CFA

The minimum passing score (MPS) for each level of the exam is determined by the CFA Institute Board of Governors each year after the administration of the exams. Neither the MPS nor individual candidate scores have ever been released. To set the MPS before the administration of the exams would require that an absolute standard be applied without regard to the difficulty of the exams; this could potentially be very unfair to candidates, especially across time. The Board's determination is based largely on standard setters' evaluation of exam difficulty, which can vary from one administration to the next.

The published pass rates include only those candidates who actually took the exams. The numbers do not include no-show candidates or those who withdrew.

The CFA designation is recognised globally. In addition, several countries have recognized the quality of the CFA Program and designation by allowing passage of Level I of the exam or achievement of the CFA charter to meet certain licensing or qualification requirements.

If your society is hosting a charter recognition event between 1 September and 31 January, you will be invited to receive your charter at the event. Otherwise, your charter will be mailed to your primary address within 12 weeks of the date that you complete all requirements.

Yes, please see the Guide for Use of CFA Institute Marks for complete information on properly using the CFA designation.

CFA Institute may only verify for an employer the receipt of any recent payments the employer has made on your behalf. All other information is confidential. Candidates must contact CFA Institute directly for further assistance.