CFA exam pass rates: what the numbers actually mean

The CFA exam has a reputation for being difficult, and the pass rates back it up. Roughly 4 out of 10 candidates pass Level I on any given sitting. Here is a closer look at the numbers and what they mean for you.

Recent pass rates

Data from CFA Institute published results. Pass rates are approximate and may be rounded.

What happened after COVID

Pass rates dropped noticeably when CFA Institute moved to computer-based testing in 2021. Level I rates fell from the historical ~42% average to the mid-30s. They have recovered slightly since then, sitting around 43-44% in recent sittings.

Several theories for the drop: the transition to computer-based testing changed the question format slightly, more exam windows per year may have spread candidates thinner in their preparation, and the shorter exam format (two 2-hour-15-minute sessions instead of two 3-hour sessions) may have caught candidates off guard initially.

Why 40% does not mean random

A 40% pass rate sounds daunting. But it does not mean the exam is random or unfair. The candidate pool includes people who registered months ago and barely studied, people sitting for the second or third time, and people who are well-prepared and confident.

CFA Institute surveys consistently show that candidates who study 300+ hours and complete practice exams pass at significantly higher rates than the overall average. The pass rate for well-prepared candidates is likely much higher than 40%.

What this means for you

The pass rate is a statistic about all candidates, not a prediction about you. Three things correlate strongly with passing:

1. Study hours. 300+ hours is the baseline. Below that and your odds drop sharply.
2. Practice questions. Doing hundreds of practice questions - and understanding the ones you get wrong - matters more than reading the curriculum twice.
3. Mock exams. Taking timed practice exams builds stamina and reveals weak spots you did not know you had.

If you put in the hours, do the questions, and take mock exams, you are in a very different position from the average candidate.