CFA result is released 5 to 9 weeks after the exam window closes, and candidates receive a Pass or Did Not Pass verdict along with a scale score and topic-level breakdown. The February 2026 Level I results are scheduled for 19 March 2026, and Level III results arrive on 7 April 2026. Read on to get every number, date, and next step you need right now.
CFA Result Release Dates by Exam Window
CFA Institute emails results directly to candidates. The release window is 5 to 9 weeks after the last exam date. Below is the confirmed schedule for active and upcoming windows.
| Exam Window | Level | Result Release Date |
|---|---|---|
| November 2025 | Level I | 13 January 2026 |
| November 2025 | Level II | 15 January 2026 |
| February 2026 | Level I | 19 March 2026 |
| February 2026 | Level III | 7 April 2026 |
Results are always emailed after 9:00 AM ET on the release date. Log in to your CFA Institute candidate portal to view your full score report the moment it is available.
CFA Exam Pass Rates by Level
Pass rates vary by level and by exam window. Level III candidates consistently pass at higher rates than Level I, though all three levels remain demanding filters. The data below covers every recent exam administration.
CFA Level I Pass Rate
The Level I CFA pass rate has stabilized in the 43 to 45 percent range, slightly above the 10-year historical average of 41 percent. First-time candidates perform meaningfully better than repeat or deferred sitters.
| Exam Window | Overall Pass Rate | First-Time Candidates | Deferred Candidates |
|---|---|---|---|
| February 2025 | 45% | ~52% | ~28% |
| May 2025 | 45% | 52% | 28% |
| August 2025 | 43% | 50% | 29% |
| November 2025 | 43% | 49% | 29% |
CFA Level II Pass Rate
Level II pass rates are higher than Level I, ranging from 42 to 54 percent across recent windows. The May window regularly shows the strongest results because many of those candidates came directly from a successful Level I sitting.
- May 2025 Level II pass rate: 54%
- August 2025 Level II pass rate: 44%
- November 2025 Level II pass rate: 42%
First-time Level II candidates passed at 52 percent in August 2025, while candidates with at least one deferral passed at only 27 to 28 percent across all recent windows.
CFA Level III Pass Rate
Level III has the highest pass rate of all three levels, consistently near or at 50 percent. The August 2025 window saw exactly 50 percent of 14,538 candidates pass. The February 2025 window produced a 49 percent pass rate.
How to Read Your CFA Score Report
Your CFA result report shows a scale score, the Minimum Passing Score (MPS), and a topic-by-topic performance breakdown. CFA Institute displays results on a continuous numeric scale that differs by level.
CFA Minimum Passing Score (MPS) by Level
The MPS is set by the CFA Institute Board of Governors after each administration. As of the most recent exam cycle, the scale scores are:
- Level I MPS: 1600 (scale range: 1000 to 1900)
- Level II MPS: 2600 (scale range: 2000 to 2900)
- Level III MPS: 3600 (scale range: 3000 to 3900)
A score at or above the MPS means you passed. A score below means you did not pass. The MPS is not the same as a percentage of correct answers. It is a mathematically equated scale score that accounts for slight difficulty variations between exam versions.
What the Score Report Shows
Level I and Level II candidates receive a 2-page detailed score report after logging in. The report includes:
- Your overall scale score plotted against the MPS
- Topic-by-topic performance bands, such as Ethics, Fixed Income, and Equity
- A Pass or Did Not Pass designation
Level III candidates do not receive a detailed topic breakdown, only a Pass or Did Not Pass message, as of the current exam cycle.
Why First-Time Candidates Pass at Higher Rates
CFA Institute data consistently shows first-time sitters pass at rates 20 to 25 percentage points higher than deferred candidates. Staying on schedule is the clearest predictor of a positive CFA result. Candidates who defer at least once face a much steeper climb because their preparation momentum drops and the curriculum may shift.
For any candidate aiming to improve their CFA result, the single most actionable step is to register for the next available window immediately after a failed attempt, rather than waiting an extra cycle.
CFA Result: What Happens After You Pass Each Level
Passing generates specific next steps that differ by level. Acting quickly on these steps keeps you on the fastest path to the CFA charter.
After Passing Level I
You are eligible to register for Level II. A 6-month minimum gap applies between passing Level I and sitting Level II. Pass in November and the earliest Level II window is May of the following year.
After Passing Level II
You qualify to register for Level III. Level III is offered in February and August each year. Registration deadlines typically fall 3 to 4 months before the exam window.
After Passing Level III
You become a CFA charterholder once you complete all of the following:
- 4,000 hours of qualifying professional work experience
- All required Practical Skills Modules (PSMs)
- A minimum of 2 professional references
- Annual attestation to the CFA Institute Code of Ethics
CFA Result: What to Do If You Did Not Pass
A failed CFA result still gives you diagnostic data you can use to retake successfully. Your score report shows exactly which topic areas fell below the MPS, so you know precisely where to focus next. The 3 most common weak areas among failed Level I candidates are Ethics, Fixed Income, and Derivatives.
Re-registration for the next available window opens soon after results are released. Early registration fees at Level I start at USD 990, and delaying to standard registration costs USD 1,290. Registering early saves money and locks in your next attempt.
CFA Exam Schedule and Upcoming Windows
CFA Program exams run across 4 windows each year for Level I and 2 to 3 windows for Level II and III. Knowing the schedule helps you plan your study period and target the right CFA result timeline.
- Level I windows: February, May, August, November
- Level II windows: May, August, November
- Level III windows: February and August
Exams are computer-based and proctored in person at over 500 test centers across more than 100 countries. The November 2025 Level I window used 518 test centers in 415 cities across 115 markets globally.
CFA Result Grading Process Explained
The CFA result grading process takes 5 to 9 weeks because it involves multiple quality control layers. Here is how it works step by step:
- All exam data from global test centers is collected within a few days of the window closing
- CFA Institute reviews candidate complaints about unclear or confusing questions
- Level III essay responses are hand-graded by hundreds of active CFA charterholders
- A data quality review confirms no scoring errors occurred
- Borderline cases near the MPS are reassessed individually
- The Board of Governors then sets the final MPS for that window
CFA Institute sends periodic emails to candidates during this process to keep them updated on progress before the official release date.
CFA Result Confidentiality and Score Privacy
Individual CFA results are confidential and are never released to any third party by CFA Institute. Only the candidate can view their score report by logging in with their account credentials. However, lists of passing candidates are shared with local CFA societies for membership purposes. Detailed exam responses and scores remain the intellectual property of CFA Institute under its test record policies.
FAQ: CFA Result
CFA results are released 5 to 9 weeks after the exam window closes. CFA Institute emails candidates directly on the result date and results become visible in the candidate portal the same morning, after 9:00 AM ET.
The passing score, or Minimum Passing Score, is 1600 for Level I, 2600 for Level II, and 3600 for Level III on the current scale. These are equated scale scores, not raw answer counts. Any score at or above the MPS is a pass.
The CFA Level I pass rate in recent windows has been 43 to 45 percent. The 10-year average sits at 41 percent. First-time candidates pass at around 49 to 52 percent, while those who deferred previously pass at closer to 28 to 29 percent.
No. CFA results are only accessible through your official CFA Institute candidate account. You must log in at cfainstitute.org to see your result, score, and topic performance report on the result release date.
You can register for the next available exam window immediately after your result is released. Your score report shows topic-level gaps so you can retake with a targeted study plan. A 6-month gap applies between exam attempts at the same level.
