is Scored (the MPS) | Sophos Academy