What Is the CFA Exam Pass Rate? Latest Updates for Level I, II and III

What Is the CFA Exam Pass Rate and What Does It Say About the Program’s Difficulty?

CFA pass rates are consistently lower than many other professional exams because the CFA Program is a multi-level, highly rigorous credential that requires substantial discipline. The fact that only a portion of candidates complete all three levels is one reason the CFA designation carries real weight in the investment industry.

However, pass rates should not be viewed only as a source of pressure. When interpreted correctly, the data can help you understand the trend, assess the level you are entering and plan your preparation more strategically.

Key points to understand first

Recent pass rates have become more stable

Compared with the sharp volatility in 2021–2022, recent CFA pass rates appear to be moving back toward a more stable range by level.

No level is “easy”

Each level is difficult in a different way: Level I is broad, Level II goes deeper into analysis, and Level III is challenging because of integration and essay discipline.

300 hours remains a practical benchmark

Although each candidate’s background is different, preparing for at least around 300 hours per level remains a realistic reference point.

How should CFA exam pass rates be understood?

CFA Institute publishes pass rates by exam administration. On its exam results and pass rates page, the latest pass rates are presented through official infographics and historical pass rate documents.

The Minimum Passing Score is not publicly disclosed

CFA Institute explains that the Minimum Passing Score is established through a standard-setting and equating process, but the actual MPS is not publicly disclosed to candidates.

Pass rate is only one perspective

Pass rate reflects the competitiveness and relative difficulty of a given exam administration, but it does not explain everything about an individual candidate’s preparation quality. Even within the same level, results may be influenced by whether the candidate is a first-time test taker or has previously deferred, how consistently they follow their study schedule, and how well they maintain momentum during preparation.

Latest Official Pass Rates

Latest CFA exam pass rates by official data

Below are the most recent administrations displayed by CFA Institute in its official pass rate infographic, combined with several newer press releases by level.

Recent Level I pass rates

The February 2026 Level I exam had a pass rate of 45%; first-time candidates achieved 50%, while candidates with at least one deferral achieved 30%.

Recent Level II pass rates

For the August 2025 Level II exam, CFA Institute announced a pass rate of 44%; first-time candidates achieved 52%, while candidates with at least one deferral achieved 28%.

Recent Level III pass rates

For the February 2026 Level III exam, first-time test takers achieved 59%, while candidates with at least one deferral achieved 34%.

Looking at the recent sequence, pass rates appear less volatile than during the early post-COVID period, but CFA remains one of the most demanding professional programs and continues to require a high level of discipline. Why Were Pass Rates Low?

Why did CFA pass rates drop sharply before gradually stabilizing?

Official data shows that 2021–2022 was an unusually low pass-rate period, especially for Level I. From 2023 onward, results have moved closer to the longer-term ranges that CFA Institute often references in recent press releases.

A reasonable way to read the data

A low pass rate should not be viewed only as something intimidating. It also signals that CFA is a serious professional assessment, not a credential that can be earned through last-minute cramming or superficial preparation.

Maintaining exam momentum matters

In many recent announcements, CFA Institute has repeatedly noted that candidates who stay on schedule often perform better than candidates who have deferred. This suggests that consistency in preparation is a real advantage, not merely a psychological factor.

How difficult is the CFA exam?

The practical answer is: all three levels are difficult, but each level is difficult in a different way. Level I requires breadth, Level II requires depth and vignette-based analysis, while Level III requires synthesis, judgment and essay discipline.

For Level I and Level II

Candidates are expected to understand and apply core topic areas such as:

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

For Level III

Level III is difficult because it does not only test understanding. It also requires candidates to evaluate specific financial situations, make recommendations and present focused answers in the constructed response section.

This is why many candidates who have taken all three levels still consider Level III the most challenging in practice, even though its pass rate is not always the lowest.

Which CFA exam level is the hardest?

No level is “easy,” but in terms of real exam experience, many candidates consider Level III the most challenging because of the essay / constructed response component. Moving from selecting answers to constructing short, accurate responses aligned with the command words causes many candidates to lose points even when they understand the underlying content.

If you fail the CFA exam, what should you do next?

If you have just received a result that was not what you hoped for, the right question is not only “why did I fail?” but also “what should I change in my study strategy next time?”

What should you review?

• Whether your actual study hours were sufficient and consistent
• Whether you practiced enough questions and mock exams in the correct format
• Whether you studied too broadly instead of prioritizing high-weight topics
• Whether your preparation was disrupted by deferrals, inconsistent study rhythm or starting too late

A better tactical plan

If you need to retake the exam, the objective is not simply to “study more” but to study better: stay aligned with the curriculum, practice in the correct format, control your timing and maintain a consistent study rhythm long enough before the exam window.

Improve your chance of passing CFA with Clever Academy

A low pass rate does not mean you cannot pass; it means CFA requires a more strategic preparation approach. Clever Academy can help you rebuild your study roadmap, allocate study time, practice exam questions and prepare more confidently for your next CFA exam.