CFA Institute publishes a pass rate after every exam window. The numbers are useful, but only if you read them the right way. This page lists every window since 2024, then explains what actually drives the figures and how to use them when you plan an attempt or a retake.
Latest CFA pass rates, window by window
All figures are rounded to the nearest whole percent. A dash means that level was not offered in that window.
Level I
| Window | 2024 | 2025 | 2026 |
|---|---|---|---|
| February | 44% | 45% | 45% |
| May | 46% | 45% | 39% |
| August | 44% | 43% | 43% |
| November | 43% | 43% | Pending |
Level II
| Window | 2024 | 2025 | 2026 |
|---|---|---|---|
| May | 59% | 54% | 43% |
| August | 47% | 44% | 45% |
| November | 39% | 42% | Pending |
Level III
| Window | 2024 | 2025 | 2026 |
|---|---|---|---|
| February | 49% | 49% | 50% |
| August | 48% | 50% | 47% |
Long-term averages by level
Over roughly the last decade, the averages sit close to these figures:
- Level I: about 40%
- Level II: about 45%
- Level III: about 50%
Rates rise by level largely because the candidate pool changes. Level I includes many students and career explorers. By Level III, almost everyone sitting the exam has already passed two hard exams and has a strong reason to finish.
Why pass rates differ between exam windows
CFA Institute does not grade on a fixed percentage. A minimum passing score is set for each exam through a standard-setting process and is not published. That means a window's pass rate reflects two things at once: how demanding that exam was, and how well prepared that particular group of candidates was.
Window timing changes the mix of candidates. Some windows attract more university students, others more working professionals or repeat candidates. Level II shows this clearly: May 2024 reached 59% while November 2024 was 39%. The gap narrowed sharply in 2026, so no window is a reliable shortcut.
Do not pick a window for its pass rate. Pick the one that gives you about 300 hours of study time before exam day. Your own preparation moves your odds far more than the window average does.
What first-time and repeat candidates should read into the numbers
The headline rate mixes everyone together. Breakdowns published by prep providers consistently show first-time candidates passing at higher rates than the overall figure, while candidates on a second or later attempt pass less often.
That is not a reason for a repeat candidate to give up. It usually reflects the fact that many repeaters retake quickly without changing how they study. A retake works best when you change something specific: more practice questions, earlier mock exams, or more time on the topics where your result was weakest.
Is your result close enough to retake in the next window?
Pass rate tables cannot answer this for you, but your own result can. If you do not pass, CFA Institute shows how you performed by topic and how close you came to the passing standard. Use that, not the averages, to decide.
- You were close and weak in one or two topics: a retake in the next available window is often realistic, focusing on those areas and on practice exams.
- You were well short across several topics: give yourself a full study cycle again, which may mean skipping a window.
- Level III candidates: the exam runs only in February and August, so a quick retake still means about six months of study.
Before re-registering, check CFA Institute's current rules on how often you can sit each level within a year and over your lifetime.
How pass rates should shape your budget
With fewer than half of candidates passing each level in most windows, planning for at least one retake is sensible for anyone studying alongside a full-time job. Every retake costs the full registration fee again. See the CFA total cost guide and calculator to build a budget that includes one.
Frequently asked questions
What is the CFA Level I pass rate in 2026?
Level I pass rates in 2026 were 45% in February, 39% in May and 43% in August. Results for the November 2026 window are released after that exam.
Which CFA level has the lowest pass rate?
Level I usually has the lowest pass rate, typically in the low to mid 40s in recent windows. That partly reflects a broader candidate pool, including students and people testing whether finance suits them.
What score do you need to pass the CFA exam?
CFA Institute does not publish the minimum passing score. It is set separately for each exam by a standard-setting process, so there is no fixed percentage that guarantees a pass.
Are CFA pass rates higher for first-time candidates?
Yes. Published breakdowns show first-time candidates passing at noticeably higher rates than the overall figure, which includes repeat candidates.
Is a low pass rate a sign that one window was harder?
Not necessarily. Because the passing standard is set exam by exam, pass rates move with the preparedness of each cohort as well as exam difficulty.