What 'pass' actually means — based on verified candidate reports.
No certification body publishes the Minimum Passing Score (MPS). These ranges come from our candidate survey, triangulated across multiple sittings together with historical commentary. They are estimates, not guarantees — directional benchmarks for how to read your own mock-exam scores.
Last verified: 2026-05-01
~65% – 69%
~67% is the most-cited centre. CFA Institute confirms an MPS exists but never publishes the figure; the scaled-score system puts the cut at ~120 of 180 questions. Score 70%+ on the official mock under timed conditions and you are very likely in the pass band.
~66% – 70%
Slightly higher than Level I and elevated since 2022. November sittings are historically the hardest. Item-level scoring is opaque — focus on total score across all vignettes; aim for ≥70% on a timed full-length mock.
~60% – 65%
Lowest of the three levels, but the constructed-response (essay) section is where most candidates lose points and grading strips partial credit. Aim for ≥65% overall and 70%+ on essays specifically.
~50% – 55%
Holds across recent sittings — confirmed passes reported as low as 51%. GARP grades against the cohort each window, so the bar moves. Practical self-assessment floor is ~60% on the GARP practice exam — give yourself a real buffer.
~51% – 52%
Tighter and remarkably consistent band. Part II is application-heavy so raw scores run lower, but the effective bar is similar to Part I. "Quartile 1 in every topic" is the operational pass benchmark; 60%+ on the GARP mock is safe.
~65% – 70%
CAIA Association uses 70% of total points as the initial benchmark, but scores are compared against the cohort so the effective cut typically slips into the mid-60s. The Association does not release scores or the passing mark. Treat ≥70% on mocks as the safe target.
~65% – 70%
Same 70%-of-points benchmark as Level I, cohort-adjusted. Level II adds a constructed-response section (~30% of points) on top of multiple choice. Pass rates run higher than Level I, but the scoring stays undisclosed.
Sources are public candidate forum posts. Linked sources alongside each band. We are not affiliated with the certification bodies and do not claim insider knowledge.