CFA Exam Results'25 - Understand the new format of CFA exam score report

The CFA Institute has introduced a new result format for all three levels starting from February’25. This update provides candidates with a clear understanding of their reports showing numerical scale score, which will allow them to compare their performance with the Minimum Passing Score (MPS).If you're preparing for the CFA exams or awaiting your results, below is everything you need to know about this CFA new score report format. – Link with PDF

What’s New in the CFA Exam Results?

1. Scale Score for Better Clarity

Previously, CFA candidates used to receive only a Pass/Did not Pass result with a performance breakdown by topic area. With this update, candidates will now receive a scale score, which is a mathematically transformed raw score (number of correct answers) converted into a standardized scale. This provides a clearer picture of your performance.

2. Minimum Passing Score (MPS) Reference

Earlier, the candidates didn’t know their passing score. Now, the MPS remains the benchmark for passing. Your score must be equal to or greater than the MPS to pass.

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1. Here’s a reference for the MPS at each CFA level:
   • CFA Level 1: 1600.
   • CFA Level 2: 2600.
   • CFA Level 3: 3600

Minimum Passing Score (MPS)
CFA Level 1	1600
CFA Level 2	2600
CFA Level 3	3600

If your score meets or exceeds this threshold, any score above this means you passed, and anything below means you didn’t.

3. Graphical Score Representation

1. The CFA Institute has introduced a graphical breakdown of your exam performance::
   • A thin grey line represents the Minimum Passing Score (MPS).
   • A dashed blue line indicates the average score of all candidates in that exam window.
   • A thick grey line marks your individual score - if it’s at or above the MPS, you have passed.
   • A blue rectangle shade around your score shows a confidence interval, meaning your score might slightly vary if you had taken a different version of the test on the same day.

4. Topic-Wise Performance Analysis

CFA candidates will now receive a detailed score breakdown for each topic area, which will be shown in a graphical format. It does not determine pass/fail status but helps identify the individuals' strengths and weaknesses, helping them in future study planning.

1. Each topic score breakdown includes:
   • Your topic-wise score shows how well you performed in each subject.
   • A confidence interval representing each topic score, helping candidates understand the consistency of their performance in that area.
   • A reference to 50% and 70% score benchmarks, indicating how well you performed relative to the ideal scoring range. Consistently scoring above 70% suggests your strong understanding, but scoring below 50% means you need improvement.

5. Level III Candidates – No Detailed Score Report

For Level III candidates who pass, the CFA Institute will continue to send only a congratulatory email. Those who do not pass will receive a full breakdown similar to Level I and II candidates.

What this update means to you?

1. This updated CFA exam result format aims to provide the CFA candidates with a greater transparency, better self-assessment, and a clearer understanding of their performance. You can now:
   • Compare your score to the minimum passing threshold more accurately.
   • Analyze which topics need more focus for your next attempt, helping you to plan better
   • Understand how you performed relative to other candidates.

For aspiring CFA charterholders, this is a game-changer, allowing for more targeted preparation and improvement in future attempts. Check this lecture “CFA Institute New Update - Understanding your exam results ” by Aswini Bajaj to understand this update in-depth.