Why doesn’t CFA Institute let candidates know what score is required to pass the exams, or let candidates know what score they achieved on the exam?

The minimum passing score (MPS) for each level of the exam is determined by the CFA Institute Board of Governors each year after the administration of the exams. Neither the MPS nor individual candidate scores have ever been released. To set the MPS before the administration of the exams would require that an absolute standard be applied without regard to the difficulty of the exams; this could potentially be very unfair to candidates, especially across time.

To release the MPS and individual scores would also be unfair to candidates; CFA Institute does not consider one passing candidate to be more (or less) accomplished than another passing candidate merely because of their ranking relative to either the MPS or other candidate scores. To release scores would inevitably lead to such ranking, which would be especially unfair for candidates taking the same level exam in different years. Find out more about the history of the exam.

I received at least 50 percent on almost all topics on ...

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