CFA Level II passing score and results

Direct answer: CFA Institute does not publish one fixed raw passing percentage

CFA Level II results are reported as pass or fail, with topic-level performance feedback and an overall scale score compared with the Minimum Passing Score (MPS). The MPS is not a universal raw percentage. CFA Institute sets it after an exam administration when needed and uses equating to maintain the approved standard when there are no significant changes. Complete the required Level II Practical Skills Module (PSM) to receive your result.

How the MPS works

The Minimum Passing Score is the standard candidates must meet to pass an exam level. CFA Institute says the Board of Governors sets an MPS for each level after an administration when there is a significant curriculum or population change. When there is no significant change, an approved MPS can be maintained through equating. Equating adjusts for differences in exam-form difficulty so results remain comparable across administrations.

This means a candidate should not treat the Level II result as a simple tally against an announced number of correct answers. CFA Institute does not release detailed responses or exact item scores to candidates, and its exam results page does not provide a fixed percentage that guarantees a pass. The MPS process accounts for the form and standard; the public result is a pass or fail plus scaled and topic feedback.

A raw practice score remains useful as a local diagnostic. If you score 62% on a timed set, it tells you how you performed on that set under those conditions. It does not reveal whether you are above or below the official MPS. Practice questions differ in topic mix, difficulty, and how closely their wording matches the exam. Use the result to identify learning gaps, not to claim a predicted official score.

Scaled score versus raw percentage: an example

Imagine two candidates compare results from two administrations. Candidate A remembers scoring 70% on a self-scored mock and then receives a passing Level II result. Candidate B remembers scoring 74% on a different mock and does not pass. There is no contradiction: the mocks may differ in difficulty and coverage, and the reported percentages are not official exam raw scores. The official outcome uses the scaled result and the administration’s MPS.

Or suppose a candidate’s score report places their overall scale score just above the MPS line. That means the candidate passed under the standard for that administration. It does not mean the score was one raw question above a fixed cutoff. Likewise, a score just below the line cannot be converted into “one more correct answer would have passed” because the report does not expose item-level scoring or the exact raw-to-scale mapping.

Topic feedback should be read as a map of relative strengths and weaknesses. If Ethics feedback is weaker than Fixed Income, that suggests a study priority for a future attempt or for ongoing learning; it does not tell you a precise number of Ethics questions missed. Use the learning outcomes and your own practice records to identify which skills need work.

When results arrive

CFA Institute says candidates are notified within five to nine weeks after the exam window closes. Results are released after testing is complete and the Institute analyzes questions and candidate performance. Results are delivered to the candidate, not to a third party. Candidates can access their score report through their account. The result page is generally available for about one year; after that, a verification letter can confirm pass or fail, though topic feedback is no longer available.

For Level II, result availability depends on completing one Practical Skills Module at that level. CFA Institute’s Level II guide says a PSM is required at each level to receive the exam result, and the same module cannot be reused at multiple levels. A candidate who completed a specific module at Level I must choose a different Level II module. Finish the Level II PSM promptly so it does not delay access to the score report.

The result notice identifies pass or fail and includes an overall scale score compared with the MPS, plus topic-level performance feedback. CFA Institute does not provide a detailed answer-by-answer report. The result is individual and private; sharing it is the candidate’s choice.

Read the score report in order

• Start with the official pass or fail outcome.
• Locate the overall scaled score and the MPS comparison.
• Review topic feedback for relative strengths and weaknesses.
• Use practice logs and learning outcomes to diagnose specific missed skills.
• Plan progression or a retake only after considering eligibility and the next exam window.

Do not begin by trying to reverse-engineer a raw percentage from the chart. The score report is designed to show performance against the MPS and by topic; it does not expose the exact number of correct answers. A pass result is sufficient to advance to Level III, while a fail result means you need another eligible Level II attempt. Neither outcome reveals a precise point-by-point account of the exam.

If you pass Level II

Passing Level II allows you to progress to Level III, subject to the program’s candidate rules. It is an important milestone, but it does not award the CFA charter. The charter requires passing all three exams, completing qualifying work experience, and applying for membership. Level III has its own curriculum and includes constructed-response questions, so the next study approach should reflect that different format.

Complete any result-related PSM requirement before expecting the official score. Then review the Level III pathway and eligibility timeline. You do not need to infer a raw Level II score to decide whether you passed; the official pass/fail result answers that question.

If you do not pass Level II

Use the report to prioritize a new study cycle rather than attempting to estimate how close you were from a raw percentage. Compare topic feedback with the errors you recorded during mocks: did you struggle to read shared vignettes, select a method, handle calculations, or sustain timing? Topic feedback points toward areas; practice evidence clarifies the cause.

Check the attempt limit and waiting rules before selecting another window. CFA Institute allows up to six attempts per level and restricts consecutive windows and windows less than six months apart. An attempt can count even if only part of the exam was completed. Build enough preparation time to address specific weaknesses and schedule the next eligible attempt.

Why unofficial pass-mark claims are unreliable

A website, forum post, or retrospective estimate may suggest a raw threshold, but CFA Institute does not publish one fixed percentage that applies to all Level II administrations. Estimates may use assumptions about question weighting, equating, or recalled exam difficulty. They cannot tell an individual candidate’s result. Treat such figures as speculation rather than an official target.

The strongest way to use practice scores is to compare your own performance across fresh, timed sets with similar coverage. Look for consistent evidence: can you explain why an answer follows from a vignette, calculate accurately, and finish sessions? A single high score can reflect familiar questions; a low score can reflect one weak topic. Repeated results and error review provide more useful study guidance.

What an MPS comparison does not tell you

The scaled result compares performance with the passing standard across exam forms. It does not promise that two candidates with the same raw percentage on different forms would receive the same result, because forms may differ in difficulty and the score process includes equating. A candidate cannot infer that one topic area caused a fail just because its feedback looks lower. Topic feedback is broad, and detailed question responses are not released.

Avoid reading the distance to the MPS line as a count of questions. A score near the line is not “one item away.” The score report supports an outcome and relative topic review, not reconstruction of the exam. Use it to understand pass status and decide what to study next if another attempt is needed.

Use topic feedback without overinterpreting it

Suppose a candidate sees weaker feedback in Fixed Income and stronger feedback in Equities. The next step is not to conclude how many Fixed Income questions were missed. Consult the learning outcomes and compare the feedback with study notes and timed-set performance. Was the gap in yield calculations, credit analysis, or interpreting a vignette? The official report does not identify that detail, but an error log can.

If the report suggests broadly even performance, continue to review all areas. Level II item sets draw on multiple skills, and one broad topic label may hide strengths and weaknesses among learning modules. Combine the report with fresh questions rather than treating category feedback as a complete diagnosis.

Result release and the PSM in practice

The exam window must close before the result process is complete. CFA Institute describes reviewing item quality and candidate performance before issuing results. Results generally arrive within five to nine weeks after the window closes. The Level II PSM is an additional candidate task: it does not change scored exam responses, but must be completed for the result to be released.

If a candidate finishes the exam but has not completed the required module, they should complete the PSM in their account rather than interpreting the missing result as evidence of a scoring problem. Complete a different Level II module from the one used at Level I, and retain its completion confirmation.

A pass result and the charter are separate milestones

A Level II pass allows progression to Level III; it does not award the charter or create a professional license. CFA Institute membership and the qualifying work-experience requirement are additional. If you pass, use the result to decide the next exam step, then review Level III’s current curriculum, window, and question formats. If you do not pass, use the topic feedback as one input to a new study plan and confirm your retake eligibility.

The result timeline, MPS, equating, scale score, and feedback descriptions follow CFA Institute’s exam results page. Level II PSM requirements come from its current exam guide.