CFA Level 1 Passing Score: What You Need to Pass

The CFA Level I passing score is 1600 on a scale of 1000 to 1900, according to CFA Institute's guide to understanding exam results. There is no official "you need 70%" rule, and CFA Institute doesn't tell you how many questions you must answer correctly. Here's what the number actually means and how to use it.

The scale score, explained

Starting with the February 2025 exam window, CFA Institute began reporting a scale score for every level. Level I runs from 1000 to 1900 with a minimum passing score (MPS) of 1600. Level II runs 2000 to 2900 with an MPS of 2600, and Level III runs 3000 to 3900 with an MPS of 3600.

A scale score is your raw score mathematically transformed, the way converting Fahrenheit to Celsius changes the number but not the temperature. CFA Institute is clear that raw scores are not disclosed, and that a raw score is meaningless on its own until it's converted. The scaling exists so results can be compared across exam versions. It doesn't change who passes: the pass/fail decision rests on the Board-approved number of questions answered correctly.

Is the passing score a curve?

No. CFA Institute describes the MPS as criterion-referenced, meaning an absolute standard. If you meet the standard, you pass, no matter how everyone else did that window.

The standard is recommended through a process called standard setting, using the modified Angoff method (CFA Institute says it has used it since 1996), and then approved by the CFA Institute Board of Governors. Once set, it carries forward through a statistical step called equating, and it only gets revisited when something big changes, like a curriculum overhaul or the 2021 move to computer-based testing.

That equating step has one practical consequence: the percentage of questions you need to get right can vary slightly from one exam version to another, because versions differ a little in difficulty. That's why you'll see candidates swear the cutoff was 62% or 71%. Nobody outside CFA Institute knows, and it isn't one fixed number.

Where the "70% to pass" idea comes from

It comes from your score report, not from the pass rule. The topic-level page of your results shows each topic as a percentage of available points, with reference lines at 50% and 70%. CFA Institute calls those lines somewhat arbitrary, and it says plainly that there is no minimum score by topic. Strength in one area can offset weakness in another.

So the lines are a study guide, not a cutoff. Roughly, as CFA Institute frames it:

• If a topic's confidence interval sits entirely below 50%, that topic needs serious remediation.
• If it falls between 50% and 70%, keep studying it.
• Consistently above 70% is a reasonable sign of mastery.

CFA Institute also advises scoring around 70% or more on practice problems as a target. That's advice for preparation, not the pass line.

What this means for how you study

Because you can't see the exact cutoff, aim well above it rather than trying to hit it. A few practical takeaways:

1. Don't skip your weak topics, but don't panic over them. There's no per-topic minimum, so a rough Fixed Income section can be offset by strong Financial Statement Analysis. Use the topic weights to decide where extra hours pay off most.
2. Treat ethics seriously. CFA Institute notes an ethics adjustment can push a borderline candidate to either side of the MPS. See our Level 1 ethics tips.
3. Use mocks as a signal, not a prediction. Mock scores from any provider aren't scaled the same way as the real exam. Consistently landing in the 70s on full-length, timed mocks is a healthy sign; one 62% isn't a verdict. Our mock exam strategy guide covers how to review them.
4. Remember the odds. Pass rates run around 40% over the long run, which is why a buffer matters. The full pass-rate breakdown has the latest numbers.

If you've already taken it

Your results show Pass or Did Not Pass, your scale score, the MPS line, the window average, and a confidence interval. If you missed, the distance between your score and 1600 plus your weakest topic bands tells you where to focus. Our guide on what to do after failing Level 1 walks through the next steps.

Practice against the real format

The most useful thing you can do is find out where you stand before exam day. Certus is the Duolingo-style way to pass the CFA: short, gamified daily practice that keeps you consistent, starting from $9.58/month billed yearly, far below the cost of a traditional course (see our cheapest CFA prep breakdown). And you can take the free full-length CFA mock exam with no signup to see how you'd do today.

Scoring details are based on CFA Institute's published guide to understanding exam results. Policies can change, so confirm current details on cfainstitute.org.