CFA® Retabulation?

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FinQuiz Editorial Additions (2026 Update)

This section is written by FinQuiz editors. The guest post below was written in August 2016, when the CFA exams were still paper-based bubble sheets scored by optical scanners. Almost every mechanical detail has changed since—but here is the interesting part: every change makes Joseph’s conclusion stronger, not weaker.

The short version: retabulation no longer exists. CFA Institute has discontinued the service for the computer-based exam—results are not reviewed or re-evaluated, and there is no appeals process. The scenario the service was designed to catch—a scanner misreading your pencil marks—became impossible when the exams went computer-based, and exams scoring near the passing standard are automatically re-graded before results are ever released. Joseph’s 2016 verdict that a retabulation was not worth the fee has, in effect, become official policy.

What has changed since 2016

  • No more bubble sheets: the exams are computer-based, so the “you marked B but the machine read C” scenario in this post can no longer happen—a key reason the retabulation service itself was retired.
  • The 10 fail bands are gone: since 2025, your score report shows a scaled score plotted against the Minimum Passing Score for your sitting—Level I is reported on a 1,000–1,900 scale with the MPS at 1,600—plus a topic-by-topic performance chart. Joseph’s band-math walkthrough below is a fascinating artifact of its era, but the estimates no longer apply.
  • Borderline exams are re-graded automatically: the middle band of candidates closest to the MPS gets a second grading pass (and a third if the first two disagree) before results go out—institutionalizing exactly the double-check candidates used to pay for.
  • Retabulation has been discontinued: CFA Institute now states that, due to the exam’s format, retabulations are not available—results are not reviewed or re-evaluated, and there is no appeals process for disputing scores. Rigorous quality-control procedures during scoring have replaced the old recheck service.
  • Results arrive faster and year-round: results are released roughly 5–8 weeks after each exam window closes, and with multiple windows per year, a retake no longer means waiting a full year.
  • The pass rates he quotes have barely moved: his 2016 figures (43% Level 1, 46% Level 2) sit right where recent years landed—2025 averages were roughly 44% at Level 1, 42% at Level 2, and about 50% at Level 3. Failing is still the majority outcome at the first two levels, which is worth remembering before blaming the scoring.

If you just got a “Did Not Pass”

  • Read the topic chart, not the tea leaves: your report now tells you exactly which topics fell below the passing standard—that is your retake plan, and it is far more actionable than the old bands.
  • Joseph’s closing advice is the real answer: commit early to the next window and master the material. Our study plan for retakers turns that into a concrete schedule.
  • A note on cost: every FinQuiz product carries a pass guarantee—if you don’t pass, you receive the updated next-edition materials free, so a retake doesn’t mean repurchasing your prep.

Recommended Level I resources (FinQuiz)

Only Level I resources are promoted in the editorial areas of this page.

Practical pairing: Since a score recheck is no longer an option, your topic report and a fresh benchmark are the honest signal: take the free mock, and the gap between your score and the passing range becomes your retake plan.

Original Guest Post (Text Unchanged)

Disclosure: The guest author does not endorse FinQuiz products. The content below is displayed with no edits, no paraphrasing, and no reordering. No links have been added into the author’s text. Originally published August 6, 2016; it describes the paper-based exam of that era—see the editorial update above for what has changed.

The results of the June CFA exams were released last week, marking the end to a long and difficult exam season. Less than half the level one candidates (43%) passed the exam with level two candidates doing a little better with 46% passing their CFA exam. These are both above the ten-year averages at 39% for the first CFA exam and 44% for the second exam.

Results for the level 3 CFA exam are due out on August 9th with an average pass rate of 53% over the last ten years.

CFA retabulation worth it?

Around this time, I get a lot of emails asking if candidates should request a retabulation of their CFA exam score. The CFA Institute offers the service, for a fee, but is it really worth it?

Understanding CFA Exam Results

CFA exam scores are given on a pass-no pass basis with a 10-level scoring system for those that did not pass. While the minimum passing score is never released, we know that no candidate has ever failed a CFA exam with a percentage score of 70% or higher.

The scoring band system of 10-levels for candidates that did not pass is an equal-band measure, meaning that each band is the same number of points. The number of points separating you from the next higher band are not known either but you can put together a rough estimate by thinking through it. If we assume anyone with a 70% passed and that even the candidate guessing on every question should have gotten a 20%, then we have about 50% within the ten bands or about 5% in each band.

There are a total of 360 points available on each CFA exam with individual questions worth three points each, not counting the essay portion of the level 3 CFA exam. That means, if there is a 5% difference from one band to the next, that you need to have answered as many as six more questions correctly (6*3 = 18 points) to make it to the next band.

This is a very rough estimate and we can’t know the actual numbers. I would say it is probably a maximum for the percent in each fail band. Even if each band is only 3% then you still have 10.8 points or at least three questions within each band.

What does this mean? For retabulation to change the score on your CFA exam to the next band, your original score will likely need to be wrong by at least three questions.

Should you Request a CFA Retabulation?

A CFA retabulation request for your exam score is due by the 9th of September along with your payment of the $100 fee. The CFA exam retabulation form is available here and must either be mailed or faxed to the address on the form. It takes between one and three weeks to receive your retabulation results by email.

CFA Retabulation will not change an incorrect answer to a correct one and will not get you extra points on missed questions. The process is done by hand but only checks to make sure the machine scored your answers correctly, noting which circles were marked.

For example – If you marked B, the correct answer, but the machine read your answer incorrectly as marking C then a CFA retabulation would result in a higher score. Retabulation of your CFA exam does not change the answer you marked, nor will it make a judgement call and give you partial credit for an incorrect answer.

Retabulation of the level 3 essay questions will not change the score given for a segment, only that your scores were added up correctly.

If the retabulation changes your score, you are refunded the $100 fee. If your score remains the same, your fee is not refunded.

There is no data released on scores changed by retabulation but I have never heard of anyone that got a higher score, much less anyone that changed a no-pass to a pass. If you are in the final fail band 10, you might consider it but it is still unlikely to make a difference. The accuracy rate on optical mark recognition (bubble-sheet scanners) is above 99% which means only 1% of tests have any error, much less an error on multiple questions.

It is extremely painful to feel like you wasted the last six months of your time but a retabulation isn’t likely worth the fee. Thinking about the tests in a larger context will make it a little easier. Really, how much difference does it make whether you pass this year or next when considering a 30- or 40-year career. Your additional studying only means that you will have a stronger grasp on critical material and the opportunity to be a better professional.

Take your CFA exam fail as what it is, a learning experience. Commit to hitting the material early next year and mastering the curriculum.

‘til next time, happy studyin’

Written by Joseph Hogue, CFA

Related Blog Posts

FAQ (Global candidates)

Does CFA exam retabulation still exist for the computer-based exam?

No. CFA Institute has discontinued retabulation: due to the format of the computer-based exam, retabulations are not available, results are not reviewed or re-evaluated, and there is no appeals process for disputing scores. CFA Institute applies rigorous quality-control procedures throughout scoring to ensure every candidate’s responses are accurately recorded, verified, and scored—and exams near the passing standard are automatically re-graded before results are released.

What do failed candidates see now instead of the old 10 fail bands?

The 10-band system this post describes is gone. Since 2025, your score report shows a scaled score plotted against the Minimum Passing Score for your administration—for example, Level I is reported on a 1,000–1,900 scale with the MPS set at 1,600—plus a topic-by-topic performance breakdown. That topic chart is far more useful for planning a retake than the old bands ever were.

Has anyone ever turned a fail into a pass through retabulation?

CFA Institute publishes no data on retabulation outcomes, and this post’s 2016 observation still holds: successful score changes are essentially unheard of. It is even less likely today, because computer-based testing eliminated the bubble-sheet misread scenario entirely, and exams scoring near the Minimum Passing Score are already automatically re-graded before results are released. With the service now discontinued, the question is settled—your time and money are better spent on the next attempt.

What should I actually do after failing a CFA exam?

Exactly what this post concludes: treat it as a learning experience and commit early to the next window. Start with your topic-level score report—it tells you precisely where the retake work is. Multiple exam windows per year mean your next attempt can be months away, not a full year. FinQuiz study materials also carry a pass guarantee: if you don’t pass, you receive the updated next-edition materials free, so a retake doesn’t mean repurchasing.