Level 1 CFA® Exam: Measures of Location (Computing Percentile)

CFA exam review / Measures of Location: Percentile

This blog post was created as a part of the CFA exam review series to help you in your level 1 exam revision, whether done regularly or shortly before your CFA exam.

measures of location - percentile - level 1 CFA Exam Review

Thanks to this short post, you can recall an important level 1 CFA exam formula and get a useful piece of advice related to measures of location and a practical tip.

Formula for the Location of a Percentile


  • \(y\) – percentile,
  • \(L_y\) – location of the percentile,
  • \(n\) – number of observations.


Before computing any measure of location (like percentile, median, etc.), sort observations in ascending or descending order.

Measures of Location: Practical Tip

If the location of the percentile is not an integer, we need to apply linear interpolation to compute this percentile. Have a look at the example.


There is a set of numbers given in ascending order: 2, 12, 23, 34, 45, 55, 65, 83, 87, and 89. Determine the value of the 20th percentile.



LAST UPDATE: 2 Nov 2023

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