Minimum Passing Score

I have heard multiple things on this. I have heard that it is 70% of the highest score achieved, whereas I have also heard that it is 70% of the 95th percentile score. Does anyone know what the calculation actually is? If it is of the 95th percentile then it sounds like you can get a 65 and pass somewhat comfortably, even though all the professional readings still quote that 70% mark for passing.

CFAI has never made the MPS, nor the methodology used to calculate it, available to the public. The general belief is that a 70% overall score passes. Rumor has it that no one who has scored a 70% or higher on any of the three exams has failed, but no one knows for sure. Shoot to understand the material, not for a particular score, IMO.

well said.

Hasn’t this been discussed like a thousand times before?

I’m sure it’s not complicated. They just don’t want to put themselves in a corner by stating precisely what it is. Get a 70 and you pass.

70 in L2 looks toomuch

if it has, then what is the answer?

I recently read that it is 70% of the highest score, which would indidcate why you can score below 70 at times and still pass. knowing a gauge of an MPS is important in my opinion, and can help you see which topics are enough that you can master and which you can afford to be iffy on

^ That’s not the process anymore.

back in the day, they took the top 1% and made that the ceiling: 100%. So, if the best scored a 96% (off 4% from 100), then the pass rate would be 66% (down 4%)

The only comfort you have these days is: if you pull a 70% or more, you are almost certainly going to pass.

nobody can score 96% man in L2

much less keep it all in your head for even two days tops @_@

That’s not a rumor. CFAI explicitly states this fact. No one who has scored a 70% or above has failed before.

70% is not a joke in cfa exams

No wonder anyone has not failed

i think even if CFAI uses 59% as MPS for level 2…the pass rates would still be 50%…level 2 has more band 8-10s than level 1

60% is ok wink

I had drinks with a guy who graded L3 exams a while back. It might be a complete rumor, but he said that he had only ever heard of two raw scores above 90 on the L2 exams in the last several years and both scores barely eclipsed the 90 mark. Hopefully it’s not 70% of the top score, but 70% of the top 1% or something so that they at least have a larger sample to pull from. I bet the dispersion of scores in the top 1% bucket would be separated by 10 points. The CFAI probably throws out a question or two every year as well which is something to think about.

My boss and I had several discussions on the MPS for each of the levels. We agreed, agreed to our guessing, that the MPS for L1 was a 67 and a 63 for L2.

The MPS is only a relevant topic for discussion if you fail. Just shoot for that 70 and you will always pass.

On a side note, I find it interesting that there is a small degree of secrecy and mystery surrounding the CFA exams. It definitely makes for some interesting discussions.

you are well connected bro. a friend who grades cfa exams and a boss who knows the mps.

It seems ridiculous that there aren’t at least a couple of perfect scores every year - the material is challenging but it’s multiple choice. There were no impossible questions on L1 (I’m sure I got some wrong though, obviously) and there’s nothing on L2 that is just flat out impossible.


Who cares why is this always brought up…study as hard as possible, do the best you can…it’s as simple as that, aim for 70, aiming for anything less is ridiculous, the key more than anything is having enough knowledge to get each question down to at least a 50/50, and using what you learned to go with the highest % choice

couldn’t agree more!