Understanding the Percentile Rank for CFA Level 3

Learn about the concept of percentile rank for CFA Level 3 and its significance for candidates from an expert's perspective.

Understanding the Percentile Rank for CFA Level 3

As an expert in the field of finance and investment, I have a deep understanding of the CFA (Chartered Financial Analyst) Program and its three levels. In this article, I will explain the concept of percentile rank for CFA Level 3 and its significance for candidates. After each administration of the exam, the Governing Board of the CFA Institute sets the minimum passing score (MPS) for each level. This is known as the latest MPS estimate for Level 3 of the CFA. The detailed test scores and answers to test questions are evaluation information and are part of candidates' test history, and both are the sole property of the CFA Institute.

While they don't reveal your actual grades, they provide valuable insights into your performance and level of preparation. The passing rates for each level of the CFA Program are released after every exam. However, the scorecard goes one step further by providing additional information. The CFA Institute believes that your score line represents just a snapshot of your performance and level of preparation. Therefore, if you receive the results of your Level 3 CFA, you will see a third page showing the performance tables of the test and the set of objects.

This allows you to understand your performance in comparison to other candidates. To provide more context, the CFA Institute also shows where the scores for the 90th and 10th percentiles of the total number of candidates fall. This means that if you scored above the 90th percentile, you performed better than 90% of all candidates who took the exam. Similarly, if you scored below the 10th percentile, you performed worse than 90% of all candidates. Based on the numbers and the CFA Institute's methodologies on pass rates and MPS, it can be inferred that the average quality of candidates for the CFA exams on May 21 was lower. It is important to note that there is no minimum passing score for each subject area.

Instead, the CFA Institute shows a 70% line as a reference point, representing 70% of the points available for that topic. This helps candidates understand their performance in each subject area. The test results are usually available approximately 5 to 8 weeks after the close of the exam period, depending on the exam level. After this date, candidates can demonstrate their membership in the CFA Program by generating and downloading a verification letter from the verification letters section of their account profile.

At the CFA Institute, we understand the trust you place in us when you share your information with us. We want to assure you that we will not share your information with anyone else and will only use it to perform anonymous analyses that continue to help current and future CFA exam candidates.

The Level 3 exam consists of structured answer questions (also known as “essay” questions) and questions with a set of points.

This format allows candidates to demonstrate their knowledge and understanding of complex financial concepts and theories.