What were the latest CFA pass rates?
From CFA Institute's table "CFA Exam Results 1963-2026", read on 19 October 2026. Candidate numbers are the totals the table reports for each window.
| Window | Level I | Level II | Level III |
|---|---|---|---|
| February 2025 | 45% (19,848 candidates) | not offered | 49% (11,131) |
| May 2025 | 45% (24,227) | 54% (15,000) | not offered |
| August 2025 | 43% (26,192) | 44% (9,898) | 50% (14,538) |
| November 2025 | 43% (26,752) | 42% (15,003) | not offered |
| February 2026 | 45% (24,006) | not offered | 50% (11,269) |
| May 2026 | 39% (31,566) | 43% (18,111) | not offered |
| August 2026 | 43% (28,145) | 45% (10,004) | 47% (13,940) |
What are the long-run averages?
The same table gives:
| Period | Level I | Level II | Level III |
|---|---|---|---|
| Ten years, 2017 to 2026 | 40% | 45% | 50% |
| All years, 1963 to 2026 | 41% | 46% | 55% |
CFA Institute's exam overview page shows slightly different ten-year averages (41%, 45% and 52%), because it covers a different set of years. Both come from CFA Institute; the table above is the one that names its period.
How is the pass mark set?
CFA Institute describes a minimum passing score (MPS) for each level:
- When the curriculum or the candidate population changes significantly, CFA Institute's Board of Governors sets the MPS for each level after an exam is held.
- Otherwise the MPS is carried from one administration to the next by equating, which adjusts for the difficulty of each exam so results are comparable across windows.
Your result is pass or fail, with a scaled score you can compare with the MPS and, for Levels I and II, your performance by topic. Level III candidates who pass do not receive a detailed score report.
Under this approach the pass rate is the share of candidates who reached the MPS in that window.
What do pass rates tell you, and what do they not?
They tell you that each level is demanding: over ten years, 40% of Level I and 45% of Level II candidates passed at a given sitting. They also show that Level III's higher rate comes from a group that has already passed two exams.
They do not tell you your own odds. The figures cover everyone who sat, however they prepared. CFA Institute says successful candidates report over 300 hours of study per level; your preparation, not the average, decides your result.
Be careful with pass-rate claims from training companies. CFA Institute says it does not verify or endorse the pass rates that prep providers claim, and its own Prep Providers are not allowed to answer the question "what is your customers' pass rate?" because of the risk of cherry-picking.
Were pass rates ever much lower?
Yes. The table shows Level I at 25% in May 2021 and 22% in July 2021, the lowest Level I figures in its history. Since 2025 Level I has stayed between 39% and 45%.
How can you improve your own odds?
- Give yourself the hours. Start early enough to reach 300 hours; see how long to study for CFA Level I.
- Weight your time by topic weight. CFA Level I explained lists the weights.
- Sit full mocks under exam timing in the last weeks and review every miss.
To see where you stand today, try the free 30-question mini mock.
Frequently asked questions
What is the CFA Level I pass rate in 2026?
CFA Institute's historical table shows 45% in February 2026, 39% in May 2026 and 43% in August 2026.
What is the average CFA pass rate?
For 2017 to 2026, CFA Institute's table gives 40% for Level I, 45% for Level II and 50% for Level III.
How is the CFA pass mark set?
CFA Institute describes a minimum passing score rather than a fixed share of passes. It is set by the Board of Governors after significant changes and otherwise carried forward by equating, which adjusts for each exam's difficulty.
Which CFA level has the lowest pass rate?
Level I, at 40% over 2017 to 2026 in CFA Institute's table, against 45% for Level II and 50% for Level III.
Sources
- CFA Institute: CFA exam results 1963-2026 (PDF)
- CFA Institute: CFA exam results and pass rates
- CFA Institute: CFA Program exam information
- CFA Institute: CFA Institute Prep Providers
- CFA Institute: CFA Program Level I exam
Figures that change by year were read from these pages on 26 October 2026. Fees, dates and rules can change: check the source before you register.