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What are the passing scores for CFA exams?

Quick answer: CFA Institute does not publicly release the exact passing score for any CFA exam level. Instead, each exam window has a Minimum Passing Score (MPS) based on difficulty. Your score is evaluated using this MPS.

What is the Minimum Passing Score (MPS)?

The Minimum Passing Score is the score you must meet or exceed to pass a specific exam window. It changes from one window to another depending on the difficulty of the exam questions.

Important points about MPS:

The MPS is not fixed (it is not always 70%, 60%, etc.)
It is determined using psychometric analysis (exam difficulty measurement)
It is approved and validated by CFA charterholders serving as the standard-setting board
The MPS is always set before candidate results are reviewed

This policy ensures fairness regardless of whether your exam window is slightly harder or easier than others.

Is the passing score 70%?

No. 70% is not officially the passing score. Many candidates and trainers treat 70% as a benchmark for preparation, because it gives a reasonable margin above most historical passing thresholds. However, CFA Institute has never confirmed a fixed number.

Think of 70% as a target for exam preparation, not an official rule.

Do CFA exams use negative marking or scoring penalties?

No. There is no negative marking in the CFA exam. You should attempt all questions, even if you are unsure. Leaving a question blank does not help you.

Why do pass rates change every year?

Pass rates vary because:

Every exam window has different difficulty
The MPS changes accordingly
Candidates differ in preparation quality from one window to another
CFA Institute does not set a fixed percentage of people who must pass

Pass rates increase when candidates perform better and decrease when overall performance is weaker. This is not based on geography or nationality.

Do candidates from Pakistan or India get different scoring treatment?

No. All CFA candidates around the world are scored using the same global MPS standards. There is no country-based curve, quota, or limit for passing.

The rumor that “fewer Pakistanis/Indians pass” is incorrect. Candidates from all countries are evaluated equally based on the same exam score threshold.

If you are preparing in Pakistan or India and want guidance on ID requirements, read: Can I use a local ID (CNIC/Aadhaar) for the CFA exam?

How to increase your chances of passing

Since the MPS is unknown, your best strategy is to aim comfortably above it. Practical tips:

Treat 70% as a realistic study target
Use official curriculum end-of-chapter questions and mock exams
Practice time management for both the morning and afternoon sessions
Do not skip Ethics — it can influence your final result (“ethics adjustment”)

Also try not to change your exam window unless necessary. Rescheduling has costs and reduces momentum. For more information, read: Can I reschedule or defer my CFA exam?

Final reminder

This page summarizes the scoring policy in simple language. CFA Institute does not publish the passing score, and official exam policies may change over time.

If any information here conflicts with the CFA Institute website, the official information always takes priority.

Disclaimer: This guide is written to help candidates understand CFA Institute rules in simple language. It is not affiliated with, approved by, or endorsed by CFA Institute. Always rely on the official CFA Institute website for final and updated policies.

CFA Institute, CFA®, and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.