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2018 CFA Exam Level 1 & 2 RESULTS and PASS LIST

Did you pass the Chartered Financial Analyst (CFA) exam? Information about the official results, pass list, and announcements related to the CFA Exam can be viewed here.

UPDATE: The CFA Level 1 and Level 2 Exam results have been released as of August 14, 2018. The June 2018 CFA Level I pass rate is 43%, while the June 2018 Level II pass rate is 45%. Congratulations to all successful CFA examinees!

The Level 3 CFA Exam results, meanwhile, will be officially announced on August 28, 2018. Stay tuned!

Check out other posts about the CFA Exam!

This 2018, the CFA Exam was administered late compared to previous years. The CFA Exam is usually conducted during the first Saturday of June, but this year, it was conducted on June 23, the fourth Saturday. The reason was the schedule conflict with the Muslim observance of Ramadan.

This was confirmed in an official tweet by the CFA Institute, saying: “The change was made to avoid conflicting with the observance of Ramadan and the associated holiday and events.”

Did you know that according to the CFA Institute, there are only 132,000 CFA charterholders around the world?

And that the average CFA exam pass rate during the 55-year period from 1963, when the CFA exam was first administered, until 2017 was just 46%? The table below shows the CFA exam pass rate for each level.

CFA Exam Level I, II, and III Pass Rate

Total Takers1,539,699705,209394,7792,639,687
Pass Rate42.2%46.5%57.4%45.6%

How to Check if you Passed the CFA Exam

The CFA Institute does not release a Pass List but there are two ways for you to find out the official results of the CFA exam: (1) via email; and (2) via the official CFA Institute website.

The first method — via email — is pretty straightforward. All examinees will receive an email from the CFA Institute with a message explicitly showing whether they PASSED or FAILED the exam.

Here’s a sample email sent to an examinee about the CFA Exam results:

When does CFA send the results email?

The email is usually sent anytime after 9:00 AM Eastern Time (ET) during the results announcement day.

Take note, however, that since the CFA Institute will be sending thousands of emails, the emails are batch-processed which means you might not receive the email immediately after 9:00 AM ET. It’s possible that you will receive the email several minutes or even hours after 9:00 AM ET.

Don’t worry, though, since you will surely receive the email. It might be delayed, but it will be sent to your inbox. Check below what time 9:00 AM ET is in your city so that you’ll know what time to expect the results email.

What Time CFA Sends Email Results

Argentina - Buenos Aires10:00Netherlands - Amsterdam*15:00
Australia - Australian Capital Territory - Canberra23:00New Zealand - AucklandNext Day 01:00
Australia - New South Wales - Sydney23:00Norway - Oslo*15:00
Australia - Northern Territory - Darwin22:30Pakistan - Islamabad18:00
Australia - Queensland - Brisbane23:00Pakistan - Lahore18:00
Australia - South Australia - Adelaide22:30Pakistan - Sindh - Karachi18:00
Australia - Victoria - Melbourne23:00Paraguay - Asuncion09:00
Australia - Western Australia - Perth21:00Peru - Lima - Lima08:00
Austria - Vienna - Vienna*15:00Philippines - Manila21:00
Bahamas - Nassau*09:00Poland - Warsaw*15:00
Belgium - Brussels*15:00Portugal - Lisbon*14:00
Brazil - Distrito Federal - Brasilia10:00Puerto Rico - San Juan09:00
Brazil - Rio de Janeiro10:00Qatar - Doha16:00
Brazil - Sao Paulo10:00Romania - Bucharest*16:00
Canada - Alberta - Calgary*07:00Russia - Anadyr*Next Day 01:00
Canada - Alberta - Edmonton*07:00Russia - Moscow*17:00
Canada - British Columbia - Vancouver*06:00Saudi Arabia - Riyadh16:00
Canada - Manitoba - Winnipeg*08:00Serbia - Belgrade*15:00
Canada - Newfoundland and Labrador - St. John's*10:30Singapore - Singapore21:00
Canada - Nova Scotia - Halifax*10:00South ANext Dayca - Cape Town15:00
Canada - Ontario - Ottawa*09:00South ANext Dayca - Johannesburg15:00
Canada - Ontario - Toronto*09:00South Korea - Seoul22:00
Canada - Quebec - Montreal*09:00Spain - Barcelona - Barcelona*15:00
Chile - Santiago09:00Spain - Madrid*15:00
China - Beijing Municipality - Beijing21:00Sweden - Stockholm*15:00
China - Shanghai Municipality - Shanghai21:00Switzerland - Zurich15:00
Colombia - Bogota08:00Taiwan - Taipei21:00
Czech Republic - Prague*15:00Thailand - Bangkok20:00
Denmark - Copenhagen*15:00Turkey - Ankara*16:00
Dominican Republic - Santo Domingo09:00Turkey - Istanbul*16:00
Egypt - Cairo*16:00Ukraine - Kyiv*16:00
El Salvador - San Salvador07:00United Arab Emirates - Dubai17:00
Ethiopia - Addis Ababa16:00United Kingdom - England - London*14:00
Finland - Helsinki*16:00Uruguay - Montevideo10:00
France - Ile-de-France - Paris*15:00USA - Alaska - Anchorage*05:00
Germany - Berlin - Berlin*15:00USA - Arizona - Phoenix06:00
Germany - Hesse - Frankfurt*15:00USA - California - Los Angeles*06:00
Greece - Athens*16:00USA - California - San Francisco*06:00
Guatemala - Guatemala City07:00USA - Colorado - Denver*07:00
Honduras - Tegucigalpa07:00USA - District of Columbia - Washington DC*09:00
Hong Kong - Hong Kong21:00USA - Florida - Miami*09:00
Hungary - Budapest*15:00USA - Georgia - Atlanta*09:00
Iceland - Reykjavik13:00USA - Hawaii - Honolulu03:00
India - Delhi - New Delhi18:30USA - Illinois - Chicago*08:00
India - Karnataka - Bangalore18:30USA - Indiana - Indianapolis*09:00
India - Maharashtra - Mumbai18:30USA - Louisiana - New Orleans*08:00
India - West Bengal - Kolkata18:30USA - Massachusetts - Boston*09:00
Indonesia - Jakarta20:00USA - Michigan - Detroit*09:00
Ireland - Dublin*14:00USA - Minnesota - Minneapolis*08:00
Israel - Jerusalem15:00USA - Nevada - Las Vegas*06:00
Italy - Rome*15:00USA - New York - New York*09:00
Jamaica - Kingston08:00USA - Pennsylvania - Philadelphia*09:00
Japan - Tokyo22:00USA - Texas - Dallas*08:00
Jordan - Amman*16:00USA - Texas - Houston*08:00
Kazakhstan - Almaty19:00USA - Utah - Salt Lake City*07:00
Kuwait - Kuwait City16:00USA - Washington - Seattle*06:00
Malaysia - Kuala Lumpur21:00Uzbekistan - Tashkent18:00
Mexico - Ciudad de Mexico - Mexico City*08:00Venezuela - Caracas08:30
Morocco - Casablanca13:00Vietnam - Hanoi20:00

* adjusted for Daylight Savings Time (DST) or summer time

If after a few hours you still haven’t received the email, your next option is to log on to the CFA website ( Be warned, however, since thousands of examinees are also likely simultaneously checking the results. This means the website could load really, really slow or could even be temporarily inaccessible.

Still, don’t panic! Just wait a few minutes (or a few hours), come back to the site, and try again. You’ll soon be able to find out if you passed the CFA exam.

Your CFA Exam Score – New Presentation Format

The presentation of the CFA exam scores has been recently revamped. According to the CFA Institute, this new presentation format is intended to “ensure you have the information needed to prepare you for the next step in your journey, whether that is preparing for the next level, signing up to re-take the same level, or pursuing other opportunities. Your score report gives you important information to use in your decision.”

Check out other useful posts about the CFA exam!

Information Source: CFA Institute (

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