CFA Pass Percentage 2024: Scores for Level 1, 2, 3

Rajalakshmi BK
Rajalakshmi BK

Updated on - Apr 4, 2024

CFA Pass Percentage 2024 for CFA level 1 will be released by the exam conducting body. However, the passing percentage for CFA 2023 was provided by the chartered financial analyst.

CFA pass percentage 2023 level 1 is 38% and CFA level 3 is 48%. 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.

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.

CFA Level 1 Pass Percentage

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 2023
Session Total Candidates Passed Candidates Failed Candidates Pass percentage
Feb 2024 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

Candidates who want to know about the CFA Pass Percentage 2024 for CFA level 2 can check the detailed analysis of previous year data given in the table below:

CFA Pass Percentage 2023
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 2023
Session Total Candidates Passed Candidates Failed Candidates Pass percentage
Feb 2024 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%

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%

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%

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.

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?

A: The pass percentage for level I CFA exam is 44%. The pass percentage will depend upon various factors and level of the examination. For level II the pass percentage is 59% and for level III the pass percentage is 49%.

Q: What is the average CFA pass percentage?

A: The average CFA pass percentage is 41% for all levels. However earlier the average CFA pass percentage was 43%. After the introduction of Computer-based test it was reduced to 41%.

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

A: According to the exam qualifiers, level II of the CFA exam is considered as toughest part. The pass percentage of the CFA level II is 59%. To clear the CFA level 2 candidates need to practise with patience and dedication.

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

A: Candidates can appear twice a year. A total number of 6 attempts will be allowed to candidates. If aspirants fail in any level of the examination then they need to reappear for the examination.

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

A: A wide range of subjects are covered in CFA level I exam such as, Quantitative Methods, Economics, Corporate Issuers, Financial Statement Analysis, Equity Investments, Fixed Income, Derivatives, ternative Investments, Portfolio Management, Ethical and Professional Standards, Financial Statement Analysis.

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