What is the CFA passing score?

There is no published passing score. CFA Institute sets an unpublished Minimum Passing Score (MPS) for each exam administration. Independent candidate-community estimates place it around 65–70% for Level 1, 60–65% for Level 2, and 55–60% for Level 3.

Is the CFA passing score 70%?

No — 70% is a myth carried over from other exams. The MPS varies by administration and is estimated to sit below 70% at every level, though CFA Institute has never confirmed a figure.

What is the MPS for CFA Level 1?

Unofficial estimates based on self-reported candidate score bands put the Level 1 MPS at roughly 65–70% of questions answered correctly. Scoring 75%+ on timed mock exams is a common margin-of-safety target.

Do all topics need to be passed individually?

No. Scoring is based on your total performance against the MPS, not a pass requirement per topic — though weak areas, especially Ethics, can decide borderline results.

When are the 2026 CFA exam windows?

Level 1 is offered in February, May, August, and November 2026; Levels 2 and 3 are offered in February and August 2026. Always confirm registration deadlines with CFA Institute.

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 — and what the evidence says the bar roughly is.

Key Takeaways

There is no fixed passing percentage — CFA Institute sets a Minimum Passing Score (MPS) for each exam administration.
The MPS is set through a standard-setting process, so a harder exam can have a lower MPS.
Independent estimates put the MPS around 65–70% for Level 1 and lower for Levels 2 and 3 — but these are unofficial.
You receive pass/fail plus by-topic performance bands — not a numeric score.
Candidates who clear the MPS comfortably typically log 300+ study hours and sit at least two full timed mocks.

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.

Estimated MPS by level

CFA Institute has never confirmed an MPS, but candidate communities and prep providers have reverse-engineered estimates from thousands of self-reported score bands. Treat these as directional, not official:

Level	Estimated MPS (unofficial)	What that means in practice
Level 1	~65–70%	Aim for 75%+ on timed mocks to build margin
Level 2	~60–65%	Item sets punish shallow knowledge; depth beats coverage
Level 3	~55–60%	Essay grading adds variance; practice written responses

Two things follow from the estimates. First, you do not need a perfect exam — roughly two wrong answers in ten is survivable at every level. Second, because the MPS moves with exam difficulty, chasing a fixed number on practice exams matters less than consistently scoring above your target band on full timed mock exams in the final month.

How the MPS is set

CFA Institute uses a standard-setting methodology (a modified-Angoff process) in which a panel of charterholders judges the difficulty of questions to define the level of knowledge a just-competent candidate should demonstrate. 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 — see how CFA Ethics scoring works.

2026 exam windows

Level	2026 windows
Level 1	February · May · August · November
Level 2	February · August
Level 3	February · August

Registration typically closes months before each window — confirm exact dates on the CFA Institute site.

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, find your weak topics with diagnostic practice questions, then pressure-test your readiness with a full CFA mock exam.

Educational overview only. MPS estimates are unofficial community figures; scoring methodology can change — confirm details with official CFA Institute materials. Not affiliated with CFA Institute.