Cfa Exam Pass Rates · Level I Cfa Exam Pass Rate · Cfa Exam Result Schedule. Second, while Level 1 consists primarily of multiple-choice questions, Level 2 includes questions with a set of points that require more analytical and critical thinking skills. The CFA (Chartered Financial Analyst) exam is a rigorous and challenging exam that requires a high level of preparation and understanding of complex financial concepts. Multiple-choice questions (MCQ) from all three levels of the CFA exam are scored automatically, and about 10% of exams are re-graded manually to check for inconsistencies and ensure accuracy.
After the administration of each exam, the Board of Governors of the CFA Institute sets the minimum passing score (MPS) for each level. UWorld's team of professionals includes CFA graduates who have extensive experience teaching and creating specific content for the CFA exam, as well as in financial training. In theory, the CFA Institute (CFAI) knows that this level requires deep and extensive knowledge of the subject, with very little knowledge accumulated from the university. In general, the low passing rates of the CFA exam can be attributed to the level of difficulty of the exam, the extensive curriculum, the time needed for preparation, and the limited number of attempts.
Below are the passing rates of the CFA Program level I to III exams for each of the most recent exams taken. Despite the continued use of multiple-choice questions (MCQ), Level 2 introduces a bullet-type format unknown to Level 1 candidates, adding an additional level of complexity. At level I, approval rates generally range from 40 to 50, while level II is usually lower and level III a little higher. However, the CFA Institute recommends not leaving too much time between each level or the repetition of the exam.
To determine the passing scores for each level of the CFA exam, the CFAI uses a method known as the modified Angoff method. In addition to helping you analyze your score, understanding the CFA exam score report will also give you an idea of areas where you can improve and allow you to evaluate your position on the CFA exam, should you want to try again. Level 1 often witnesses lower approval rates, while level 2 shows the achievements of a more demanding group of candidates.
