CFA Pass Percentage 2025: Check Scores for Level 1, 2, 3

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Ashna Priyadashi
Ashna Priyadashi

Updated on - Feb 11, 2025

CFA Pass Percentage 2025 for all the sessions and levels will be released once the result of the particular session is out. Students must note that the CFA February 2025 level 1 result will probably be released by  April 2025. Likewise the pass rate of all the sessions will be released based on the result releasing schedule.

However, the CFA pass percentage of February session was 44%, for May 2024 session the pass rate was 46%, and for August session the pass rate was 44%. The average pass rate for CFA for the past 10 years is 44%. The Chartered Financial Analyst exam tests a candidate's knowledge regarding investment tools, valuing assets, portfolio management, and wealth planning.

CFA 2025 Pass Percentage

The pass percentage for the CFA 2025 exam for all the sessions will be released once the result is out. The pass percentage is prepared by the conducting authority, ICAI based on the result.

The CFA Passing Percentage in India for CFA level is around 37%. The CFA Institute Board of Governors sets the minimum passing score for each level and varies from year to year. However, the session-wise detailed pass percentage will be shared once released.

Session Pass Rate
February 2025 Level 1 Exam To be Updated
February 2025 Level 3 Exam To be Updated

Passing Score in CFA

Each level of the CFA has its own criteria for determining its passing score. The CFA Institute Board of Governors sets the MPS for each level, and that changes with each cycle of new candidates.

CFA Course Pass Percentage Scores
Particulars Details
CFA Level 1 Pass Percentage Score 70%
CFA Level 2 Pass Percentage Score 65-70%
CFA Level 3 Pass Percentage Score 60%

Also Read: CFA Vs CA - Which is Better?

Weightage of Topics in CFA

Candidates preparing for the CFA exam can check out the weightage of each topic at different levels of the examination. This will help students to understand which topics require more attention and help them score well.

CFA Level 1 Topic Weightage

The weightage of topics in the CFA Level 1 examination has been listed below:

CFA Level 1 Topic Weightage
Topics Topics Weightage
Ethics 15% to 20%
Quantitative Methods 8% to 12%
Economics 8% to 12%
Financial Reporting and Analysis 13% to 17%
Corporate Finance 8% to 12%
Equity Investments 10% to 12%
Fixed Income Investments 10% to 12%
Derivative Investments 5% to 8%
Alternative Investments 5% to 8%
Portfolio Management 5% to 8%

CFA Level 2 Topic Weightage

The weightage of topics in the CFA Level 2 examination has been listed below:

CFA Level 2 Topic Weightage
Topics Topics Weightage
Ethics 10% to 15%
Quantitative Methods 5% to 10%
Economics 5% to 10%
Financial Reporting and Analysis 10% to 15%
Corporate Finance 5% to 10%
Equity Investments 10% to 15%
Fixed Income Investments 10% to 15%
Derivative Investments 5% to 10%
Alternative Investments 5% to 10%
Portfolio Management 10% to 15%

CFA Level 3 Topic Weightage

The weightage of topics in the CFA Level 3 examination has been listed below:

CFA Level 3 Topic Weightage
Topics Topics Weightage
Economics 5% to 10%
Alternative Investments 5% to 10%
Derivative Investments 5% to 10%
Equity Investments 10% to 15%
Ethical and Professional Standards 10% to 15%
Fixed Income Investments 15% to 20%
Portfolio Management and Wealth Planning 35% to 40%

CFA Previous Year Pass Percentage List

Applicants must check the CFA exam previous year's pass percentage details of different sessions mentioned in the section below for all the Levels for reference. It will help the students in analysing the exam level.

CFA 2024 Session Wise Pass Percentage

The session wise pass percentage details of the CFA 2024 examination has been mentioned in the table below for students reference. The pass percentage of the CFA exam has been mentioned for February, May, and August session. The November session rate will be released soon.

Session Pass Rate
November 2024 (Level 1) 43%
August 2024 44%
May 2024 46%
February 2024 44%

CFA Level 1 Pass Percentage 2023

The CFA Pass Percentage 2023 was 38%. Candidates who want to know more regarding the CFA level 1 Pass Percentage can check the detailed analysis given in the table below:

CFA Level 1 Pass Percentage
Session Total Candidates Passed Candidates Failed Candidates Pass percentage
Feb 2023 16,959 6,441 10,518 38%
Aug 2022 19,103 7068 12035 37%
Nov 2022 24,937 8932 16005 36%
May 2022 19,403 7,315 12,088 38%
Feb 2022 18,992 6,801 12,191 36%
Nov 2021 28,170 7,607 20,563 27%
Aug 2021 16,026 4,211 11,815 26%
Jul 2021 28,849 6,468 22,381 22%
May 2021 26,005 6,506 19,499 25%
Feb 2021 28,683 12,510 16,173 44%

CFA Level 2 Pass Percentage 2022-21

Candidates who want to know about the previous years CFA Pass Percentage for level 2 exam can check the detailed analysis of previous year data given in the table below:

CFA Pass Percentage
Session Total Candidates Passed Candidates Failed Candidates Pass percentage
Nov 2022 12,313 % 5,382% 44% 44%
Aug 2022 15,608 6,317 9,291 40%
Feb 2022 11,699 5,132 6,567 44%
Nov 2021 18,047 8,290 9,757 46%
Aug 2021 10,565 3,064 7,501 29%
May 2021 33,066 13,300 19,766 40%

CFA Level 3 Pass Percentage

The CFA Pass Percentage 2023 was 48%. Candidates who want to know more regarding the CFA Pass Percentage for CFA level 1 can check the detailed analysis given in the table below:

CFA Pass Percentage
Session Total Candidates Passed Candidates Failed Candidates Pass percentage
Feb 2023 14,858 7,102 7,756 48%
Aug 2022 10,376 5,032 5,344 48%
May 2022 12,384 6,047 6,337 49%
Nov 2021 16,186 6,989 9,197 43%
Aug 2021 2,769 1,169 1,600 42%
May 2021 21,603 9,088 12,515 42%

How Hard is the CFA Exam?

The CFA exams are considered very difficult. Candidates must practice model question papers to get oriented with the different levels of the exam and the type of questions asked in each level. The Chartered Financial Analyst exams test common components of investment analysis, portfolio management, and wealth planning.

The exam questions transition from primarily testing knowledge at Level 1, to the testing application at Level 2, and evaluation at Level 3. Candidates must practice prep materials in order to create a structured study plan.

Must Read: CFA vs MBA: Which Is Better?

Which CFA Exam is the Hardest?

The Level 3 CFA Exam is considered the most difficult exam. A major reason is the amount of time a candidate needs to give in order to answer the question in a structured manner. Another reason is the answers given by candidates in the essay type Around 56% of CFA candidates pass the level 3 exam.

FAQs on CFA Qualifying Marks

Q: What is the pass percentage for level 1 CFA exam?

Q: What is the average CFA pass percentage?

Q: Which level of the CFA exam is known as the toughest?

Q: How many attempts are allowed in the CFA exam?

Q: What are the subjects covered in CFA level I exam?

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