Some of these changes are as follows: 1  The Church was no longer independent from the state. 2  They reached the end of feudalism. 3  The people of France gained rights and liberties, along with legal equality. 4  Women gained some power; mainly a voice for political and social rights.
The CFA Program includes a series of three exams; Levels I, II, and III. Are offered annually â at test centers around the world â on the first Saturday in June. The Level I exam is also offered in December.
Detailed exam scores and responses to exam questions are measurement information and part of a candidate's exam record, both owned solely by CFA Institute. This information is not given to candidates. Minimum Passing Score. After each exam administration, the CFA Institute Board of Governors sets the minimum passing score (MPS) for each level.