CFA Pass Rates: How Hard Are The CFA Exams

Key Takeaways

What are CFA pass rates for 2026?

• Latest official CFA 2026 pass rates are Level I 39%, Level II 43%, and Level III 50%.
• Global 2026 CFA pass rates rebounded, nearing typical historical averages post-pandemic lows.
• First-time candidates outperform CFA deferrers, with 20%–25% higher passing rates overall.

Comprehensive Guide: CFA Pass Rates 2026

• What is CFA?

The Chartered Financial Analyst is a premier globally recognised professional investment credential.

• What is CFA Level 1 pass rate?

CFA Level 1 recent exam window pass rates generally hover between 39% and 45%.  

• What is CFA Level 2 pass rate?

CFA Level 2 recent exam window pass rates typically range between 42% and 44%.  

• What is CFA Level 3 pass rate?

The CFA Level 3 pass rate consistently remains right around the 50% benchmark level.  

• What is CFA first-time testers’ pass rate?

First-time exam takers achieve significantly higher pass rates, averaging around 45%–59%.  

• What is CFA deferred candidates’ pass rate?

Candidates taking exams after deferrals see lower pass rates, averaging 25%–34%.  

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For years, thousands of candidates register for each of the CFA exams, but the number that ultimately passes each level of the CFA very consistently is very small in comparison. CFA pass rates can give candidates better insight into how to prepare effectively for the exam as well as what the overall passing average is among all candidates that have sat for the exam. 

Whether you are just trying to determine “What is CFA?” or whether you are currently preparing for your next CFA exam, here are details on the CFA level 1 pass rate, CFA level 2 pass rate, and CFA level 3 pass rate.

CFA Pass Rates by Level: Detailed Data

Following each testing cycle, the CFA Institute publishes the official pass rates for each exam level, which are represented as a percentage of candidates passing.

CFA Level I Pass Rates (2021–2026)

The CFA Level I pass rate is usually the lowest among all levels because Level I introduces candidates to the vast CFA curriculum and the exam format.

Source for CFA Level 1 pass rates: CFA Institute.

CFA Level II Pass Rates (2021–2026)

The CFA Level 2 pass rates are slightly better than Level I, but the exam difficulty increases because of item-set questions and deeper analytical concepts.

Source for CFA Level 2 pass rates: CFA Institute 

CFA Level III Pass Rates (2021–2026)

The CFA level 3 pass rates are usually the highest among all levels. Candidates who reach Level III are often highly committed and experienced.

Source for CFA Level 3 pass rates: CFA Institute

Historical CFA Pass Rates Since 2017: Level-wise Trends

If we go with the historical data of the CFA pass rates since 2017, it can be seen that Level 1 has always been the toughest stage. During the pandemic era, there were significant changes in the exam pattern. Some of the key aspects in level-wise trends are the following:

• CFA Level 1 pass rate witnessed a sharp decline during pandemic
• CFA level 2 pass rate recovered after 2022
• CFA level 3 pass rates was quite stable during this period

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First-Time vs Repeat Candidates: Pass Rate Difference

If going through the record of the CFA pass rate, first-time candidates achieved a higher rank. Some of the reasons are the following:

• Motivation to get better marks and following discipline
• Better study consistency
• Understanding of academic concepts

Why Are CFA Pass Rates So Low?

The low CFA pass rates often surprise students who are new to finance certifications.

The CFA Exam Is Difficult

The CFA exam is one of the most challenging exams in the world. However, the key to clearing this particular exam is a lot of practice and conceptual clarity. You may have heard some rumours regarding the Chartered Financial Analyst course being a comparatively easier course because the level 1 exams are easier. But the truth is, CFA exams are difficult to crack right from the start. 

Vast CFA Curriculum Across 10 Topic Areas

The curriculum for the CFA exam is very extensive and divided into 10 major subjects, which are the following:

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Financial Statement Analysis (FSA)
• Corporate Issuers
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management

Pandemic Impact and Recovery (2020–2024)

Most significant impact observed due to:

• Postponed exam sessions
• Mental stress caused due to circumstances.
• Less quality preparation, as exams were constantly postponed.
• Altered delivery of the examination.

First-Time Registrants vs Committed Candidates

Candidates pursuing the CFA exam for the first time make the mistake of registering without understanding what the CFA is and the practice required. Committed candidates understand the level of practice required and accordingly work on the same.

Which CFA Level Has the Lowest Pass Rate?

CFA Level I has historically maintained the lowest pass rate, averaging around 41% over the last decade. By comparison, the 10-year average pass rate is roughly 45% for Level II and 51% for Level III.

CFA Level I: Lowest Pass Rate, Steepest Learning Curve

Level 1 has the lowest pass rate as a result of the following:

• The syllabus is very broad.
• Many CFA candidates underestimate the exam.
• Also, candidates have issues with fundamentals when starting out.

Level 1 is also the first level of the CFA and acts as a gatekeeper/means of filtering for the rest of the candidate’s CFA journey.

CFA Level 2: Most Difficult Format Change 

Many candidates think of Level 2 as the most difficult Level as a result of the use of vignettes.

The Level 2 Pass Rate is Medium due to the following:

• The questions are all highly analytical.
• Candidates find Time Management becomes much harder.
• The breadth of concepts requires the use of some depth of skills.

CFA Level 3: Most Complicated – But Highest Pass Rate – Why?

Level 3 is the most complicated level; however, the pass rates are the highest due to the following:

• The candidates are all more experienced.
• Most of the candidates that are weaker have already been filtered out by this point.
• By this point all candidates have developed a good amount of discipline.

CFA vs Other Exams: How Does the Pass Rate Compare?

Here is a comparison between popular professional exams:

Globally speaking, the CFA certification continues to be an extremely prestigious, demanding, and competitive financial credential.

How does the CFA Test determine the passing score?

CFA Institute does not disclose actual passing scores for any of its tests.

What Is the Minimum Passing Score (MPS)?

MPS is the estimated score an exam is expected to provide as a requirement for passing a CFA level.

MPS is determined by:

• Changing for each individual exam cycle.
• Dependent on how difficult parts or sections were.
• Performance in areas of ethics can play a large role in borderline scores.

Experts project that for all candidates who sit for the tests, MPS usually falls within the 65-70% range.

Things That Make the CFA Exam Hard

Many reasons are held responsible for the low pass rates for CFA exams:

• Vast syllabus coverage
• Concentration on concept-oriented questions
• Tight time frame during exam
• Long hours spent for preparing
• Learning through application
• Mental stress while preparing.

The worst mistake a candidate can commit is to consider CFA less demanding in terms of preparation required.

How to Improve Your CFA Pass Rate: Study Tips

Once you are aware of the CFA pass rate and syllabus, you can work on improving the rate. Below are some tips to follow:

• Focus on Learning Outcome Statements (LOS)

Use the Learning Outcome Statements by the CFA Institute to help candidates practise accordingly. This improves efficiency and eliminates study overload.

• Take at Least One Full Mock Exam Per Level

Using mock tests for every level as the study material will help you analyse mistakes, know the paper pattern, and adjust your approach accordingly.

• Don’t Defer: First-Time Candidates Pass at Higher Rates

Much data suggests that first-time candidates have always scored well with good CFA pass rates. Here, consistency is vital for a better pass rate.

Use Quality Prep Materials (Schweser, Wiley, and the CFA Curriculum)

Having the right resources is key. The most common study resources are:

• Kaplan Schweser
• Wiley CFA Prep
• Official cfa curriculum
• Mock test provider

What to Do After Failing the CFA Exam

Failing any one level of CFA does not mean it is the end of your journey.

Many charterholders have failed one or two levels at least before they achieve the CFA designation.

If you failed:

• Understand the reason for the failure by reviewing your score report.
• Pinpoint the difficult subject.
• Make sure to adapt your study plan to overcome the weak subject.
• Make more mock exams and do a thorough review on the exam topics.
• Do not jump into the next attempt without being adequately prepared.
• Persistence is one of the key ingredients for CFA success.

Conclusion

CFA pass rates indicate that CFA examination candidates must compete with one another, and each individual has a very rigorous academic environment. Due to the vast number of topics covered in the CFA Level I exam as well as the difficulty adjusting to this level of exams, the cfa level 1 pass rate is the lowest. Conversely, the CFA level 2 and CFA level 3 pass rates continue to improve as candidates gain time in preparing.

Preparation for a successful CFA experience starts with understanding what is CFA and then developing a solid plan to prepare and sticking to that plan with discipline. Although completing the CFA certification is challenging, it is the most prestigious credential among professionals in finance and investment management globally.

FAQs on CFA Pass Rates

What are the latest CFA pass rates for each level? 

Currently CFA pass rate figures are approximately 39% for Level I, 43% for Level II, 50% for Level III.

How hard is the CFA exam? 

The CFA examination is regarded as one of the hardest financial qualifications available due to its large syllabus along with the analytical nature of the assessment.

How is the level I pass rate distributed across time? 

The level 1 pass rate for cfa showed a rapid decrease over the whole of 2021, but there has been a gradual increase in the level since then.

How many more people pass CFA level II than level I? 

Generally level II of the CFA exam is associated with a higher pass rate than Level I as a result of the high levels of commitment and experience expected.

Why are CFA pass rates so low? 

The fact that there is a vast amount of material to study, concepts involved in each module are not at all straightforward, and the level of preparation among candidates is very low is the main reasons for such low pass rates.

What do candidates do to increase the CFA pass rate? 

It has been found that consistent studying, mock exams, revisions and a thorough grasp of the CFA curriculum improve the pass rates.

What is the usual Level III CFA pass rate? 

Generally CFA Level III pass rate figures fall between 47% and 56%

Do first-time candidates pass more often than repeaters?

Yes, the success rate is higher for first-time candidates because their studying, drive and discipline have continued throughout their learning.

What is the CFA minimum passing score (MPS)?

It’s the approximated score on the exam required to achieve a passing grade at a CFA level, which is generally thought to be about 65-70%.

What are CFA passing rates as they compare to CPAs or ACCAs?

The lower passing rates are than CPA and similar to (or less than) ACCA’s. CFA is highly selective.

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• ACCA – Association of Chartered Certified Accountants, Finance (2011 – 2014)
• Bachelor of Commerce (BCom), Financial Markets from H.R. College Of Commerce & Economics (2010 – 2013)

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