CFA考试,成绩CFA® exam results are issued by the CFA® Institute to Level I and Level II candidates within 60 其考试日期的天. CFA® Level III candidate results are issued within 90 其考试日期的天.

This means that June CFA® Level I and II test takers will receive results at the end of July, 和三级考生将在八月初收到成效. 十二月考生 (我只等级) 将在一月底收到他们的考试成绩.

If you are waiting for your CFA® results, 你可能有对一些问题 CFA® exam scoring process or what the overall CFA® pass rates mean for the exam. Let’s take a look at the historical pass rates and how the CFA® Institute grades and scores the CFA® exam.

CFA® Exam Results, 合格率, 和分级

What are the CFA® Pass Rates for Each Level?

正如你可以在下面的日程安排见, the CFA® pass rates for each level vary within a very tight band. I级考生有合格率最低. 这是有道理的,因为这是他们的第一次考试.

虽然III级具有最高的合格率, 不要上当,这是最简单的测试. 考生采取三级考试包括那些谁已通过I级和II或谁再拍摄三级考试. 因此, III级候选池是不是第一次或“偶然” I级考生更有经验.

CFA® Exam ResultsDecember 2018六月 2018December 2017六月 2017December 2016六月 2016
CFA® Level I Pass Rates45%43%43%43% 43% 42%
CFA® Level II Pass Ratesn/a45%n/a47% n/a46%
CFA® Level III Pass Ratesn/a56%n/a54% n/a53%

How is CFA® Exam Graded?

While the CFA® Institute is notoriously secretive in the way they grade the exams, 他们不给我们介绍一下他们的方法和整个过程的一些细节. 让我们来看看.

Who Grades the CFA® Exam?

CFA® exams are both machine graded and graded by CFA® charter holders. For all multiple choice/scantron sections in Levels I, II和III, 考试通过分级机. The essay portion of the Level III exam is graded by CFA® charter holders that travel to Charlottesville, 弗吉尼亚为根本目的,以品位这些文章.

How is the CFA® Exam Scored?

一旦考试分级, the CFA® Board of Governors sets the Minimum Passing Score (MPS) 每个级别. 公安部的目的是确保困难的水平一致和公平的考试对面. 公安部是  released.

Because the CFA® Institute does not release the MPS, it is impossible to know your passing score on each exam. 此外, you do not receive one specific score when you receive your CFA® exam results. 代替, you receive a:

  • “Pass” or “Did not pass” result. “Pass” means your score met or exceeded the MPS. “Did not Pass” means your score was lower than the MPS.
  • Summary of how you did by each topic area covered on the exam as well as the maximum amount of points that you can earn in each topic area. Rather than receiving one score for each topic area, you receive a score range of less than 50%; 之间 50% 和 70%; or more than 70% for each topic area.

The exams are weighted across ten different topic areas. The weights differ per exam and are shown below.

CFA® Exam Topic AreaLevel ILevel IILevel III
Ethics and Professional Standards1510 - 15 10 - 15
Quantitative Methods 125 - 100
经济学105 - 105 - 15
Financial Reporting and Analysis205 - 200
企业融资 75 - 150
Equity Investments1015 - 255 - 15
固定收入 1010 - 2010 - 20
Derivatives55 - 155 - 15
Alternative Investments 45 - 105 - 15
Portfolio Management and Wealth Planning75 - 1010 - 55

Here’s what you should take into account when you evaluate your exam results:

Max Points Available

The maximum amount of points achievable varies for each topic area.   For example, in the Level I exam, 一个 +70% score on the Financial Reporting and Analysis topic area would hold more weight than a +70% score on the Portfolio Management and Wealth Planning topic area.


不能使用分数范围从每个主题区域,以计算出你的实际分数,还是你通过与否 / 未通过结果. Because the CFA® Institute reports the scores as a range, 同样的总得分为两个独立的考生可以导致一个合格,一个没有通过. 这是因为, 举个例子, 一名候选人可以打进一个 99% 在一个主题区,而另一名候选人拿下 71% 在同一主题区.

Want to Improve Your CFA® Score?

The best way to improve your CFA® score is to study more efficiently and effectively. 去做这个, 您将需要一个适当的复习课程. You can’t expect to pass the exam on your first try or at all for that matter by simply using the study materials from the CFA® Institute. 你需要的东西比这更.

你应该寻找一个学习指南符合你的学习方式,你预算内相配. 下面是最受欢迎的课程列表,在那里. 看看每一个,看看哪一个会帮助您准备考试的最佳. 祝好运!


CFA® Institute does not endorse, promote or warrant the accuracy or quality of CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA® Institute.

肯尼斯·W ^. 博伊德

肯尼斯·W ^. Boyd is a former Certified Public Accountant (CPA) and the author of several of the popular "For Dummies" books published by John Wiley & Sons including 'CPA Exam for Dummies' and 'Cost Accounting for Dummies'.

Ken has gained a wealth of business experience through his previous employment as a CPA, 审计, 报税和学院教授. 今天, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher.