CFA Exam Results February 2022
The soonest you can expect your FEB 2022 level 1 CFA exam results is Apr 5* 2022, i.e., 6-7 weeks post-exam. However, CFA Institute has even up to 60 days to release the level 1 & level 2 CFA exam results. FEB level 2 CFA candidates may expect their exam results on Apr 19* soon.
The usual pattern for releasing 2021 CBT results was: CFA exam date + 6-7 weeks for level 1 / 7-8 weeks for level 2 / 8-9 weeks for level 3. Previously, for paper-based CFA exams, it was as follows: CFA exam date + 7.5 weeks for level 1 and 2 or CFA exam date + 9.5 weeks for level 3.
CFA exam results have usually been released either on Tuesday or Thursday.
|CFA Exam||Exam Date||
Expected Results Date
|FEB 2022 Level 1 Exam||15-21 Feb 2022||5 Apr* 2022||Currently waiting|
|FEB 2022 Level 2 Exam||22-26 Feb 2022||19 Apr* 2022||Currently waiting|
|Nov 2021 Level 1 Exam||16-22 Nov 2021||11 Jan 2022||27%|
|Nov 2021 Level 2 Exam||26-30 Nov 2021||19 Jan 2022||46%|
|Nov 2021 Level 3 Exam||23-25 Nov 2021||3 Feb 2022||43%|
|Aug 2021 Level 1 Exam||13-30 Aug 2021||14 Oct 2021||26%|
You'll get your results in your e-mail.
The e-mail message will tell you whether you PASSED or DID NOT PASS. Also, for your level 1 and level 2 exams, you will learn about your performance for given topics relative to other exam takers (go to your CFA Institute account for more details). This information can help you in your preparation for future exams.
CFA Exam Passing Score
To pass your CFA exam, you have to meet the minimum passing score (MPS) set individually for each ended exam. The MPS may vary across years, but it probably never exceeds 70%. However, neither the MPS nor individual candidate scores are ever released.
So, you will never know precisely how many points you scored or what percentage level you reached. All you can say is that:
if you PASSED you met the MPS, or you were close enough for the ethics adjustment to pull you through,
if you FAILED, you were below the MPS, or the ethics adjustment worked to your disadvantage.
To maintain high grading standards, the MPS will be set as always also for new computer-based 2021 CFA exams.
When and How is the MPS Set?
The exact MPS value is set by the CFA Institute Board of Governors, who gather after the exam to establish it. The set MPS value falls within the valid range established using the modified Angoff method, which provides an empirical basis for the MPS settlement. Applying the method, a large and diverse group of CFA charterholders assesses the exam difficulty and actual candidate performance before the MPS is determined.
What's the CFA Exam Results Format?
Here are the 2 most important things when you view your CFA exam results:
thin dashed black line & thick blue line
The thin dashed black line is the MPS set for your exam. The thick blue line is YOU.
When it comes to your exam score:
blue ABOVE black = you PASSED
blue BELOW black = you FAILED
In Jan 2018, CFA Institute introduced this new – more visual – way of informing CFA exam takers about their scores.
More visual means more attractive. However, it still lacks the transparency and concreteness candidates long for.
In line with what we've already said, no concrete value is attributed to neither the blue (YOU) nor the black (MPS) line. Moreover, if your score is close enough to MPS, your blue line may even overlap with the black MPS line, which – unfortunately – will not always mean you passed :/.
For the sake of visual presentation, you'll also see:
a thick purple dashed line telling you that only 10% of all candidates scored higher than that, and
a thick black dashed line is telling you that only 10% of all candidates scored lower than that.
Both these lines will be placed – respectively – above and below the thin dashed black MPS line. They are to show you how you did in the exam compared to others. (We hope you can always find your thick blue line in the close vicinity of the purple line and way above the MPS line!)
Last but not least, because different favorable & unfavorable factors may influence your exam score – you will find your thick blue line inside a light blue box (confidence interval). This shows your actual ability, which might be higher than the line (but on the exam day, you had to face some unfavorable circumstances) or lower than the line (but in the exam, you worked under favorable circumstances). The fact that CFA Institute is trying to allow for additional factors is actually good!
For your topic performance presentation, the rules applied are pretty much the same. You'll get an estimation of:
your topic score in the exam (blue line – no exact value given again),
your true topic ability (blue confidence interval – allowing for different favorable & unfavorable factors),
your topic performance compared to other candidates (thick dashed purple and black lines – indicating 10% of the best vs. worst topic scores).
These estimations are all set against the MPS-like 70%-value thin black line, which indicates 'topic mastery.' Your topic's performance is generally presented using separate blue lines.
Level 3 candidates will also find a similarly presented 'essays vs. item sets' comparison showing their performance in the exam.
How High Are CFA Exam Pass Rates?
In previous years, CFA exam pass rates were relatively fixed, around 43% for levels 1, 46% for level 2, and over 50% for level 3. While the Nov 21 level 2 pass rate is back to normal, the most recent level 1 CFA exam pass rates are astonishingly low:
|Year||Level 1||Level 2||Level 3|
|2015||42% (June); 43% (Dec)||46% (June)||53% (June)|
|2016||43% (June); 43% (Dec)||46% (June)||54% (June)|
|2017||43% (June); 43% (Dec)||47% (June)||54% (June)|
|2018||43% (June); 45% (Dec)||45% (June)||56% (June)|
|2019||41% (June); 42% (Dec)||44% (June)||56% (June)|
|2020||49% (Dec)||55% (Dec)||56% (Dec)|
44% (Feb); 25% (May); 22% (July);
26% (Aug); 27% (Nov)
|40% (May); 29% (Aug); 46% (Nov)||42% (May); 39% (Aug); 43% (Nov)|
You need to realize one thing, though. Usually, even 25% of registered candidates decided to stay at home rather than go to the exam because they felt not ready to take it. This means that the "real" pass rate for, e.g., level 1 was more like 30% than 43%. It is highly possible that after many postponements and difficulties resulting from the ongoing pandemic, now more candidates decide to take their chance even though they know it is a tough call for them.
That may be why the most recent pass rates are lower compared to the previous years. This seems particularly true for the level 1 CFA exam, where many candidates take their exam for the first time and don't know yet what CFA exam prep entails.
Aware of the enormous numbers of those who could use some more preparation, we help all candidates stay on the right track with their prep regardless of their exam level. Our CFA exam study planner is based on 3 pillars: control, motivation, and knowledge retention. Following our guide, you'll get yourself responsible and productive exam prep. Should you execute your study plan week by week and learn efficiently while studying, you're bound to find yourself among those who passed.