According to the CFA Institute, "after each exam administration, the CFA Institute conducts a thorough analysis of exam questions and candidate performance to identify the minimum passing score (MPS) that demonstrates competence in the subject matter. The CFA Institute Board of Governors then convenes to approve the MPS for each level. This approach ensures fairness to candidates across various exam administrations because the difficulty of each test is taken into account when setting the MPS. Note that the CFA Institute does not release the MPS or individual candidate scores."