CFA® Program Level I Guides
Level I results in the CFA® Program: what your score report tells you
By PreparaioEditorial team & sourcesUpdated
Results for Level I of the CFA® Program arrive weeks after the exam and contain less detail than many candidates expect. Knowing what the report shows, and what it does not, helps you plan the next step either way.
This guide is independent educational content. Preparaio is not affiliated with, endorsed by, or reviewed by CFA Institute. Check release dates and policies on the official CFA Institute pages.
Contents
When results arrive
Results come by email, and all candidates of a window are notified on the same day. The official pages give slightly different ranges, so expect results usually about five to nine weeks after the window. Recent Level I releases:
- November 2025 window: 13 January 2026.
- February 2026 window: 19 March 2026.
- May 2026 window: 23 June 2026.
- August 2026 window: 24 September 2026.
No result without a Practical Skills Module
Your result is released only after you complete at least one Practical Skills Module (PSM). For Level I the options are Financial Modeling and Python Programming Fundamentals, and a module takes about 10 to 20 hours. If no PSM is finished by the release date, the result is voided and you must register and pay again. Ideally, finish it before exam day.
What the score report shows
The report has an overall part and a topic part. There is no minimum score per topic: strong topics can offset weak ones.
- Pass or “Did Not Pass”.
- Your scale score with a confidence interval, the minimum passing score (MPS) line and the average for the administration.
- Per topic: your percentage of points with a confidence interval, reference lines at 50% and 70%, and the topic average.
How the passing line works
All questions are weighted equally and wrong answers carry no penalty; the exam may also contain unscored items that are not marked. The MPS is set by the Board of Governors when curriculum or candidate population change significantly, and is otherwise carried forward by equating. No numeric MPS is published, so treat any fixed passing percentage you read online with caution.
What you will not see
Detailed scores and item responses are not released, and the number of points per topic is not disclosed, so you cannot review individual questions. Results stay available online for about one year; after that you can download a verification letter showing pass or fail only.
Published pass rates
CFA Institute publishes pass rates per window. The long-run Level I average from 1963 to 2026 is 41%; for the ten-year average, official sources give 40% or 41%. First-time candidates passed more often than candidates who had deferred. These are group figures and say nothing about your own chances.
- November 2025: 43% (first-time 49%, deferred 29%).
- February 2026: 45% (50% vs 30%).
- May 2026: 39% (45% vs 25%).
- August 2026: 43% (49% vs 29%).
Reading a “Did Not Pass” report
Start with the gap between your scale score and the MPS line: a small gap calls for sharpening, a large one for rebuilding. In the topic part, look at topics below the 50% line that also carry high weights, as they cost the most. Wide confidence intervals mean small differences between topics are not reliable. Before you rebook, check the attempt and spacing rules.
Frequently asked questions
Is there a fixed percentage needed to pass?
No numeric MPS is published. Your report compares your scale score with the MPS line.
Do I need to pass every topic?
No. There is no minimum per topic; strong topics can offset weak ones.
Can I see which questions I got wrong?
No. Item responses and detailed scores are not released.
What happens if I skip the PSM?
Without at least one completed PSM by the release date, your result is voided and you must register and pay again.
Sources & currency
- Exam version
- CFA® Program Level I, curriculum 2027 (from February 2027) (valid from )
- Editorial check
- Source check by the Preparaio editorial team ()
- Author
- Preparaio RedaktionEditorial team, fact-checking against official primary sources
- Reviewed by
- Source-checked by PreparaioSource comparison with the exam providers' own pages
- Fact-check status
- Checked against official primary sources ()
- Content version
- 2026-10-28
How we check: Every exam-relevant fact is compared with the exam providers' official pages (g.a.s.t./TestDaF-Institut, BAMF, ETS, IELTS Partners, telc). The check is editorial, supported by AI and automated test gates; it is not a review by certified examiners.
The hard exam facts in this article were verified against the official primary sources linked below on the date shown. This is not a review by an examination body and does not replace information from your test centre. Fees, dates and local procedures are set by the test centres themselves.
Official primary sources
- Exam results — CFA Institute · cfainstitute.org · official primary source · checked on
- Understanding your exam results — CFA Institute · cfainstitute.org · official primary source · checked on
- Practical skills modules — CFA Institute · cfainstitute.org · official primary source · checked on
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