Curious about the CFA® pass rates?
You’re not alone.
Since 1963, the CFA® Institute has tracked how many candidates make it through each level, and the numbers tell a clear story: this exam is tough. Knowing the trends can help you set realistic goals and see where most candidates struggle.
In this guide, I’ll walk you through the pass rates for each level, highlight the historical shifts, and share insights on what actually helps improve results.
Key Takeaways
- CFA® Pass Rates Range: Results usually fall between 35% and 55%, depending on the exam level.
- The Levels are Difficult: Level I is often the hardest to clear for most due to being underprepared, while Level III typically shows the highest pass rate.
- Minimum Passing Score: The CFA® Institute sets a new MPS after every exam window to determine who passes.
- Historical Trends: Pass rates dropped sharply during the pandemic years but have been recovering since.
- Preparation Impact: Candidates who take mock exams and study consistently perform better on exam results.
How the CFA® Format Impacts Results
From what I’ve seen, the exam format itself is a big reason pass rates stay low. Level I pushes your endurance with long multiple-choice sessions, Level II makes you apply concepts in tricky item sets, and Level III throws in essays on top of that. It’s not just what you know, it’s how well you can perform under pressure.
- Exam Level I: Multiple-choice, two sessions (2 hrs 15 mins each).
➡️ Covers basic financial concepts, tools, and ethics. - Exam Level II: Case-based item sets, two sessions (2 hrs 12 mins each).
➡️ Focuses on applying concepts through vignettes and data interpretation. - Exam Level III: Essays plus item sets, two sessions (2 hrs 12 mins each).
➡️ Tests portfolio management through written responses and case analysis.
Note: The CFA exam is offered in February, May, August, and November, and results are reported as pass/fail with a topic performance breakdown, but without a scale score.
Quick Breakdown: CFA® Pass Rates Across Each Level
CFA® pass rates aren’t sky-high, and that’s part of what makes the exam tough. Usually, only about a third to half of test takers make it through. The chart with data from the CFA Institute below breaks it down by level so you can see where the biggest hurdles tend to be.
| Exam Level | 5-Year Avg (2021–2025) | 10-Year Avg (2016–2025) | All-Time Avg (1963–2025) |
| Level I | 44% | 41% | 41% |
| Level II | 45% | 46% | 46% |
| Level III | 49% | 51% | 55% |
Historical Pass Rates
The CFA® Institute has tracked pass rates since 1963. Early results were over 70%, but by the 1990s, averages fell into the 50% range.
During the 2020–2021 pandemic, some Level I sittings dropped below 25%. Since 2022, rates have improved but remain lower than in past decades. Long-term averages stand at 45% overall, with 41% for Level I, 46% for Level II, and 55% for Level III.
Why Are the CFA® Exam Pass Rates Low?
CFA® pass rates stay low because the exam is built to be challenging. It measures how well candidates handle large amounts of material, apply knowledge under strict timing, and maintain accuracy across sections. From my review of the CFA® program, these are the main reasons behind the tough results:
The CFA® exam is designed to be selective. From my review of the CFA® program and results:
- Volume of content: Candidates must cover thousands of pages across ethics, quant, economics, and more.
- Computer-based testing: The format forces efficiency and time management.
- Minimum passing score: The MPS is set each exam window using standard settings, but is not published.
- Ethics weighting: If a candidate is near the MPS, strong or weak ethics performance can confirm the exam pass or lead to a fail.
Tips to Get Higher CFA® Exam Results
Want to boost your CFA® exam scores? Be prepared, and test out these tried-and-true strategies, which actually make a difference:
- Put in the hours: Aim for at least 300 hours of study time per level. Spread it out so it doesn’t feel overwhelming.
- Practice like it’s real: Take full mock exams under timed conditions. It trains your brain for exam day stress.
- Tackle weak spots first: Don’t just keep reviewing what you’re already good at. Fix the sections that trip you up.
- Don’t skip ethics: The ethics section carries a lot of weight. Scoring well here can be the edge you need to pass.
- Stay consistent instead of relying on last-minute cramming.
💡Pro Tip: I always recommend using a CFA® prep course. A prep score helps you gauge your readiness, track progress over time, and spot weak areas before test day. It gives you a clear target and keeps your study plan on track. AnalystPrep and Kaplan are my favorite CFA® prep providers.
My Final Verdict
As someone who reviews exam prep programs, I can confirm the CFA® pass rates are among the toughest in finance. The CFA® Institute designed the exam to prove knowledge, integrity, and consistent preparation. Candidates who prepare early and use mock exams improve their exam results. The CFA® program is not easy, but that’s what makes the charter valuable.
Study smart and carve your journey in CFA®.
FAQs
CFA® pass rates vary by exam level. The CFA® Institute reports an average of about 45% across all levels, with Level I near 41%, Level II around 46%, and Level III close to 55%.
The CFA® Institute determines the MPS after each exam window. Standard setting considers exam difficulty and test-taker performance to maintain fairness.
Yes, you can retake each level up to six times, but only twice per year with at least six months between attempts.
Most candidates study at least 300 hours per level. Mock exams, practice tests, and focusing on weak areas, especially ethics, boost pass chances.
The CFA® exam is offered in February, May, August, and November. Each level has specific test dates, so candidates should confirm on the CFA® Institute’s official exam calendar.
