The CFA Program exam is the name of the exam that is known to be hard. That’s why candidates want to know if they pass the exam as soon as possible. In this post you will be able to find the thing that is related to the possible exam results, when you will get your exam results, how they will be released, the maximum passing score or MPS and so on.
There are a total of two possible results for the CFA exam. The first one passed and the second one did not pass or fail. For the Level 1 and Level 2 results and Level 3 in case you did not pass, you will be able to be handed a performance report. In the report, you will be able to find the information about how you did on every topic level.
In order to pass the CFA exam, it is a must for the candidates to score at or even better above the minimum passing score or MPS, which is set by the CFA Institute Board of Governors. Keep in mind that it is not determined until every exam is administered. It is really important so that the CFA Institute can ensure fair scoring in consideration of exam difficulty and candidate performance.
How are the CFA exam results released?
All the candidates will receive an email consisting of their CFA results. To know if the email has landed in the inbox, they will be notified. Not only that, it is also possible for them to view their results on their CFA Institute account when they are available. Below is the time to expect to get the CFA exam results:
- Level 1: The exam results will be sent within 60 days of the exam or 8-10 weeks after the exam window closes.
- Level 2: The exam results will be sent within 60 days of the exam or 8-10 weeks after the exam window closes.
- Level 3: The exam results will be sent within 90 days of the exam or 10 weeks after the exam window closes.
Apparently, the individual CFA exam results are only released to the candidate. It means there is no way for them to be released to the third party. However, it is possible for the CFA Institute to provide local chapters with lists of passing candidates.
To make the candidates get a sense of their performance relative to the other candidates, CFA Institute publishes aggregate percentile scores. Rather than signal potential performance, the CFA exams are made to demonstrate competency. In order to imply the great performance, the candidates or charterholders are not recommended to use comparisons between personal and aggregate scores.
About Minimum Passing Score or MPS
The minimum passing score for CFA exam, which is also more known as MPS in short, changes based on the performance of the candidate for every exam. Take note that the MPS is not released by the CFA Institute prior to an exam. Aside from that, they also do not release the established MPS after the exam.
Instead of focusing on the minimum passing score or MPS, the candidates should focus on getting at least 300 hours of study time per exam section. Remember that study hours and pass rates are related so the candidates are suggested to try their best to increase their chances of passing by making sure they fit in at least 300 hours to study.
CFA Level 1 Results
The exam results of the CFA Level 1 are released within 60 days of the exam date and are usually within 8-10 weeks after the exam window has closed. Depending on when taking the exam, it is also possible to get the exam results sooner. Usually, those who took the exam in December had a higher pass rate and could get the score back sooner. As per August 2021, the pass rate of the CFA Level 1 exam is 26%.
What is the minimum passing score or MPS for CFA exam Level 1? Actually, CFA Institute does not release a minimum passing score or MPS. However, the candidates should aim to score higher than 70%.
CFA Level 2 Results
Just like the CFA Level 1 results, CFA Level 2 results are also released within 60 days of the exam date and are usually within 8-10 weeks after the exam window has closed. The scores of the exam are usually released at different intervals throughout the year. Besides, it usually takes longer to get scores back for Level 2 and Level 3. As per August 2021, the pass rate of CFA Level 3 exam is 29%.
What is the minimum passing score or MPS for CFA exam Level 2? Once again, it should be noted that every candidate aims to score higher than 70%, even though no MPS is provided by the CFA Institute.
CFA Level 3 Results
CFA Level results are usually released within 90 days of the exam date. They are usually released within 10 weeks after the exam window has closed. In general, these results take longer to score compared to the other exam levels because they have different question types. As of August 2021, the CFA Level 3 exam pass rate is 39%.
What is the minimum passing score or MPS for the CFA exam Level 3? The CFA Institute is not the one that releases the Level 3 MPS. However, some people think that it may be slightly lower compared to the other 2 exams. It is still better to aim for more than 70% of your practice exams.
What should be done if the candidates fail the CFA exam?
In case the candidates fail the CFA exam, they are suggested to start planning their next attempt. Do not give up and keep trying. Do not forget that failure is temporary. In fact, there are a lot of successful CFA charterholders who do not get it right on the first attempt but they keep trying until they succeed.