CFA Level III passing score and results

Quick facts

How passing is determined

There is no public fixed raw percentage that guarantees a pass. CFA Institute sets or equates a Minimum Passing Score for each administration. CFA Institute sets the MPS after an administration and may maintain it across comparable sittings through equating. A guessed raw percentage or online calculator is not an official passing threshold.

Trial content is mixed into the exam, and candidates cannot reliably identify it. Answer every item rather than attempting to estimate a score from remembered questions.

What the result includes

CFA Institute reports pass or fail and a scale score compared with the MPS. Candidates who pass Level III do not receive detailed topic-level results.

Results are released after the exam window closes. Use the official results page for the release timeline for your administration. Individual results are accessed through the candidate account.

Candidates who pass Level III do not receive detailed topic feedback. CFA Institute uses a formal constructed-response grading process that includes charterholder graders.

Next steps

A pass means you met the exam standard for that sitting; it does not by itself confer the charter. A non-pass is a reason to review official feedback and your own preparation evidence, not proof that one topic alone caused the outcome.

Before another attempt, verify retake rules, registration windows, fees, eligibility, and the applicable curriculum year. Build the next plan around missed outcomes and process errors.

The pass decision uses a standard, not a raw percentage

CFA Institute sets a Minimum Passing Score for each exam level. When curriculum or candidate population changes materially, the Board of Governors establishes the MPS after an administration. For a comparable exam without a significant change, equating may maintain an approved standard. Equating accounts for differences in exam form difficulty so that candidates are assessed against a comparable performance standard.

The number of correct responses is not published as a universal passing percentage. Level III combines item sets and constructed-response sets, and trial questions are mixed into the exam. A candidate cannot reconstruct an official result from remembered answers or convert a third-party practice percentage into an official score.

What a scale score means

CFA Institute reports a scale score for each level. The Level III reporting scale runs from 3000 to 3900. It is a transformed representation of performance that lets a candidate compare the result with the MPS. The scale is not a percentage correct, a number of questions right, or a ranking against other candidates.

For illustration, suppose a report shows a scaled score 30 points below the MPS for that sitting. That distance describes performance on the scale; it does not mean the candidate missed 30 questions or was three percentage points short. A practice test score of 68 percent cannot be turned into a Level III scale score because CFA Institute does not publish a conversion from a third-party practice result.

The distinction matters because exam forms can differ and Level III includes written responses. The scaled score helps interpret an official result against the required standard while maintaining comparability. It is not designed to show how many raw points each essay item was worth or which exact response caused a miss.

What candidates receive

CFA Institute emails candidates when the official result is available and makes it accessible in the candidate account. Results are normally released within five to nine weeks after the exam window closes, but each administration has its own release date. The result is pass or fail, not a provisional estimate shown at the test center.

A candidate who does not pass receives a scale score compared with the MPS and topic-level performance information to help identify areas for review. Topic feedback is diagnostic, not an answer transcript. CFA Institute does not provide secure exam questions or a detailed response record.

A candidate who passes Level III receives a congratulatory result and no detailed topic-level score report. Do not expect a successful result to identify strong and weak topic percentages. Keep your own preparation records if you want to track progress before the exam.

Grading, PSM, and result timing

Level III grading includes constructed-response evaluation by CFA charterholders, followed by quality-control and data-review steps. Results do not appear immediately at the test center. After testing ends and the exam window closes, CFA Institute analyzes item and candidate performance before issuing decisions.

You must complete one Practical Skills Module at each level to receive the result, including Level III. Completing the exam appointment alone does not satisfy that condition. A module completed at another level cannot be reused. Finish the Level III module so it does not delay release of the official result.

How to use a non-pass report

Begin with the result and scaled-score distance from the MPS, then study the topic feedback for patterns. A weaker Portfolio Construction result could reflect implementation costs, benchmark fit, liability management, or misreading a case. The broad label is a starting point for diagnosis, not a complete study schedule.

Combine the report with learning outcomes and timed practice. For each missed skill, identify whether the issue was concept recall, choosing relevant case evidence, calculation setup, written-response completeness, or pacing. A candidate who gave one reason when two were requested needs timed essay practice, not another general review of portfolio theory.

A result just below the MPS does not guarantee success on the next attempt. The scale distance can guide priorities, but a future exam is a new form and preparation may change. A larger gap does not prove that a pass is impossible; it indicates that systematic coverage and practice are needed.

Retake planning

Each level has a maximum of six attempts. A partial exam, such as completing one session and missing the other, counts as an attempt. Candidates may not test in consecutive windows or windows less than six months apart, and may take at most two attempts per calendar year when applicable. Registration availability does not override candidate-specific spacing rules.

Before choosing a retake window, review topic feedback and the curriculum year. Confirm that the pathway materials align with the next administration. Build a plan that includes item sets, constructed responses, and the required PSM. A new registration fee applies to a retake.

Three result examples

Example one: a candidate sees a scaled score below the MPS and lower feedback in one topic. The valid conclusion is that the standard was not met on this sitting and that the topic deserves investigation alongside format, timing, and other feedback. It is not valid to say that topic alone caused the result or that its feedback band equals a raw percentage.

Example two: a candidate earns 74 percent on a third-party mock and asks whether that guarantees a pass. It does not. The mock may use a different sample, difficulty, scoring method, and mix of written and multiple-choice work. Review by learning outcome and error type, but do not treat the mock score as an official pass conversion.

Example three: a candidate passes Level III and wants to know which pathway was strongest. A passing candidate does not receive detailed topic feedback. That record must come from the candidate practice log. The pass establishes the exam milestone; charter membership remains a separate application after work experience and other requirements are met.

Understanding how the MPS is maintained

A standard-setting decision and equating solve different problems. Standard setting establishes the minimum performance expected for a candidate who demonstrates the required competence. Equating then supports comparability when a later form is judged sufficiently comparable. Neither process means CFA Institute chooses a pass rate first and moves the threshold to produce it.

The scale makes results easier to interpret across exam forms, but it does not reveal the raw score formula. Candidates should not infer that a 3600 score is always the MPS, or that the same raw number correct maps to the same scale score on every test form. The reported MPS and your score for the sitting determine the outcome.

A result release example

For the August 2026 administration, CFA Institute announced Level III results for October 20, 2026 after 9:00 a.m. Eastern Time. This date is specific to that exam window. It is not a standing promise that every Level III result arrives on the same day or number of weeks after testing.

If a candidate has not completed the required Practical Skills Module, the result may not be released even after the exam window has ended. The candidate should distinguish a delayed result due to an incomplete program requirement from a pass or fail outcome. Keep the module completion record and account notices together.

A result from CFA Institute is the official decision. A coaching platform mock, a recalled answer list, or a peer estimate cannot replace it. If you do not pass, the official score report is the basis for assessing the distance from the MPS and the broad areas that need attention.