Approval rates improved last year but remained below long-term averages. The approval rates for levels I, II, and III were 36%, 44%, and 48%, respectively. Although the tendency to move from exam level to exam level is increasing, passing rates for CFA exams show that the CFA exam is quite a difficult exam and that only those who are serious about preparing for the exam can be sure that they will pass it. Whether you're still a Level 1 candidate or are about to move to the next levels of the CFA exam, you might be interested in the passing rates of Level 2 and 3 exams.
The incumbents of the CFA and the Board of Governors meet to determine the minimum passing score about six weeks after taking the Level 1 and 2 exams. The passing rates of the CFA and CPA exams are a bit difficult to compare face to face due to the way they are structured. Here you'll find everything you need to know about the CFA exam results, including information about the scoring bands, passing bands (the “band 10”), the minimum passing score, borderline cases, and more. Candidates for the appointment of Chartered Financial Analyst (CFA) who took the first exam of the program's three-step process in February passed it at a rate of 38%, two percentage points higher than in November.
6.6% also include people who simply pass Level 1 or Level 2 without actually completing the program. While this is not a direct comparison, there is enough data to conclude that there are more people taking the CFA exam, but a higher percentage of people pass the CPA exam. This is made even more stressful due to the secrecy of the CFA Institute's scores, but the experience of The Princeton Review can help you stay informed about exam standards. Some time ago I saw a job advertisement asking that all three exams be passed in the first attempt.
Another example that supports this statement is the fact that the CFA doesn't count people who “stop studying and don't even take or finish the exam.” Instead of following most standardized tests by scoring on a curve, the CFA Institute calculates the MPS using a process called the modified Angoff Method. You need a percentage based on who takes the exam for the first time and passes it. I think 6.6% is too low. Most of my co-workers pass on the first try, 1.5 years and so do I.
The CFA exam has three levels of increasing difficulty, while the CPA exam has four sections that correspond to different topics.
