CFA Passing Score: Here are the latest MPS estimates - 300 hours (2023)

[Updated for CFA Level 1 and Level 2 Nov 2022 Exams - Details below.results@300hours.com.]

This article is minimal transfer values. ForCFA test rates, seeThis articleinstead of this.

Important: Please do not use our MPS estimate as the basis for asking the CFA institute to ask for a repetition.Our MPS estimate is an estimate- If you are estimated with our MP to contest your result, you will not be delivered anywhere..

What is the CFA passage?

Unfortunately, the CFA institute does not open the official minimum defense point (MPS), which varies from the exam to the examination. We understand why the CFA institute does this.

Nevertheless, we have appreciated the MPs of the CFA exams as an intellectual exercise since 2012, with the help of our readers.Can strive for exercise tests.

Without further ado, everything you need to know about the CFA -Passing number of points is: what it is, how it is determined and what our MPS estimates for all CFA exams have been since 2012.

What is the CFA test minimum tax (MPS)?

The minimum partial value (MPS) is simply the lowest score that a candidate can receive and can still pass your CFA test.

It is not published by the CFA institute.

This should not be confused with thatCFA -PassquotePublished annually, which is usually lower and represents the percentage of the candidates who have passed a certain exam.

Do candidates have to beat MPs for every topic or just the overall exam?

There are no subject -specific passion values.

As long as your total number of points exceeds the minimum handover number, you should happen.

How is the CFA passing point determined?

In the earlier days, the MP was a simple formula - 70% of the candidates with the highest score for this year. If the candidate with the highest score achieved 90%, the MPs would therefore be 70% * 90% = 63%.

Some candidates still wrongly believe that this is the method with which the MPs are determined today.

Currently, the MPs are determined by a custom methodology developed by the CFA institute, and one of the primary inputs is a series of workshops based on the Angoff model.

This is how the MPs are intended for each level:

1. A large, diverse group of CFA charter inlagers evaluates the entire examination individually and assesses the performance of the just competent candidate. With other words, if you imagine a candidate that you judge as good enough, you appreciate the likelihood thatThis candidate does this question correctly.
2. As soon as all ratings are carried out, the charter owners take a look at the actual performance of the candidates, and the evaluation process is repeated again.
3. Psychometrics monitor the entire process and the result of this workshop is the main reference (but not the final word) for hiring the MPs.
4. The CFA Institute Board of Governors then puts all information on the Table. All information available is considered, which recommends recommendations from the Angoff Workshop (the most important input) and then containA final decision is made to the MPsThe goal is to set a consistent level of competence for years.

They are therefore better than what the CFA Institute defines as a "competent" candidate.

This can be indirectly influenced by the performance of candidates who take the same test as they take, but it is definitely not a main driver.

Chris Wiese, head of examination development at the CFA Institute, briefly summarizes the standard setting process:

Why don't the CFA institute publish the minimum sampling for every level?

The attitude of the CFA institute is that login information should measure whether a candidate has the necessary knowledge, skills and skills in order to carry out a certain working function.

They are not designed in such a way that they specify the relative performance in these skills.

MPs can vary something from year to year, based on the difficulty of the questions asked.It is designed in such a way that it is a consistent benchmark for the necessary knowledge, skills and skills.

The release of the MPs would concentrate on beating a certain "score" instead of gaining the necessary knowledge in order to act as a competent financial professional.

Is the CFA institute correct?

We believe that the reasons for the CFA institute are valid. The exams are only part of the CFA institute, and this decision if the desire to convey the comparison of CFA charterholder, and various exams of MPs and/or actual reviews aresensible. Of course, it does not prevent any candidates from wanting to know!

Will the CFA institute change this directive in the future?

It's unlikely.We previously asked the CFA instituteAnd you answered: "Among other things, this should prevent temptation for humans (e.g. employers), to compare candidates on the basis of points and to preserve a consistent yardstick over the years.“

CFA passion values for each level: our data-controlled estimates for 2012-2022

Then why do we appreciate the MPs?

1. As an ex-candidation, we also understand the need to have a target assessment when preparing for the CFA exams.
2. Because by entering our great readers, we have the collective information that no one else has to experience.
3. And because we are curious.

Before the introduction of the CFA institute through theNew result formatIn June 2018, the candidates did not receive their score in every topic, but they received a "score category" (0-50%, 51-70%, 71-100%).

In order to estimate the MPs, we have analyzed thousands of actual, detailed, self -reported candidate results. We could hand in the MPs by taking extreme cases into account, i.e.

• Candidates who went to the subject areas despite the showed goals, and;
• Candidates who failed, even though they showed good or decent subject areas

Our method - in our opinion - was quite robust and increased the accuracy the more cases we had to analyze.

Although theThe results are now given differentlyWe have developed a new method to estimate the MPs. We prefer to keep things close to our chest for the time being, but we believe that our new methodology is just as robust if not better than our old method.

Here we go:

CFA Level 1 Passion Scores 2012-2022 (estimated)

We estimated that the MPs of CFA Level 1 of 56%to 74%were compared to 2012 to 2022, with an average of 11 years of 64%.The latest estimated MPs for CFA Level 1 (i.e. Nov. 2022 examinations) are estimated at around 67%.

The latest esteemed MPs for the latest CFA Level 1 exams are:

• Nov 2022: 67%long-term average trend continues (for now?)
• August 2022: 67%
• May 2022: 66%Sign of the CFA Level 1 MPS, which returns to the long-term average!
• February 2022: 70%

SinceThe introduction of computer -aided tests (CBT)Our MPS estimates have exceeded 70%, except until recently in May and August 2022.

Official guidelines of the CFA institute say a step change to 70+%,This implies thatThe CBT examination formatis easier to evaluate compared to the older paper -based format.

In the past, it was solid advice for the candidates to aim at a70% score in their exhibitionsWith the latest MPS estimates we hope that this will continue to be the case and that 2021 is an anomaly.

While we have seen some evidence that the existence of CFA Level 1 goes back to the long -term average, we would be careful to recommend a lower MP that more data points should arise.

Why are February 2021, March 2021 and Apr. 2021 grouped together?

When we carried out the MPS analysis for the CFA tests in March and April 2021, we found that the MPs, the 90th percentile, the 10th percentile and the themed weights with the exams in February 2021 were the same, so we werethey grouped as an exam.

• February 2021, March 2021 and Apr 2021 used the same exam or the same percentage mix or the same question pool
• February 2021, March 2021 and Apr 2021 used the same candidate cohort to determine the 90th percentile and the 10th percentile. It is likely that March 2021 and Apr 2021 were simply used in February 2021Order should be because February 2021 has a lot more candidates.

CFA Level 2 Passion Scores 2012-2022 (estimated)

We estimated that the MPs of CFA Level 2 from 60%to 71%were from 2012 to 2023, with an average of 10 years of 65%.The latest estimated MPSS for CFA Level 2 are:

• Nov 2022 = 62,0%
• August 2022 = 68,0%
• February 2022 = 71.0%

The estimates between CFA Level 2 MPs have been up and have remained high since 2021.However, this can change with the recent slump in November 2022.It would be interesting to see whether this lower MPS threshold will continue with the 2023 tests.

Permanent change or Covid/CBT -Blip? Who knows at the moment? We will always appreciate and publish MPS estimates.So if we receive more data points, we get a clearer picture.

We don't get as many data points as thatThe tests of level 2 occur three times a yearBut with future exams we will recognize a pattern and see whetherThe CFA institute is right that this is temporary. But to be particularly safe, make sure that youStrive for a slightly higher score for your mocks.

CFA Level 3 Passion Scores 2012-2022 (estimated)

We estimated that the MPs from CFA Level 3 from 55%to 60%were from 2012 to 2022 and a 10-year average of 58.6%.

The latest estimated MPs for CFA Level 3 (i.e. August 2022 exams) are estimated at around 59%. (To narrow this, send your result of level 3 to results@300hourss.com!)

Important note on the accuracy of L3 MPS:Since the change to computer-aided tests (and the fact that the CFA Institute only distributes detailed results on failed L3 candidates) achieve an incredibly precise result.

The Post-CBT MPS estimates were a mixed bag. The estimate of the MPS MPS in August 2021 shows a sharp decline in May 2021 and is an all-time low, but less outlier if it compares it to historical data.2022 to be "restored"-but we simply do not have enough data points at this stage to close.

However, the pass quotas are a different story:The latest level 3 pass rates fell to 39-42% (May 2021-Nov 2021)what indicates that between theSwitch to a computer -aided test formatAndA revised test plan, DieCFA tests of level 3 may be more difficult to pass than beforeThe CFA level 3 -pass rates also show a recovery towards the historical average.

We contacted the CFA institutes to receive a comment and receive an answer:

"Unfortunately, fewer candidates passed at every level of the May exams when we might have expected in view of the historical Pass rate.We believe.

All exams are constructed with psychometric data and detailed examination runs. The difficulty of the individual exams can vary easily, and we adapt the minimum digging report to compensate for this, but in general the necessary adjustments are low - usually only a few points.MAI exams agreed with previous examination guards, and this is the case whether we look back on paper-based tests or computer-aided tests that we introduced in February this year for level I.

Computer -based tests are neither more difficult nor easier than paper -based tests. We use robust statistical analysis and processes to ensure that “the yardstick” remains unchanged for each examination management and that uses techniques that are well established by psychometers to ensure that the examIt is even more difficult because it is managed in a computer-aided setting. In our move to computer-aided tests, we have made great efforts to ensure the continued integrity of the exams and the CFA charta. Shortly, computer-aided tests are not more difficult or easier."

CFA Institute for CFA Level 3 Mai21 Exam results

My results do not seem to fit your MPS estimate!

The CFA computer -aided exams are not the same for every candidate, so the difficulty of the individual exams can vary.

In this case, the MPs are also adjusted for this specific examination. Our MPS estimate is an aggregate value, so their MPs may be higher or lower than our estimate "Usually by a few points".

See relevant quote from the CFA Institute:

All exams are constructed with psychometric data and detailed examination runs.The difficulty of the individual exams can vary slightly, and we adapt the minimum output area to compensate for this, but in general the necessary adjustments are low - typically only a few points.

So you could rightly believe that the MPs are higher for your case.

Help our MPS search and send us your results PDFS!

In order to keep this research going, we need your help to estimate the MPs of the future examination for each level.

Everything you have to do is simply to send your results PDFresults@300hours.com.Many thanks for your help!

We understand the trust that you give us if you do this and will not share your information with anyone else and you only use it to carry out anonymized analyzes that will continue to help with the presentation and future CFA examination candidates.

The fingers crossed for their results!

In the meantime you will find some related articles that can be of interest:

• When will my CFA results be published?
• Key deadlines and important CFA examination data
• CFA travel planner: Plan your CFA registration
• How to interpret your CFA results -diagrams
• Get your free CFA study planner now and adjust it