CFA Level 1 Scoring Guide
How scores are calculated, what they mean, and how to reach your goal score.
Scoring Overview
CFA Level 1 uses a minimum passing score (MPS) set by the CFA Institute Board each exam. No official percentage is published; historically it's approximately 65%. Results reported as pass/fail with topic-area performance deciles.
Score Scale
| Section | Duration | Max Score |
|---|---|---|
| CFA Level 1 — Session 1 | 135 min | 90 |
| CFA Level 1 — Session 2 | 135 min | 90 |
Section Breakdown
ethics
Professional and Ethical Standards — highest weight, always tested.
Code of EthicsStandards of Professional ConductGIPSResearch objectivity
quant
Quantitative Methods — statistical foundations for investment analysis.
Time value of moneyStatisticsProbabilityRegressionSampling
fsa
Financial Statement Analysis — the largest single topic area.
Income statementBalance sheetCash flowRatio analysisIntercorporate investments
equity
Equity — valuation methods and market structure.
DCFMultiplesDDMMarket efficiencyIndustry analysis
Key Facts
- Questions
- 180 MCQ (2 sessions of 90)
- Duration
- 4.5 hours total
- Passing score
- ~65% (varies by cohort)
- Cost
- $900–$1,200 USD
- Offered
- February, May, August, November
- Pass rate
- ~40% globally
Study Tips
- 1.Ethics is the highest-weighted topic — start and end your studies with it.
- 2.Use the CFA Institute curriculum or SchweserNotes; don't rely on third-party alone.
- 3.Do 1,000+ practice questions before exam day.
- 4.Master the BA II Plus calculator shortcuts (NPV, IRR, TVM, statistics).
- 5.Review wrong answers, not just right ones — understand the reasoning.
- 6.Take at least 3 mock exams under timed conditions in the final two weeks.