CFA candidates can expect their exam results within 8-10 weeks after the close of an exam window for Level I and Level II, and after about 10 weeks for Level III.
After an exam window closes, CFA Institute thoroughly evaluates not only the candidate performance on the exam, but also the exam questions to set the MPS (minimum passing score). The MPS represents what CFAI agrees is basic understanding of the subject matter.
For Level III essay grading, CFAI enlists hundreds of CFA charterholder to grade the candidate essays. The Board of Governors will then convene to approve the MPS.
Candidates can expect to receive messages updating them on the progress of their exam results and other information.