CFA® MPS Explained: What the Minimum Passing Score Means

The CFA® MPS, or minimum passing score, is the score you need to meet or exceed to pass a CFA exam. It is the line CFA Institute uses to separate a pass from a fail.

The CFA MPS is not a fixed percentage, such as 70%. CFA Institute reports the MPS as a scale score for each level: 1600 for Level I, 2600 for Level II, and 3600 for Level III. It does not publish the raw percentage of questions you need to answer correctly.

That means the CFA MPS percentages you see online are only estimates. They can be useful for context, but they should not be treated as official pass marks or used as your main study target.

This guide explains how the CFA MPS works, how scale scores are reported, why estimated percentages vary, and how to use MPS estimates without building your whole study plan around them.

CFA Institute publishes the MPS as a scale score:

• 1600 for Level I

• 2600 for Level II

• And 3600 for Level III.

Keep in mind, however, that It does not publish the raw percentage score needed to pass.

Key Takeaways About CFA MPS

• MPS stands for Minimum Passing Score.

• CFA Institute publishes the official MPS as a scale score, not as a raw percentage.

• The official MPS scale scores are 1600 for Level I, 2600 for Level II, and 3600 for Level III.

• The MPS is not the same as the pass rate.

• There is no separate MPS for each topic area.

• Online CFA MPS percentages are third-party estimates.

• Use MPS estimates as context, not as your only study target.

What Does MPS Mean in the CFA Exam?

MPS means Minimum Passing Score. It is the lowest score that still earns a pass on a CFA exam level.

If your overall score is at or above the MPS, you pass. But if your score is below the MPS, you fail the exam. CFA Institute defines the MPS as the score needed to pass and confirms that candidates at or above the MPS pass the exam.

It might be tempting to treat the MPS as a metric to target, but here is a clarification: it is not a fixed “you need a 70%” rule. More importantly, it is not set per topic. Your topic results help you understand strengths and gaps within your knowledge, but the final pass or fail decision is still based on your total score.

CFA MPS vs CFA Pass Rate

MPS means minimum passing score. In the CFA® exam, it is the lowest total score that still results in a pass for that level.

If your total score is at or above the MPS, you pass. If your score falls below the MPS, you do not pass. CFA Institute uses the MPS to draw the pass/fail line for each exam level.

Do not treat the MPS as a fixed percentage target or a simple “70% rule.” It is not set by topic area either. Your topic performance helps you understand where you were strong or weak, but your final result is based on your overall exam score.

For a deeper look at how many candidates pass each level, read our CFA pass rate guide.

Does CFA Institute Publish the Exact CFA MPS Percentage?

No, the CFA Institute publishes the MPS as a scale score. But it does not publish the raw percentage score needed to pass.

The official MPS scale scores are as follows:

CFA Institute says scale scores are reported for all CFA Program levels starting with the February 2025 administration. It also explains that raw scores are transformed into scale scores so results can be compared across different exam versions and administrations.

This is why online CFA MPS percentages are still unofficial. They estimate the raw percentage needed to pass, but they are not the official CFA Institute pass line.

How Is the CFA MPS Set?

CFA Institute does not set the MPS by choosing a fixed percentage, such as 70%. It uses a standard-setting process to decide what level of performance should count as a pass for each exam.

That process includes input from subject matter experts, who review the exam and judge what a just-qualified candidate should be able to answer correctly. Their work helps shape the recommended MPS, which is then approved by the CFA Institute Board of Governors.

CFA Institute also uses equating to account for differences between exam versions. This matters because one exam form may be slightly easier or harder than another. Equating helps keep the passing standard fair across exam windows.

The main point is simple: the MPS is designed to measure a consistent standard of competence. It is not designed to be a neat percentage or a fixed score candidates can memorize.

What Are Scale Scores in CFA Results?

A scale score is your CFA exam result shown on a standardized scoring scale. It is not the same as your raw percentage score.

Your results report shows your score in relation to the MPS for your level. This helps you understand whether you passed, missed by a narrow margin, or finished well below the passing line.

Scale scores also make results easier to compare across different versions of the exam. Instead of focusing on the exact number of questions you got right, the scale score shows how your overall performance compares with the passing standard.

Does Each CFA Topic Have Its Own MPS?

No. CFA Institute does not set a separate MPS for each topic area.

Your topic results are there to show relative strengths and weaknesses. They can help you see where you performed well and where you need more review, but they do not decide your result on their own.

This is where candidates can misread the results. A low topic score does not mean you “failed” that topic, and a high topic score does not mean you “passed” it. Your final pass or fail result is based on your total exam score compared with the MPS for that level.

CFA MPS by Level

The CFA MPS works the same way across all three exam levels. Each level has one passing line, and CFA Institute reports that line as a scale score.

What changes by level is the exam format, the depth of application, and the type of preparation needed to build a margin above the passing line.

The scale score gives candidates a clearer view of where they landed against the passing standard. It does not tell them the exact percentage of questions they needed to answer correctly.

CFA Level I MPS

The CFA Level I MPS is 1600 on the official Level I scale. The Level I scale runs from 1000 to 1900.

CFA Institute does not publish the raw percentage needed to pass Level I. Instead of aiming for a guessed pass mark, focus on building enough coverage across all topics, improving accuracy, and using regular practice to find weak areas early.

Use CFA Level I practice questions to test your understanding before moving deeper into review.

CFA Level II MPS

The CFA Level II MPS is 2600 on the official Level II scale. The Level II scale runs from 2000 to 2900.

CFA Institute does not publish the raw percentage needed to pass Level II. Because Level II uses item sets, your preparation should focus on applying concepts to case-style questions, not just memorizing formulas or isolated facts.

CFA Level II mock exams can help you practice pacing, item set logic, and applying your knowledge under exam conditions.

CFA Level III MPS

The CFA Level III MPS is 3600 on the official Level III scale. The Level III scale runs from 3000 to 3900.

CFA Institute does not publish the raw percentage needed to pass Level III. At this stage, preparation should focus on applied judgment, portfolio reasoning, and writing clear constructed responses under time pressure.

CFA Level III mock exams are useful because they help you practice both the exam format and the discipline of giving direct, well-structured answers.

What Are the Estimated CFA MPS Percentages?

CFA Institute does not publish the raw percentage needed to pass the CFA exam. That is why the CFA MPS percentages you see online are estimates, not official pass marks.

300Hours estimates the 2025 to 2026 CFA MPS at roughly 68% to 69.5% for Level I, 68% to 70% for Level II, and 63% to 67% for Level III. These estimates are based on candidate result data and should be used for context only, not as official CFA Institute figures.

Use these numbers as a rough benchmark, not as your minimum target. Your goal should be to build a clear margin above the likely pass line.

Is 70% Enough to Pass the CFA Exam?

A 70% score is a useful practice benchmark, but it is not the official CFA passing score.

The CFA MPS can vary because exam versions may differ slightly in difficulty. CFA Institute uses scale scores and standard-setting methods to keep the passing standard consistent, not to set one fixed raw percentage for every exam.

That said, aiming for 70% or higher in practice is still practical. It gives you a clearer buffer than studying to scrape past an estimated MPS.

The right way to think about 70% is simple: it is a preparation target, not a guarantee.

How to Use Mock Exam Scores Without Obsessing Over the MPS

Use mock exam scores to find gaps, not to predict your exact result.

One mock score does not tell the whole story. Your trend across several mocks is more useful because it shows whether your accuracy, timing, and decision-making are improving.

A better approach:

• Watch the trend. Three or four mock scores tell you more than one result.

• Review weak topics first. Spend more time where you are losing the most points.

• Separate timing issues from knowledge gaps. They need different fixes.

• Debrief every mock. Score matters less than knowing why you missed each question.

• Build a margin. Do not aim to scrape past the estimated MPS.

CFA Level I mock exams can help you test your readiness under timed conditions.

What to Do If Your Score Was Near the MPS

If your score was near the MPS, use your results report to plan your next attempt. A near miss usually means your preparation needs sharper targeting, not a full restart.

Start with your topic performance. Look for the areas where you lost the most ground, then rebuild your plan around those gaps. If timing was the issue, add more timed practice. If knowledge gaps hold you back, return to the relevant lessons before doing more questions.

The key is to change the method, not just add more hours. Repeating the same study process usually leads to the same result.

How KeyPoint Learning Helps You Prepare Beyond the Minimum

KeyPoint Learning helps you prepare for more than a narrow pass. The goal is to give you a clear study path and realistic practice, so you spend less time guessing what to study next.

Depending on your package and level, your CFA prep may include structured lessons, practice questions, mock exams, progress tracking, and review support. That matters because the MPS is not something you control. Your study process is.

KeyPoint helps you focus on the parts that support exam readiness:

• Practice questions to build accuracy across the curriculum

• Mock exams to work on timing and exam format

• Progress tracking to see what still needs work

• Topic review to turn weak areas into stronger points

• A structured study path, so your study hours have direction

Compare CFA study packages to find the option that fits your level, timeline, and support needs.

Conclusion

The CFA® MPS is worth understanding, but it should not become the center of your study plan. It tells you the score needed to pass, and CFA Institute reports it as a scale score: 1600 for Level I, 2600 for Level II, and 3600 for Level III.

What CFA Institute does not publish is the raw percentage needed to pass. That is why the CFA MPS percentages you see online should be treated as estimates, not official pass marks.

The better goal is exam readiness. Use estimated MPS percentages for context, but build your study plan around topic coverage, practice accuracy, mock exam review, and a clear margin above the likely pass line.

If you are still planning your CFA journey, read our CFA Program guide to understand how the levels work and what kind of preparation each stage needs.

FAQs About the CFA® MPS