What is the Pass Rate for the CFA^® Exam?

The CFA exam pass rate is low because it is a challenging exam with three levels. The percentage of people who pass all the levels is small, especially when you consider that the passing rate for Level 1 is less than half. Let’s look at the data, and discuss what you can do to increase your chances of passing.

Key Takeaways

1. CFA exam pass rates are on the rise, especially Level I.
2. No level of the CFA exam is easy. Each level is progressively harder.
3. You should be prepared to allocate at least 300 hours to studying for each level.

TABLE OF CONTENTS

• Level I Pass Rates
• Level II Pass Rates
• Level III Pass Rates
• CFA Exam Difficulty
• Study Tips

CFA^® Exams Passing Rate

CFA^® exam grading is done yearly by machines and charterholders. CFA Institute then uses a methodology to determine a minimum passing score that is applied to each level of the exam. That score is not made public. Pass rates for CFA Level I and Levels II and III are given out for each exam window.

For those who passed, congratulations. For those who did not, we will help you take the next best step forward and are dedicated to helping you achieve your professional goals.

Whatever your exam result, the obvious question now is, “What do I do now?” If you received your results and failed the CFA Exam, we lay a tactical plan for what your next steps should be.

Recent CFA Level I Exam Pass Rates

The CFA Level I pass rate for May 2025 was 45%, which is above the historical average of 41%. This continues the trend of above-average pass rates for recent Level I exams.

Recent CFA Level II Exam Pass Rates

The Level II all-time average pass rate is 46%. Recent results have varied, however the May 2025 pass rate is well above the all-time average for Level II.

Recent CFA Level III Exam Pass Rates

The February 2025 Level III exam pass rate was 49%, which is below the all-time average pass rate but basically aligned with post-pandemic averages.

Why Were CFA Exam Pass Rates So Low?

You probably noticed some recent pass rates near all-time averages and even exceed them in some cases. In 2022 and late 2021, there were all sorts of speculation about the reasons for the low scoring. As expected, scores are beginning to normalize but continue to remind candidates to take exam prep seriously.

If you haven’t taken the exam yet and these scores concern you, this is a good time for you to consider a CFA exam prep package, which can increase your odds of being in the passing statistics.

Considering taking the CFA exam? Download our free eBook, Before You Decide to Sit for the CFA^® Exam, to get advice and tips from past exam-takers.

How Hard is the CFA Exam?

Be prepared for a challenge at any level. As you can tell based on the recent passing rates, the CFA Exams are widely considered to be difficult exams. For Levels I and II, you are expected to know the major concepts related to these topics and how they are applied:

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

CFA Level Difficulty: Which CFA Exam is the Hardest?

No level of the CFA exam is easy. Each level is progressively harder. In the end, the number of candidates who pass all three levels is a small percentage of those who register for Level I and stick with it. That said, the general consensus of those who have taken all three levels of the CFA exam is that Level III is the most difficult because of the constructed response questions, which are in the format of essay questions.

For those who have gotten used to the multiple-choice format, writing answers can be difficult. Also, there is a tendency for some candidates to think that constructed response questions should be treated like essay questions on a college or graduate school exam, but they are completely different.  

Study Tips: How to Increase Your Odds of Passing the CFA Exam

You should be prepared to allocate at least 300 hours to studying for each level. These tips will help you develop the knowledge and confidence necessary to increase your odds of passing:

• Create your CFA study plan, and start studying early. 
• Focus on the Learning Outcome Statements (LOS) from CFA Institute because they detail exactly what you are expected to do on exam day. 
• Sign up for a CFA exam preparation class.
• Develop a steady, regular study routine. 
• Balance your studying between reading and practicing with breaks in between to enable concepts (and their application) to percolate.
• Build your confidence daily by signing up for a CFA question of the day. Take at least one CFA mock exam. The best mock exams simulate the actual Prometric computer-based exam. They help you assess your mastery of everything you’ll be expected to know and do when you sit for the actual CFA exam, along with how well you handle the pressure of a timed exam.

6-Month Study Guide for Level I

Next Steps for CFA Candidates

Learn more about the CFA Exam if you are interested in becoming a Chartered Financial Analyst. If you are interested in taking (or re-taking) the exam, check out our CFA study materials.

Get Access

Take a free diagnostic exam

Feeling Ready For The Exam?