What Are the Current CFA Pass Rates by Level?
CFA pass rates run well below half. CFA Institute's 10-year averages are 41% for Level I, 45% for Level II, and 52% for Level III. Recent administrations put Level I in the high-30s to mid-40s: 39% in May 2026 and 45% in February 2026. Rates recovered from a 2021 low of 22-25%.
Those averages hide a lot of movement. The rate you actually face depends on the level you are sitting, whether it is your first attempt, and which administration you register for. The table and sections below break the numbers down administration by administration, then explain the one figure CFA Institute deliberately never publishes: the score you need to pass.
- •Level I: 41% ten-year average; 39% (May 2026) and 45% (Feb 2026) most recently.
- •Level II: 45% ten-year average; 50% first-time in November 2025.
- •Level III: 52% ten-year average, historically the highest-passing of the three levels.
How Have CFA Pass Rates Changed Over Time?
The single most useful anchor is the CFA Institute 10-year average for each level: 41% at Level I, 45% at Level II, and 52% at Level III. The pattern is counterintuitive to newcomers - the pass rate rises as you climb, because the population thins to candidates who have already cleared the levels below them. Level III is the hardest exam by content, yet it posts the highest pass rate.
Recent administrations sit near or above those long-run numbers. February 2026 Level I passed at 45% across 24,006 candidates, and May 2026 came in at 39% overall across 31,566 candidates, with a 45% first-time rate. November 2025 posted 49% first-time at Level I and 50% first-time at Level II. Read against the 2021 low, when Level I bottomed out at 22-25% during pandemic and curriculum disruption, the last three years read as a steady recovery.
The table below pairs each level's decade average with its most recent reported result and the first-time versus post-deferral split where CFA Institute published it. Treat every figure as attributable to CFA Institute's own exam pages and press releases, and remember that the Board sets each administration's standard independently, so a rising trend is context, not a promise about the next sitting.
| Level | 10-year average | Most recent reported result | First-time vs post-deferral |
|---|---|---|---|
| Level I | 41% | 39% overall (May 2026, 31,566 candidates); 45% (Feb 2026, 24,006 candidates) | 45% first-time / 25% post-deferral (May 2026) |
| Level II | 45% | 50% first-time (Nov 2025) | 50% first-time / 27% post-deferral (Nov 2025) |
| Level III | 52% | Historically the highest-passing level | Not separately reported this cycle |
Scroll horizontally to view all columns.
What Is the CFA Minimum Passing Score?
There is no published CFA minimum passing score, and this is the single most misunderstood fact about the exam. CFA Institute states that the Board of Governors sets the Minimum Passing Score (MPS) for each level after an administration, and that in stable years the standard is carried forward through a statistical process called equating. Candidates never see the MPS as a number. You receive a Pass or Fail result plus a percentile band showing where you landed relative to it.
So where do the familiar figures come from? Every 'you need about 70%' claim is an estimate produced by prep providers reverse-engineering past results, not a number CFA Institute has ever confirmed. Commonly circulated estimates put the effective threshold near 67% to 74% for Levels I and II and somewhat lower, around 55% to 65%, for Level III - but treat all of those strictly as estimates. Because scoring is scaled, a raw percentage on a mock exam is not a clean one-to-one proxy for the real standard.
The practical takeaway is to stop chasing a magic percentage and aim comfortably clear of any estimate. CFA Institute's topic-level feedback tells you whether you were above, at, or below the standard in each area, so uneven performance can sink you even with a decent overall showing. For how the three levels differ in format and difficulty, see the CFA exam levels guide.
- •The MPS is set by the CFA Institute Board of Governors and is never published as a number.
- •Any specific passing percentage you read is an estimate from a prep provider, not official.
- •Results are Pass or Fail plus a percentile band and topic-level above/at/below feedback.
Why Are CFA Pass Rates So Low, and How Do First-Time and Retaker Rates Differ?
The CFA is three sequential exams over a deliberately broad curriculum, and you must clear them in order. Most candidates are working professionals fitting hundreds of study hours around a full-time job, and the material spans ethics, quantitative methods, economics, financial reporting, and portfolio management. That combination - volume, sequence, and limited study time - keeps rates in the 40s and 50s even in strong years, and drove Level I down to 22-25% in 2021 when the pandemic and a curriculum transition collided.
The starkest pattern in the data is the gap between first-time candidates and those who deferred or are retaking. In May 2026, Level I passed at 45% for first-timers versus just 25% post-deferral. In November 2025, Level II passed at 50% first-time versus 27% post-deferral. The difference is roughly a factor of two, and it holds across levels and administrations. Deferring often signals an interrupted study plan, and retakers carry the same gaps that failed them the first time unless they change how they prepare.
The lesson is not to rush a sitting to beat a deadline. A candidate who sits genuinely ready on the first attempt is playing much better odds than one who defers into a compressed window. Planning your hours realistically is half the battle - the study-time guide walks through how long each level actually takes.
Sequential and cumulative
You cannot skip ahead. Each level assumes mastery of the one below, so a shaky foundation compounds upward through the program.
Broad, deep curriculum
The syllabus spans ethics through portfolio management, and topic-level standards mean a single weak area can pull you below the MPS.
Working candidates, limited hours
Most sit while employed full time, squeezing in the recommended study load around work - under-preparation, not lack of ability, is the usual cause of a fail.
First-time advantage
First-timers pass at roughly double the post-deferral rate (45% vs 25% at Level I, May 2026), so sitting when truly ready beats deferring into a rush.
How Are the CFA Exams Scored?
All three levels use scaled scoring measured against the Minimum Passing Score, and all three are computer-based and offered four times a year in February, May, August, and November. Level I is 180 multiple-choice questions split across two sessions. Level II moves to vignette-supported item sets - roughly 88 questions built on about 22 case vignettes. Level III combines vignette-supported essay, or constructed-response, questions with item-set multiple choice, and since 2025 candidates choose one of three specialized pathways: Portfolio Management, Private Markets, or Private Wealth.
Because scoring is equated, your outcome reflects your performance against the standard rather than a fixed quota of other candidates. That is why a tough exam version does not automatically doom a cohort, and why chasing a raw practice-test percentage misses the point. What you receive back is a Pass or Fail, a percentile band relative to the MPS, and a topic-by-topic summary flagging where you were above, at, or below the line.
Results take time. CFA Institute delivers Level I and Level II outcomes roughly 5 to 7 weeks after the exam, and Level III roughly 6 to 8 weeks out. Plan any resit decision around that window - you will not know your result immediately, so the next administration's registration deadline can arrive before your score does. The individual level pages break down format and weighting in detail.
What Percentage of Candidates Pass All Three Levels?
CFA Institute does not publish an official rate for finishing all three levels, so treat any single 'completion rate' number with suspicion. You can build an intuition from the published averages, though: multiplying 41% by 45% by 52% is illustrative arithmetic, not an official statistic, and it lands well under one in five for clearing all three on consecutive first attempts. Real candidates do not sit the levels back-to-back, so the true picture is messier, but the direction is clear - most people who start do not finish quickly.
The timeline reinforces that. CFA Institute cites a typical completion window of about 2 to 5 years across the three levels, and earning the charter takes more than exams: you also need 4,000-plus hours of qualified work experience over at least 36 months, plus membership. So 'passing the CFA' is really a multi-year project with an exam pass rate at each gate, not a single hurdle.
A useful way to read 'a good pass rate' is simply beating the average for the level you are sitting, on your first attempt, and doing it without burning a retake. Whether that multi-year investment is right for you is a separate question - the is-it-worth-it breakdown weighs the cost, time, and career payoff, and the business exam assistance hub covers related finance and accounting credentials.
How Can You Improve Your Odds of Passing the CFA?
The pass-rate data points to a clear playbook. Protect your first-attempt advantage by sitting only when your mocks are landing comfortably above the estimated standard, not the day a deadline forces you. Log the study hours the level actually demands rather than the ones your calendar makes convenient, and use topic-level mock feedback to hunt down the single weak area that can drop you below the MPS even when your overall score looks fine.
If you have already failed a level, change the plan before you change the date. Retaker and post-deferral rates sit near half the first-time rate precisely because most people repeat the same preparation. Rebuild around your topic-level gaps, sit a full timed mock under real conditions, and only rebook once you are consistently clearing your practice threshold.
When a deadline is real and the gap is genuine, Exam Assist supports CFA candidates on pay-after-pass terms - you pay only after you reach your target result, not upfront for hours of tutoring. Message us on Telegram, WhatsApp, or Discord with your level, your registered administration, and the topics running weakest, and we will lay out your options confidentially. Exam Assist is independent and is not affiliated with CFA Institute.
Sit ready, not rushed
First-timers pass at roughly double the post-deferral rate. Register for the administration you can genuinely prepare for, and defer only if the alternative is sitting underprepared.
Aim clear of the estimate
Since the MPS is unpublished, target mock scores comfortably above the 67-74% prep-provider estimate for Levels I and II, and treat topic-level weakness as a failure risk.
Diagnose before you resit
If you failed, rebuild around your below-standard topics and pass a full timed mock before rebooking - repeating the old plan repeats the old result.
Get support on pay-after-pass terms
Exam Assist backs CFA candidates and pays off only when you pass. Explore the take-my-CFA service or book exam help to talk through your level and timeline.