CFA Exam Eligibility Policy (2024)

FAQs

Can you pass CFA with 65%? ›

To pass CFA Level I, you probably need to target 70% in as many topics as possible... In other words, you don't have to get more than 70% in everything to pass. Some say you can get as low as 65%, or even 63%. You don't even need to get more than 51% in everything to pass.

The exam is composed of 90 questions in the first session and 90 questions in the second session. To pass this exam, aim for correctly answering at least 75% of the questions. That means you need to correctly answer at least 180(0.75) = 135 questions total, or about 68 questions in each session.

According to 300 Hours, as of the day of writing, 10-year average pass rates are 39% for Level I, 45% for Level II, and 50% for Level III. The percent of people who pass all three levels on their first try may even be in the single digits, though there is no official stat.

For the majority of candidates, we recommend a 6-month study plan. This would break down to about 12 hours per week or two hours per day for 6 days per week. Skipping one day each week would allow you to relax and prepare for the next week's activities.

Passing Scores

Candidates must get a minimum passing score (MPS) of 70% on the multiple-choice questions on the CFA Level I exam, a minimum score of 65% to 70% on the multiple-choice questions on the CFA Level II exam, and a minimum passing score (MPS) of 60% on the multiple-choice questions on the CFA Level III exam.

Absolutely not. Its never late to start studying for the CFA program. Even I started when I was 26. I completed all three levels when I was 27 and a half.

Many CFA charterholders consider the Level 3 CFA Exam the most difficult because of the time and thought needed to answer the constructed responses successfully. While the typical Level 3 CFA Exam pass rates are the highest of the CFA Exams, only around 56% of CFA candidates pass the exam.

Key Takeaways

Passing the CFA Level I exam can help you get an entry-level finance job, such as intern, accountant, or investment analyst. It won't guarantee a job or a raise, but it shows your commitment and knowledge of basic financial concepts.

The CFA Program isn't easy. Every exam requires 300 hours of study, which is tough when you also have a job and a family. In 2014, the CFA Institute tells us that the average CFA I candidate was aged 26.5, that the average CFA II was aged 28.2 and that the average CFA III candidate was aged 29.7.

CFA vs CPA Exam difficulty

Both are challenging and require gaining skills and knowledge in complex topics. However, the CPA Exam generally requires less studying - around 80 to 120 hours per section compared to 300 hours per section of the CFA Exam, and the CPA Exam also has a higher pass rate.

Is there a bell curve for CFA? ›

Rather than following most standardized tests by grading on a curve, the CFA Institute calculates the MPS using a process called the Modified Angoff Method.

CFA Level I Pass Rate Falls Further to 35%

The CFA Institute continues to attribute the Level I pass-rate decline to exam deferrals. Candidates are more likely to benefit from their earlier studies and retain their study material if they stay on schedule for taking their tests, according to the institute.

Yes, it is possible to pass the CFA Level I Exam with self-study. However, most CFA members strongly suggest that you prepare with a CFA expert who can help guide you through the curriculum and keep you motivated along the way.

The CFA course duration can be anywhere from 2 to 5 years. You have to study an intensive syllabus, sit for three competitive exams and pass all of them before you can call yourself a chartered financial analyst.

According to CFA Institute, it takes a typical candidate an average of: 4+ years to complete the CFA program; 300+ hours of studying per Level. 6 months of preparation for each exam (i.e. about 11.5 hours study per week assuming 300 hours)

Firstly, the CFA Institute does not roll out the exact figures, so we can only make a guess. I went through many results on LinkedIn, talked to my friends who cleared it, and here's what I think. The score needed to pass the exam is approximately 70%. I observed that students who scored near 70 in all subjects passed.

A research analyst who has passed CFA Levels I and II may request an exemption from Series 86. Charterholders receive a waiver from the Uniform Investment Adviser Examination (series 65) from all the states requiring a licensing exam for investment advisers and investment adviser representatives.

Level I, II and III pass rates equaled 36%, 44%, and 48%, respectively. Since the CFA began administering the program in 1963, Level I, II, and III pass rates have averaged 41%, 46%, and 56%, respectively, with a total of 2.1 million, 963,594, and 543,322 separate exams taken at those respective levels.

Taking mock CFA exams is crucial for CFA exam preparation. They help simulate the real exam experience and identify strengths and weaknesses. Aim for a score of 75% or higher on Level I mock exams, 70% or higher on Level II, and 65% or higher on Level III.