Level 1 Examination results are available online within 60 days of the exam date. Individual results will be mailed to each exam candidate, with topic area results tabulated. The minimum passing score is set each year by the CFA Institute and varies from one year to the next. The CFA Institute reports that 38 percent of test takers passed the June 2012 administration of the Level 1 Exam. Historically, the pass rate for this exam usually falls between 37 and 42 percent.