CFA Level I pass rates
43% of Level I candidates passed in August 2026. Over the last ten years the average has been 40%. Here is every window since 2003, from CFA Institute's own figures.
Checked on 18 October 2026. All numbers come from CFA Institute's historical results PDF and its pass rates infographic. The averages are the ones CFA Institute states, except where we say we worked them out.
The averages
| Period | Level I pass rate |
|---|---|
| Last five years (2022 to 2026) | 41% |
| Last ten years (2017 to 2026) | 40% |
| Since the first exam (1963 to 2026) | 41% |
The ten-year and all-time figures are total passes divided by total candidates in CFA Institute's table, so large windows count for more than small ones.
What the trend shows
- Since 2024, results have been steady. The 11 windows from February 2024 to August 2026 ranged from 39% (May 2026) to 46% (May 2024), a simple average of 43.6% (our calculation).
- 2021 to 2023 were lower. Across those years Level I rates ran from 22% (July 2021) to 44% (February 2021), with most windows in the 20s and 30s. July 2021, at 22%, is the lowest Level I result in the published record.
- From 2003 to 2019, with a June and a December sitting each year, the rate stayed between 34% and 46%.
- Before that, pass rates were much higher, but far fewer people sat: 1,241 Level I candidates in 1964 against 28,145 in August 2026 alone.
Read the numbers with care. A window's pass rate depends on who sits it as well as on the exam, and the published figures do not split first-time candidates from those retaking. One window's rate tells you little about your own chances; your preparation does.
CFA Institute does not set the pass rate in advance. Its Board of Governors sets a minimum passing score after a significant change in the curriculum or candidate population, and keeps it consistent between exam forms by equating, which adjusts for differences in difficulty (source). It does not publish that score as a number.
Level I pass rates by window, 2003 to 2026
From 2003 to 2019, Level I was offered in June and December. CFA Institute's table has no Level I row for June 2020. From 2021 it lists each window separately.
| Window | Tested | Passed | Pass rate |
|---|---|---|---|
| August 2026 | 28,145 | 12,168 | 43% |
| May 2026 | 31,566 | 12,163 | 39% |
| February 2026 | 24,006 | 10,742 | 45% |
| November 2025 | 26,752 | 11,402 | 43% |
| August 2025 | 26,192 | 11,262 | 43% |
| May 2025 | 24,227 | 10,916 | 45% |
| February 2025 | 19,848 | 8,935 | 45% |
| November 2024 | 26,404 | 11,293 | 43% |
| August 2024 | 24,937 | 11,050 | 44% |
| May 2024 | 21,116 | 9,666 | 46% |
| February 2024 | 16,932 | 7,415 | 44% |
| November 2023 | 28,953 | 10,104 | 35% |
| August 2023 | 23,289 | 8,713 | 37% |
| May 2023 | 23,352 | 9,042 | 39% |
| February 2023 | 16,959 | 6,441 | 38% |
| November 2022 | 24,937 | 8,932 | 36% |
| August 2022 | 19,103 | 7,032 | 37% |
| May 2022 | 19,403 | 7,315 | 38% |
| February 2022 | 18,992 | 6,801 | 36% |
| November 2021 | 28,170 | 7,607 | 27% |
| August 2021 | 16,026 | 4,211 | 26% |
| July 2021 | 28,849 | 6,468 | 22% |
| May 2021 | 26,005 | 6,506 | 25% |
| February 2021 | 28,683 | 12,510 | 44% |
| December 2020 | 26,212 | 12,806 | 49% |
| December 2019 | 73,688 | 30,628 | 42% |
| June 2019 | 83,656 | 34,585 | 41% |
| December 2018 | 77,245 | 34,651 | 45% |
| June 2018 | 79,507 | 34,547 | 43% |
| December 2017 | 68,086 | 29,583 | 43% |
| June 2017 | 63,283 | 27,158 | 43% |
| December 2016 | 59,627 | 25,807 | 43% |
| June 2016 | 58,677 | 25,093 | 43% |
| December 2015 | 52,315 | 22,274 | 43% |
| June 2015 | 51,134 | 21,303 | 42% |
| December 2014 | 47,175 | 20,589 | 44% |
| June 2014 | 47,005 | 19,592 | 42% |
| December 2013 | 45,693 | 19,469 | 43% |
| June 2013 | 47,502 | 18,078 | 38% |
| December 2012 | 48,981 | 18,106 | 37% |
| June 2012 | 49,445 | 18,968 | 38% |
| December 2011 | 49,380 | 18,736 | 38% |
| June 2011 | 48,068 | 18,881 | 39% |
| December 2010 | 46,785 | 17,009 | 36% |
| June 2010 | 46,863 | 19,656 | 42% |
| December 2009 | 44,209 | 14,884 | 34% |
| June 2009 | 45,682 | 21,034 | 46% |
| December 2008 | 49,797 | 17,612 | 35% |
| June 2008 | 44,063 | 15,311 | 35% |
| December 2007 | 37,573 | 14,831 | 39% |
| June 2007 | 33,599 | 13,294 | 40% |
| December 2006 | 28,082 | 10,905 | 39% |
| June 2006 | 26,467 | 10,602 | 40% |
| December 2005 | 21,127 | 7,276 | 34% |
| June 2005 | 22,915 | 8,138 | 36% |
| December 2004 | 19,566 | 7,128 | 36% |
| June 2004 | 24,211 | 8,262 | 34% |
| December 2003 | 20,657 | 8,214 | 40% |
| June 2003 | 32,027 | 13,478 | 42% |
Source: CFA exam results 1963 to 2026 (PDF), Level I columns. The infographic gives the same figures for the latest windows.
Earlier years, for the long view
Before 2003 there was one sitting a year. A few points from the same table:
| Year | Tested | Passed | Pass rate |
|---|---|---|---|
| 1964 | 1,241 | 986 | 79% |
| 1970 | 644 | 424 | 66% |
| 1980 | 949 | 602 | 63% |
| 1990 | 4,415 | 2,658 | 60% |
| 1995 | 11,341 | 5,750 | 51% |
| 2000 | 27,625 | 14,314 | 52% |
| 2002 | 43,882 | 19,106 | 44% |
The PDF has every year since 1963 (for 1963 it lists no Level I candidates, so the Level I series starts in 1964).
What to do with this
Roughly four in ten Level I candidates pass. CFA Institute says successful candidates report over 300 hours of study per level. If you are deciding when to sit, our study plan shows what 12, 16 and 24 weeks look like, and the Level I exam guide has the dates, fees and deadlines. To see where you stand now, take the free self-assessment, or start with the first module, Rates and Returns.