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When Do CFA® Exam Results Come Out?

By: Kaplan Schweser
October 27, 2021
Chartered Financial Analyst exam results should be accessible to Level I and Level II test takers within 2 months of taking the exam.  If you took the Level III CFA exam, you should expect to receive your exam results within 3 months of taking the exam.  Level I and Level II exam results are made available earlier to test takers because the Level III exam requires hundreds of CFA charterholders to help grade the essay responses collected in the Level III exam.


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 WindowRegistration DeadlineScheduling DeadlineRescheduling Deadline
November 16 – November 22August 10August 25October 14



CFA Exam Level II Window Example

CFA Exam Date WindowRegistration Deadline
Scheduling Deadline
Rescheduling Deadline
May 18 - May 24February 23March 10April 16



CFA Exam Level Ill Window Example

CFA Exam Date WindowRegistration Deadline
Scheduling Deadline
Rescheduling Deadline
May 24 - 26February 1February 16April 23



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.

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

Three Example CFA Exam Results: Pass, Fail, Marginal

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.

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