Failing the CFA exam: retake rules, waiting times and what to do next
The rules about when and how often you can retake a level shape any plan for failing one. This guide sets out CFA Institute's eligibility policy, what your score report tells you, and how to use it.
The retake rules
CFA Institute's exam eligibility policy sets four limits:
- At most twice in a calendar year. A candidate may take the exam a maximum of two times per calendar year, where that applies.
- Not in consecutive windows. You cannot sit in consecutive testing windows.
- Not less than six months apart. You also cannot sit in windows less than six months apart.
- Six attempts per level. Each candidate is allowed up to six total attempts per exam level.
Candidates who are unsuccessful after six attempts at the same level are no longer eligible to register, and this applies to attempts under both existing and newly created accounts. Partially completed exams count towards the maximum: if you sit only one session, it still uses an attempt.
Only people who meet all admission requirements, including professional conduct standards, and who are not suspended or prohibited from CFA Institute exam programs, may register.
What a failed attempt costs
A retake means another registration fee, at the Early or the Standard price. See how much the CFA costs. It also costs time: with the six-month gap, the next available window is usually at least half a year away. The exam dates are on the exam dates page. Level I is offered four times a year, Level II three times and Level III twice, so the choice of windows differs by level.
Reading your score report
You receive a result of Pass or Did Not Pass, a scale score, and a breakdown of your performance by topic. Level III candidates who pass receive only an email of congratulations.
- Your scale score is shown against the Minimum Passing Score. At Level I, for example, the MPS is 1600 on a scale from 1000 to 1900. Because each attempt is on the same scale, you can see whether you have improved. See what the CFA passing score is.
- A confidence interval is the range your score would probably fall in on a similar exam. If your score is below the MPS but the interval overlaps it, you are close and may need only a little more study. If the interval is entirely below the MPS, CFA Institute recommends substantial remediation before retaking, with focused study on the topics where you did least well.
- Topic results are shown as a percentage of the available points, with lines at 70% and 50%, and the average for that window. There is no pass or fail by topic, and you cannot add topic results to get your overall score. A topic entirely below 50% needs substantial work, and CFA Institute suggests aiming for 70% or more on practice problems.
CFA Institute does not provide the number of questions you answered correctly, or a raw score. Retabulations are not available, and exam results cannot be reviewed.
Planning the retake
- Start from the topic report. Rank topics by how far they sit below the 70% line, and weight them by their exam weight.
- Decide how much has to change. Close to the MPS means targeted fixes. Well below means rebuilding the weak topics from the start.
- Change the method, not only the hours. Reading the same material again is the weakest form of study. Add practice questions, review on a schedule, and timed mocks. See how many practice questions to do.
- Take a fresh diagnostic. A free diagnostic shows where you stand before you commit hours.
- Register early for the next window, and leave enough weeks for your plan. See how many hours to study.
Count your attempts. With a limit of six per level, a plan that assumes you will get another go is not a plan.
Common questions
How many times can you retake the CFA exam?
Up to six attempts per level, and no more than twice a year. Partly completed exams count.
How long do I have to wait to retake the CFA exam?
You cannot sit in consecutive testing windows or in windows less than six months apart.
What happens if I fail the CFA exam six times?
You are no longer eligible to register for that level, including under a new account.
Can I find out how many questions I got right?
No. CFA Institute does not provide your raw score or the number of questions you answered correctly. You see a scale score against the Minimum Passing Score and a breakdown by topic.
Sources
- CFA Institute, The CFA Program: the exam eligibility policy and the guide to understanding exam results.
Policies change. Check the current rules on the CFA Institute website before you plan a retake.