Failed the CFA exam. What now

First, the numbers

Most people who sit a CFA^® exam do not pass it that time. CFA Institute's latest published pass rates are 43% at Level I (August 2026), 45% at Level II (August 2026) and 47% at Level III (August 2026). A fail puts you with the majority, not outside it. The full history is on our pass rates page.

The rules

From CFA Institute's CFA Exam Eligibility Policy, read 3 Oct 2026:

• You may sit "a maximum of two times per calendar year (when applicable), but not in consecutive testing windows or in windows less than six months apart".
• "Each candidate is allowed up to six total attempts per exam level. Candidates who are unsuccessful after six attempts at the same level are no longer eligible to register."
• "Partially completed exams (e.g., completing only one session) count toward the maximum attempt limit."

So the earliest you can go again is the window six months after yours. Use the gap, rather than booking the first one available.

Read the result properly

CFA Institute says you "receive a result of 'pass' or 'fail' along with information on your topic level performance and an overall scale score which allows you to compare how well you performed against the Minimum Passing Score". Candidates who pass Level III do not get the detail, but everyone who fails does. Three things to take from it:

• How far below the line you were. A scaled score just under the minimum passing score is a different problem from one well under it. Just under means practice and exam technique. Well under means whole topics.
• Which topics sat below the line. Weight them by their share of the exam. A weak heavy topic matters more than two weak light ones.
• Whether time was the problem. If you ran out of time in a session, the fix is timed practice, not more reading.

What to change

• Narrow miss: volume under exam conditions. A question bank with answer explanations, and full mocks sat to time. In CFA Institute's May 2024 candidate survey, 70% of candidates used the Learning Ecosystem practice questions and 68% its mock exams, so use those first and add a provider's bank for depth.
• Weak topics: teaching, not more questions. Lessons or notes for those topics only, then questions on them until the error rate falls.
• Not enough hours: a plan and concise material. The most common reason candidates gave for hiring a provider was more concise study materials, at 30%. A planner that fits the weeks you have beats a bigger course you will not finish.

Where a provider adds value

Few retakers need a full course again. What they buy is practice: a question bank, mocks, or both. These are the top-ups under $350 in our data, from the providers' own pages. An asterisk marks a count that is our estimate.

Level I

Level II

Level III

Some providers price a retake differently. Our discounts page lists what each one's own site offers at the moment, and the head-to-heads set the full courses side by side if you do need one.

Sources

• CFA Exam Eligibility Policy, read 3 Oct 2026.
• CFA exam results and pass rates, read 3 Oct 2026.
• CFA Program Candidate Survey, May 2024, Global, 16,648 responding, read 25 Sep 2026.

PrepProviders research. Published 3 Oct 2026.