When Do CFA® Exam Results Come Out?
- CFA Exam Window Dates
- How CFA Exam Results Are Released
- How To Find Your CFA Exam Results
- Do CFA Exam Results Expire
- What Time Do CFA Exam Results Come Out
- How The CFA Exam Is Graded
- How To Interpret CFA Exam Results
- Can You Share CFA Exam Results
- CFA Exam Pass Rates
When Will February 2025 CFA Exam Results Be Released?
CFA exam results are estimated to be released on the following dates for the February 2025 CFA exam windows:
- Level I: April 3, 2025
- Level II: April 22, 2025
When are CFA Exam Windows?
Each CFA level exam has a date window, which is
defined as a period of time by which a test taker can take the exam. Each level exam window is usually 2-6 days in length. Below are examples of an exam window for each CFA level and how each window relates to registering and rescheduling
your exam.
CFA Exam Level I Window Example
CFA Exam Date Window | Registration Deadline | Scheduling Deadline | Rescheduling Deadline |
| November 16 – November 22 | August 10 | August 25 | October 14 |
CFA Exam Level II Window Example
CFA Exam Date Window | Registration Deadline | Scheduling Deadline | Rescheduling Deadline |
| May 18 - May 24 | February 23 | March 10 | April 16 |
CFA Exam Level Ill Window Example
CFA Exam Date Window | Registration Deadline | Scheduling Deadline | Rescheduling Deadline |
| May 24 - 26 | February 1 | February 16 | April 23 |
CFA Exam Dates
How CFA Exam Results are Released
The CFA Institute will notify you via email if you passed or failed. If you are interested in seeing the detailed breakdown of your performance in each section, you can log in to your account with the CFA Institute and find that information.
CFA Exam Tip >> Starting with the February 2024 Level I cohort and the May 2024 Level II cohort, Practical Skill Modules (PSMs) need to be completed in order to receive exam results. They can be found in CFAI's Learning Ecosystem and need to be finished before the exam results are released.
If you do not complete a PSM by the time results are released, your exam result will be voided, and you will not be provided with a pass or fail result. To continue your journey in the CFA Program, you will be required to retest at the same exam level.
CFA Program Practical Skills Modules Guide >>
How to Find Your CFA Exam Results
CFA exam results will be emailed directly to you and will be immediately available to view for approximately one year after the test date in your CFA Institute account profile. If you need to find your CFA exam results after this date, you will need to generate and download a verification letter from your CFA Institute account profile.
Do CFA Exam Results Expire?
No, CFA exam results do not expire and will be available to you for as long as you have your CFA Institute profile active. The CFA designation is not a licensing program and hence it does not have an expiration date.
What Time Do CFA Exam Results Come Out?
The CFA Institute does not usually set an exact time for emailing out results to test-takers, but you can expect to receive your results sometime after 8 AM CDT. Below are some local times in other regions of the world that take the CFA exam:
- São Paulo: 10 AM
- London: 2 PM
- Berlin: 3 PM
- Cape Town: 3 PM
- New Dehli: 6:30 PM
- Singapore: 9 PM
- Shanghai: 9 PM
- Tokyo: 10 PM
- Sydney: 12 AM
How is the CFA Exam Graded?
The CFA exams are graded by machines and actual charterholders. The CFA Institute applies a rigorous methodology to determine a minimum passing score (MPS) that gets applied to each exam. This MPS then gets used as the benchmark for determining if a test taker has passed or failed.
How to Interpret CFA Exam Results
To understand how to interpret CFA exam results, test-takers will need to examine their performance in comparison to the minimum passing score, and other candidates by topic, which can be done while logged into your CFA Institute account. This can seem confusing, especially for Level I test takers so we suggest reading our how to interpret CFA exam results guide for detailed explanations.
Download our free eBook: Before You Decide to Sit for the CFA® Exam, to get advice and tips from past exam-takers.
Can You Share CFA Exam Results?
There are no rules against sharing your CFA exam results with others. Letting your community know how you performed may even be beneficial by gaining encouragement and helpful insights whether you are preparing to retake the exam or move on to the next level. Reviewing your lower scored areas with fellow candidates or an instructor can also contribute to better understanding the CFA curriculum throughout the study process.
CFA Exam Pass Rates
The CFA Institute has been keeping a record of pass rates for each level of the CFA exam since 1963. In 2021, the pass rate for each level did not exceed 45%. The CFA exam pass rates change after every exam window and vary based on the exam level. To find the most current pass rates for each CFA level visit our CFA exam pass rate guide for more information.
Ready To Get Started?
As you strive for a positive outcome from CFA exam grading, consider making a Kaplan Schweser CFA study materials—complete with classes, practice exams, and mock exams—the centerpiece of your mission to earn a passing grade on all levels of the CFA exam.
Free eBook: Before You Decide to Sit for the CFA® Exam
Free eBook: CFA® Program Fundamentals, 2nd Edition
Ready to Pass the CFA® Exam?
