What is the CFA passing score? The scale score, the MPS and what to aim for
Almost every candidate asks the same question early on: what score do I need? CFA Institute does publish an answer, but not as a percentage of questions. It is a scale score, and this guide explains what that means, what it does not tell you, and how to aim when you cannot count the questions you need to get right.
The Minimum Passing Score is a scale score
Each level has a Minimum Passing Score, known as the MPS. Since the February 2025 exams, CFA Institute has reported every candidate's result as a scale score, which is the raw score (the number of correct answers) mathematically transformed onto a standard scale. To pass, your score must be equal to or greater than the MPS.
| Level | Lowest score | MPS | Highest score |
|---|---|---|---|
| Level I | 1000 | 1600 | 1900 |
| Level II | 2000 | 2600 | 2900 |
| Level III | 3000 | 3600 | 3900 |
The scales for the three levels run on from one another, which is meant to show a continuum in knowledge. A score of 1570 at Level I is a fail but very close to the MPS of 1600, and a score of 1750 is a clear pass. If you do not pass, your next attempt is on the same scale, so you can see whether you have improved.
Why you cannot turn it into a percentage
CFA Institute does not tell you how many questions you answered correctly, and it does not give a raw score. Several versions of each exam are used, and a raw score is meaningful only for the questions on one version. Scale scores adjust for differences in difficulty between versions, so that a candidate on a harder version is not penalised and one on an easier version is not advantaged.
The practical consequence is that the percentage of questions you need to get right depends on the difficulty of your version, and may vary slightly from one version to another. So there is no single "pass at 65%" or "pass at 70%" that applies to every candidate. Any figure like that is an estimate.
Not graded on a curve
The MPS is criterion-referenced: it represents a specific standard of performance, and every candidate who meets that standard passes. Your result is decided against the standard, not by comparing you with other candidates. That is why pass rates change from one window to the next. The Level I rate ranged from 39% to 45% across the windows of 2025 and 2026. See the pass rates page.
The standard is recommended through a process called standard setting and approved by CFA Institute's Board of Governors. CFA Institute uses the modified Angoff method, which it has used since 1996. Between exams the same standard is carried across by a statistical process called equating, and a new standard is set only when the exam changes enough to need one. The move to computer-based exams with fewer items in 2021 was one such case.
How the exam is built, which tells you how to aim
Level I is 180 multiple-choice questions, 90 in each of two sessions of 135 minutes. All questions are equally weighted and there is no penalty for a wrong answer, so you should answer every one. Some questions on every paper are unscored trial items, and you cannot tell which.
Every topic is examined, with a published weight. For 2027 the ranges are:
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 10-15% |
| Quantitative Methods | 11-14% |
| Economics | 6-9% |
| Financial Statement Analysis | 11-14% |
| Corporate Finance | 6-9% |
| Equities | 11-14% |
| Fixed Income | 11-14% |
| Derivatives and Risk Management | 6-9% |
| Alternative Investments | 6-9% |
| Portfolio Construction | 8-12% |
Topics: no minimum, but a clear signal
There is no separate passing score for each topic, and strong performance in one topic can offset weak performance in another. Your score report shows your result in each topic as a percentage of the available points, with lines at 70% and 50%, and the average of that window's candidates. CFA Institute describes consistent scores above 70% across all topics as a reasonable signal of topic mastery, and a topic result entirely below 50% as one needing substantial work. It suggests aiming for 70% or more on practice problems. You cannot add your topic results together to get your overall score, because topics have different numbers of questions.
The Code and Standards are tested at every level. For a candidate who is right on the edge of passing, an ethics adjustment may move the overall score to one side of the MPS or the other.
What to aim for
- Be strong in every topic. Use topic-level scores to find the weak ones, and fix those first. A free diagnostic shows where to start.
- Aim for 70% or more on practice problems, as CFA Institute suggests, and treat your mock scores as a range, not a verdict. See how to read a mock score.
- Give ethics steady attention, since it carries the widest weight range and can decide a borderline result.
- Answer every question. There is no penalty for guessing.
- Plan for the hours, not the score. CFA Institute suggests around 300 hours per level. See how many hours to study.
If you do not pass
Your report shows your scale score against the MPS, with a confidence interval, which is the range your score would probably fall in on a similar exam. If your score is below the MPS but the interval overlaps it, you are close and may need only a little more study. If the interval is entirely below the MPS, CFA Institute recommends substantial remediation before retaking, with focused study on the topics where you did least well. Retabulations are not available, and results cannot be reviewed.
Common questions
What score do you need to pass the CFA?
You need a scale score at or above the Minimum Passing Score: 1600 at Level I, 2600 at Level II and 3600 at Level III. Scale scores run from 1000 to 1900 at Level I, 2000 to 2900 at Level II and 3000 to 3900 at Level III.
What percentage of questions do I need to answer correctly?
CFA Institute does not give a fixed percentage. The number of correct answers needed depends on the difficulty of your exam version, and may vary slightly between versions.
Is the CFA graded on a curve?
No. The passing standard is fixed and criterion-referenced, and every candidate who meets it passes. Your result is not decided by comparing you with other candidates.
Is there a penalty for wrong answers?
No. All questions are equally weighted and a wrong answer costs nothing, so answer every question.
Can I pass if I am weak in one topic?
Possibly, because there is no minimum score for each topic and strong topics can offset weak ones. But CFA Institute treats consistent scores above 70% across topics as a signal of mastery, and a topic entirely below 50% as one needing substantial work.
Does ethics affect whether I pass?
The Code and Standards are tested at every level. For candidates on the edge of passing or failing, the ethics adjustment may move the overall score to one side of the MPS or the other.
Sources
- CFA Institute, The CFA Program: the guide to understanding your exam results, covering scale scores, the Minimum Passing Score, standard setting and the topic report.
Scale ranges, the MPS and topic weights can change when the exam changes. Check the current figures on the CFA Institute website.