CFA Level II · exam guide

CFA Level II Passing Marks and Results

Checked against CFA Institute's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

Results are pass or fail against a scaled Minimum Passing Score, which is 2600 for Level II.

• Your result is pass or fail, with an overall scale score to compare against the Minimum Passing Score (MPS).
• The Minimum Passing Score for Level II is 2600 on the reporting scale. There is no minimum passing score for individual topics.
• The MPS is set by the CFA Institute Board of Governors after an administration whenever the curriculum or candidate population changes significantly; otherwise it is carried forward by equating, which allows for differences in difficulty between exam versions.
• CFA Institute does not publish a fixed percentage of questions needed to pass.
• Results are emailed within 5-9 weeks after your exam window closes. CFA Institute's exam overview says Level II results come within 5-7 weeks of taking the exam, once your Practical Skills Module is complete.
• You only receive a result if you have completed one Practical Skills Module (PSM) for this level by the results release date; otherwise the result is voided and you must register, pay and retest at the same level.
• CFA Institute shows a 10-year average pass rate of 45% for Level II.