The latest CFA pass rates
| Level | Most recent sitting | Overall pass rate | Long-run average |
|---|---|---|---|
| Level I | May 2026 | 39% | ~40% |
| Level II | May 2026 | 43% | ~45% |
| Level III | February 2026 | 50% | ~50% |
Source: CFA Institute: exam results and pass rates; figures vary by sitting, so verify the current numbers there.
Pass rates are based on candidates who actually sit the exam, not everyone who registers. That is a meaningful distinction, since some registered candidates never show up.
First-timers consistently outperform deferrers
One of the most striking patterns in recent results: candidates sitting on their originally scheduled date pass at much higher rates than those who deferred. In the May 2026 Level I sitting, first-time candidates passed at roughly 45% against about 25% for deferred candidates: a gap of around twenty percentage points that repeats across levels and sittings.
The lesson is not that deferral causes failure. It is that momentum matters. Candidates who keep their date, keep their study rhythm, and walk in with recent practice behind them systematically outperform those who postpone and let their preparation decay.
Why are CFA pass rates so low?
The rates reflect genuine difficulty and breadth, but they also reflect the preparation habits of the candidate pool. The most common failure patterns:
- Insufficient study hours. CFA Institute reports successful candidates study 300+ hours per level on average. With ten topic areas at Level I, that is a floor, not a ceiling. Many candidates start too late to reach it.
- Passive reading without active practice. Reading builds familiarity, not competence. Candidates who haven’t worked through hundreds of practice questions discover on exam day that “understood” knowledge doesn’t translate to correct answers under time pressure.
- Neglecting high-weight topics. Ethics and Financial Statement Analysis together approach a third of the Level I exam. Practising the topics you enjoy instead is a classic borderline-fail pattern.
- Exam fatigue. Two long sessions back to back reward candidates who built stamina through timed practice, and punish those who didn’t.
- At Level III: unpractised writing. The essay section fails candidates who know the material but have never produced concise written answers against the clock. See our essay guide.
Why does the pass rate rise from Level I to Level III?
Mostly survivorship: everyone at Level III has already passed two hard exams, so the pool is stronger and more committed. The material does not get easier. The candidates get better.
What it takes to be in the passing group
- Start early. Six months of structured preparation is a reasonable target for working professionals.
- Practise from week one. Integrate questions into your first pass through the curriculum, not just the final weeks.
- Review mistakes systematically. A wrong answer is only valuable once you know exactly why you got it wrong.
- Track accuracy by topic. A candidate at 80% in Derivatives and 55% in FSA knows precisely where the next session should go.
- Simulate exam conditions. Timed, no notes, no pausing. In the final weeks, practise the way you’ll sit.
Our full study-plan guide turns these habits into a phase-by-phase schedule.
Be on the right side of the statistics
The passing group practises early, tracks accuracy by topic, and reviews every mistake. Analyst Quorum is built around exactly that loop: practice at every level, first-attempt accuracy tracked per topic, and a dashboard that shows where you stand and what to fix next.
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