CFA exam pass rates

CFA Institute's latest figures are 43% at Level I, 45% at Level II and 47% at Level III. Its long-run averages since 1963 are 41%, 46% and 55%.

Whose figures these are

Every number on this page is CFA Institute's, from its pass rate infographic and its historical results document, read on 3 Oct 2026. We quote no provider's claimed pass rate, anywhere on this site.

The averages CFA Institute publishes

LevelAverage since 1963Five-year average, 2022 to 2026
Level I41%41%
Level II46%46%
Level III55%49%

Is it getting harder?

Not on these figures, for Levels I and II: their five-year averages match the long-run ones. Level III is the exception, with a five-year average 6 points under its long-run figure. The clearest feature of the recent record is 2021, when Level I fell to between 22% and 27% across three windows, the lowest on record, before climbing back into the 40s from 2024. CFA Institute has not published a reason, and we will not guess at one.

Level I, window by window

WindowCandidates testedPass rate
August 202628,14543%
May 202631,56639%
February 202624,00645%
November 202526,75243%
August 202526,19243%
May 202524,22745%
February 202519,84845%
November 202426,40443%
August 202424,93744%
May 202421,11646%
February 202416,93244%
November 202328,95335%
August 202323,28937%
May 202323,35239%
February 202316,95938%
November 202224,93736%
August 202219,10337%
May 202219,40338%
February 202218,99236%
November 202128,17027%
August 202116,02626%
July 202128,84922%

Level II, window by window

WindowCandidates testedPass rate
August 202610,00445%
May 202618,11143%
November 202515,00342%
August 20259,89844%
May 202515,00054%
November 202413,58939%
August 20248,87947%
May 202414,30459%
November 202314,58544%
August 20239,07444%
May 202315,89552%
November 202212,31344%
August 202215,60840%
February 202211,69944%
November 202118,04746%
August 202110,56529%

Level III, window by window

WindowCandidates testedPass rate
August 202613,94047%
February 202611,26950%
August 202514,53850%
February 202511,13149%
August 202416,94748%
February 202413,61949%
August 202316,03547%
February 202314,85848%
August 202210,37648%
May 202212,38449%
November 202116,18643%
August 20212,76942%

What a pass rate does and does not tell you

Sources

PrepProviders research. Published 3 Oct 2026.

Quick answers

What is the CFA Level I pass rate?

The latest CFA Institute figure is 43% for August 2026, from 28,145 candidates tested. CFA Institute's average for Level I since 1963 is 41%, and its 2022 to 2026 five-year average is 41%.

What is the CFA Level II pass rate?

The latest CFA Institute figure is 45% for August 2026, from 10,004 candidates tested. The average since 1963 is 46%, and the 2022 to 2026 average is 46%.

What is the CFA Level III pass rate?

The latest CFA Institute figure is 47% for August 2026, from 13,940 candidates tested. The average since 1963 is 55%, and the 2022 to 2026 average is 49%.

Is the CFA exam getting harder?

Not on the published figures for Levels I and II, where the five-year averages match the long-run averages. Level III's five-year average of 49% sits below its long-run 55%. The lowest Level I rates on record came in 2021, between 22% and 27%, and have since recovered to the 40s.

Do prep providers publish pass rates?

Some claim them. We do not repeat any, because no provider publishes the method behind its figure and CFA Institute itself asks providers not to use pass rates in marketing. The figures here are CFA Institute's own.

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