CFA exam pass rates
What share of candidates passed each level, window by window, and what that does and does not tell you.
Published results
| Level | Exam window | Pass rate | Candidates |
|---|---|---|---|
| Level I | August 2026 | 43% | 28,145 |
| Level I | May 2026 | 39% | 31,566 |
| Level I | February 2026 | 45% | 24,006 |
| Level I | November 2025 | 43% | 26,752 |
| Level II | August 2026 | 45% | 10,004 |
| Level II | May 2026 | 43% | 18,111 |
| Level II | November 2025 | 42% | 15,003 |
| Level III | February 2026 | 50% | 11,269 |
| Level III | August 2025 | 50% | 14,538 |
Long-run averages
| Level | 1963-2026 | 2022-2026 (five years) |
|---|---|---|
| Level I | 41% | 41% |
| Level II | 46% | 46% |
| Level III | 55% | 49% |
At a glance
- Level I: 39% to 45% across 4 listed windows, about 42% of the 110,469 candidates who sat them.
- Level II: 42% to 45% across 3 listed windows, about 43% of the 43,118 candidates who sat them.
- Level III: 50% to 50% across 2 listed windows, about 50% of the 25,807 candidates who sat them.
How to read a pass rate
- It describes everyone who sat, including people who prepared little. It is not your chance of passing.
- It moves between windows for reasons that are not about difficulty alone: who sits, and how prepared they are.
- A pass rate says nothing about a particular topic. Where you stand on each topic is what to find out, with the free diagnostic.
Questions people ask
What is the CFA Level I pass rate?
It varies by exam window; the table above lists the published results. In the most recent window listed, August 2026, it was 43%. The five-year average (2022-2026) is 41%. CFA Institute announces results after each sitting.
Is a pass rate the chance that I will pass?
No. It is the share of everyone who sat who passed. Your chance depends on your preparation: a study plan and honest practice matter more than the average.
Keep reading
- How to study for CFA Level I: a plan that follows the exam's weights
- Is the CFA worth it? A way to decide for yourself
- How to become a CFA charterholder: the requirements, step by step
Plan your preparation around the date you choose: a study plan built from a short diagnostic.
Take the free diagnostic →