How the MPS is set
After each window, a panel of CFA charterholders reviews the exam and judges how a just-qualified candidate would do on each question. CFA Institute's Board of Governors uses those recommendations, together with the exam results, to set the minimum passing score. Because each exam is different, the MPS can move from window to window, and CFA Institute keeps it confidential.
It is not a fixed share of candidates. Pass rates move with each window: 43% passed in August 2026 (all windows).
What score should you aim for?
| Your score on full, timed mocks | What it usually means |
|---|---|
| Below 60% | Not ready yet. Go back to the lessons for your weakest heavily weighted topics. |
| 60–70% | The danger zone around most estimates of the MPS. Close gaps topic by topic and test again. |
| 70% or more | A reasonable safety margin, as long as it holds across several mocks and no big topic is weak. |
These bands are a rule of thumb, not an official scale. Mock difficulty varies by provider, and your first sitting of a mock is the only honest one: a repeated mock measures memory.
Reading your result
- Results are typically released 5–7 weeks after your exam date.
- The report says pass or fail. If you did not pass, it shows how close you came to the MPS, and for every candidate it shows topic performance relative to others.
- Use the topic results to plan a retake: start with the lowest topics that carry the most weight.
Passing score FAQ
- What is the passing score for CFA Level 1?
- CFA Institute does not publish it. After each exam window its Board of Governors sets a minimum passing score (MPS), using recommendations from charterholders who judge how a just-qualified candidate would perform on that exam. The MPS can differ from window to window.
- Is 70% a passing score on CFA Level 1?
- No one outside CFA Institute knows the exact cut-off. Candidates' estimates usually fall somewhere around the mid-60s to low-70s percent, but none are confirmed. Scoring 70% or more on full, timed mocks gives you a reasonable margin.
- Is 65% enough to pass CFA Level 1?
- It might be, but it is too close to the usual estimates to count on. Plan to be comfortably above it on mock exams, especially in the heavily weighted topics.
- Is CFA Level 1 graded on a curve?
- Not in the sense of passing a fixed share of candidates. The MPS is set from a judgement of what a qualified candidate should know, so in principle everyone above it passes, and pass rates move from window to window.
- What does the CFA Level 1 score report show?
- Whether you passed, and for a candidate who did not pass, how far they were from the MPS. It also shows your performance in each topic compared with other candidates, as a range rather than an exact percentage.
- Is there negative marking on CFA Level 1?
- No. Wrong answers cost nothing, so answer every question, even if you have to guess.
Based on CFA Institute's published description of how the minimum passing score is set. CFA Institute does not publish the MPS; estimates quoted by candidates are unofficial. Last checked 12 October 2026.