Volatile & Declining CFA Level 1 Pass Rate

Intro: Here you can read about CFA level 1 pass rate. We also present historical CFA pass rates from 1963 to 2016 (including level 2 and level 3 exams).

You can share your thoughts about how the pass rates changed from the beginning to date in the comments section just below the post.

Recent CFA Level 1 Pass Rates

CFA level 1 pass rates vary across the years. The table below presents pass rates for 14 recent exams.

In recent years, average CFA level 1 pass rates were:

  • 40.6% for June exams,
  • 40.6% for December exams, and
  • 40.6% overall.

Read more about CFA results in our blog: What is the CFA passing score? How is the CFA exam graded?

Note the rate span, which is quite broad. The numbers range from 36% to 44%.

Historical CFA Pass Rates (Level 2 & 3 Included)

If you are a level 2 or level 3 candidate you might be interested in pass rates for these levels. The table below presents pass rates for all levels of the CFA exam from 1963 till now:

The numbers just confirm that it is not easy to pass the CFA exam at the first attempt, regardless of the exam level.

Editor's Note: This post was originally published in March 2013 and has been updated for accuracy and comprehensiveness.

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