CFA Free 101 Concepts (2024)

FAQs

Is 60% enough to pass CFA? ›

CFA Level 1 passing scores 2012-2024 (estimated)

We estimated that CFA Level 1's MPS ranged from 56%-74% from 2012-2024, with an 12 year average of 65%. The latest estimated MPS for CFA Level 1 (i.e. May 2024 exams) is estimated to be around 63%. The latest estimated MPS for recent CFA Level 1 exams are: May 2024: 63%

Having said that Fixed Income, Derivatives, and FSA are the hardest level 1 CFA exam topics, it's time to rank all of the 10 level 1 topics by difficulty. Difficulty is a subjective criterion but this hard-to-easy topic hierarchy is meant as a guideline to help you approach CFA exam topics sensibly.

If you can be 100% sure of the answers to half of the questions, and correctly guess at a 50% rate for the other half, you've just passed the exam!

Ultimately, irrespective of the study channel you choose, it entirely depends on your learning style and needs. Some students may find the official CFA curriculum sufficient, while others may benefit from additional study materials and resources provided by third-party providers.

To pass CFA Level I, you probably need to target 70% in as many topics as possible... In other words, you don't have to get more than 70% in everything to pass. Some say you can get as low as 65%, or even 63%. You don't even need to get more than 51% in everything to pass.

CFA Level 1 Passing Score

Some years test takers will receive a 65% overall score and fail, while in other years candidates have received a 62% score and passed.

A survey carried out using a sample of 50 CFA Level I candidates reveals an average IQ of 105. Assuming that IQs are distributed normally, carry out a statistical test to determine whether the mean IQ is greater than 100.

Are Mock Exams Easier than the CFA Exam? CFA mock exams can be slightly more challenging than the actual exam simply because candidates are still preparing for the exam and haven't finished studying. The best mock exams are designed to simulate the actual testing interface and format.

Very few candidates pass all three CFA exams on their first attempt. CFA Institute estimates it takes the average successful candidate four years to complete the CFA Program. So failing one level, if not two, makes you an average candidate.

The tests have been described as becoming progressively more difficult, and all three level exams challenge one's expertise in finance. CFA Institute strives to maintain consistency in the difficulty level for each administration period by establishing a minimum passing score (MPS) only after each exam is administered.

Is cracking CFA easy? ›

Yes, CFA is one of the toughest courses in the field of financial markets and investment management.

They'll never become obsolete. The key is the IPS: doing what's in the client's best interest. I think it's fair to say that “stock picking” is declining, but the CFA doesn't really focus that much on that.

Passing Scores

Candidates must get a minimum passing score (MPS) of 70% on the multiple-choice questions on the CFA Level I exam, a minimum score of 65% to 70% on the multiple-choice questions on the CFA Level II exam, and a minimum passing score (MPS) of 60% on the multiple-choice questions on the CFA Level III exam.

​​​Manage your time expectations: CFA exams require a serious time commitment. To target for consecutive passes in 18 months, a minimum of 300 study hours over a 6 month period is recommended. This implies a minimum of 11.5 hours of study over a 7 day week.