It’s easy to get discouraged by the recent unexpected trends in CFA minimum passing scores and pass rates, although there are some early signs of it returning to long term averages.
While there are a few reasons for the recent low CFA pass rates, the implications for CFA candidates are clear: the guidance on CFA mock exam target scores has to change to improve pass chances.
In this article, we will look at the recent CFA passing score and pass rates data, before updating our latest guidance on what is a “good” CFA mock exam target score to aim for by level. Let’s go!
Broadly speaking, there is a noticeable and significant drop in CFA pass rates for all 3 levels in 2021, coinciding with the transition to computer-based exam. That said, there are early signs in 2023-2024 that these are recovering.
In particular, CFA Level 1’s pass rates’ trend show the largest deviation from the 10 year historical range of 36%-49%, with May to November 2021 pass rates ranging from 22-27%, although the latest Feb 2024 results shows a return to the longer term average.
On the other hand, the drop in pass rates for CFA Level 2 and 3 are less significant, although noticeable.
“Going forward, we do expect the pass rate to approach pre-COVID historical levels in time — so long as pandemic conditions subside.
As we have said before, the exams and the process for setting the minimum passing score have not changed.
Unfortunately, the many challenges posed by life during a pandemic have clearly made the process more daunting.”
Peg Jobst, Managing Director, Head of Credentialing, CFA Institute (14 Sep 2021)
Although CFA Institute has implied that the low CFA pass rates are temporary due to the pandemic, we think there are more nuanced reasons for the drop in pass rates, as explained in this separate article.
We estimated that CFA Level 1’s MPS ranged from 56%-74% from 2012-2024, with an 12 year average of 62%. The latest estimated MPS for CFA Level 1 are:
It used to be solid advice for candidates to aim for a 70% and above score in your mocks.
Given the recent year’s trend of CFA Level 1 minimum passing score that is showing signs of returning to the longer term, pre-pandemic average, we have revised our recommended CFA Level 1 target mock exam score to be 68% and above to reflect a cautious yet optimistic view.
CFA Level 2’s minimum passing score’s have been quite stable since 2012, ranging from 63% to 71% from 2012-2024. The trend remained relatively stable until Feb 2022, where the estimated passing score breached 70% for the first time.
With the latest Nov 2023 results, the Level 2 MPS is trending down towards long term average.
Therefore, our previous advice still holds, i.e. a CFA Level 2 mock exam target score of 70% and above is a good score to aim for.
CFA Level 3’s minimum passing score trend is relatively stable, ranging from 56% to 65% since 2012. However, in the last 4 exam cycle, there is a trend of increasing MPS, which is at its highest now at 65%
Therefore, we recommend aiming for 67% and above for a CFA Level 3 mock exam target score for a high certainty of passing.
We know that essay can be the trickier part for most, so do check out our guide on how to ace the essay section in CFA Level 3, and more importantly, how to accurately self-grade the essay section of your mock exams.
Hope the above helps in your CFA exam preparations and practice exam drilling. Leave a comment below if you’ve further questions!
Meanwhile, you may find these related articles of interest:
This is the only CFA exam day checklist you need: what to bring, what to…
It's the time of the year again, the Chartered Financial Analyst (CFA) exams are a…
Speed and accuracy matter for the CFA, FRM and CAIA exams. It is worth investing…
Keeping track of all the important CFA exam information and deadlines is tough as is,…
This is a guide on how to use HP12C calculator. If you're using Texas Instruments…
Whether you’re preparing for professional exams, or are a college student studying for your finals,…