CFA® Exam Pass Rates: Is CFA Exam Hard?
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Average Level 1 CFA Exam Pass Rate Is 41%, Not High...
CFA exam pass rates show that the CFA exam can be quite hard. The average level 1 CFA exam pass rate is now 41%, which means that more than every second CFA candidate doesn't pass their level 1 exam.
Interestingly, for many years the level 1 CFA exam passing score was around 43% but the level 1 pass rates dropped when the CFA exam moved to computer-based testing. Luckily, the most recent pass rates of more or less 40% look more promising
The average level 1 pass rate of 41% is the mean level 1 CFA exam score for the last 10 years (2015-2024).
Level 1 CFA Exam Pass Rates (2015 – 2024)
The most recent AUG 2024 level 1 CFA exam pass rate is 44%. See how the CFA exam is graded and if your CFA exam result must always exceed the MPS?
| Level 1 CFA Exam | Pass Rate |
|---|---|
| Aug 2024 Exam | 44% |
| May 2024 Exam | 46% |
| Feb 2024 Exam | 44% |
| Nov 2023 Exam | 35% |
| Aug 2023 Exam | 37% |
| May 2023 Exam | 39% |
| Feb 2023 Exam | 38% |
| Nov 2022 Exam | 36% |
| Aug 2022 Exam | 37% |
| May 2022 Exam | 38% |
| Feb 2022 Exam | 36% |
| Nov 2021 Exam | 27% |
| Aug 2021 Exam | 26% |
| July 2021 Exam | 22% |
| May 2021 Exam | 25% |
| Feb 2021 Exam | 44% |
| December 2020 Exam | 49% |
| June 2020 Exam | postponed |
| December 2019 Exam | 42% |
| June 2019 Exam | 41% |
| December 2018 Exam | 45% |
| June 2018 Exam | 43% |
| December 2017 Exam | 43% |
| June 2017 Exam | 43% |
| December 2016 Exam | 43% |
| June 2016 Exam | 43% |
| December 2015 Exam | 43% |
| June 2015 Exam | 42% |
The "real" pass rate for all registered level 1 CFA candidates has always been significantly lower than the average 41%. We explain why in our post on the level 1 CFA exam.
CBT Level 1 CFA Exam Pass Rates Year by Year
(2021 – 2024)
In 2021, CFA exams moved to computer-based testing (CBT) for candidates of all levels. Since then, the level 1 CFA exam has taken place in Feb, May, August, and November (in 2021, there was also an L1 exam in July).
See below what the level 1 CFA exam pass rates look like ever since the CFA exam has been in the CBT format:
CFA Exam Pass Rates in 2024
Feb 2024 CFA exam pass rate:
- Level 1: 44%
- Level 3: 49%
May 2024 CFA exam pass rate:
- Level 1: 46%
- Level 2: 59%
Aug 2024 CFA exam pass rate:
- Level 1: 44%
- Level 2: 47%
- Level 3: 48%
CFA Exam Pass Rates in 2023
Feb 2023 CFA exam pass rate:
- Level 1: 38%
- Level 3: 48%
May 2023 CFA exam pass rate:
- Level 1: 39%
- Level 2: 52%
Aug 2023 CFA exam pass rate:
- Level 1: 37%
- Level 2: 44%
- Level 3: 47%
Nov 2023 CFA exam pass rate:
- Level 1: 35%
- Level 2: 44%
CFA Exam Pass Rates in 2022
Feb 2022 CFA exam pass rate:
- Level 1: 36%
- Level 2: 44%
May 2022 CFA exam pass rate:
- Level 1: 38%
- Level 3: 49%
Aug 2022 CFA exam pass rate:
- Level 1: 37%
- Level 2: 40%
- Level 3: 48%
Nov 2022 CFA exam pass rate:
- Level 1: 36%
- Level 2: 44%
The 2022 CFA exam windows differed across levels compared to the 2023 CFA exam windows. The level 2 exam was held in Feb, Aug, and Nov, while the level 3 exam was held in May and Aug.
CFA Exam Pass Rates in 2021
The Feb 2021 level 1 exam was the first CFA exam to be delivered on computers.
Feb 2021 CFA exam pass rate:
- Level 1: 44%
May 2021 CFA exam pass rate:
- Level 1: 25%
- Level 2: 40%
- Level 3: 42%
July was the month when only the level 1 CFA exam took place and it was an exception. Moreover, exams for all candidates were held in May, Aug, and Nov.
July 2021 CFA exam pass rate:
- Level 1: 22%
August 2021 CFA exam pass rate:
- Level 1: 26%
- Level 2: 29%
- Level 3: 39%
November 2021 CFA exam pass rate:
- Level 1: 27% (low CFA exam pass rates, why?)
- Level 2: 46%
- Level 3: 43%
CFA Exam Pass Rates in 2020
In 2020, CFA exams (all levels) were held only in December due to the spreading coronavirus pandemic. June 2020 exams were postponed.
Dec 2020 CFA exam pass rates:
- Level 1: 49%
- Level 2: 55%
- Level 3: 56%
The reason why the 2020 CFA exam pass rates were so high is that many Dec candidates had their exams postponed from June and while they prepared to take their exam – they reviewed their study material again and again. Regular review is one of the pillars of our study approach and we always encourage you to revise as often as possible to minimize your forgetting and improve your learning curve.
Whether you're still a level 1 candidate or are about to move to the next levels of your CFA exam, you might be interested in the pass rates for level 2 and level 3 exams. Here's what they were like for the last 10 years:
Average Level 2 CFA Exam Pass Rate Is 45%
The 10-year average level 2 CFA exam pass is now 45% so it's a bit higher than the mean level 1 passing score but lower than the average level 3 CFA exam pass rate.
Level 2 CFA Exam Pass Rates (2015 – 2024)
The AUG 2024 level 2 CFA exam pass rate was 47%, which is quite a good passing score for the level 2 exam. However, not as spectacular as the MAY 2024 level 2 CFA exam pass rate....
Before the level 2 CFA exam moved to CBT, it was held once a year in June, except for 2020 when the exam had to be postponed due to the pandemic.
| Level 2 CFA Exam | Pass Rate |
|---|---|
| Aug 2024 Exam | 47% |
| May 2024 Exam | 59% |
| Nov 2023 Exam | 44% |
| Aug 2023 Exam | 44% |
| May 2023 Exam | 52% |
| Nov 2022 Exam | 44% |
| Aug 2022 Exam | 40% |
| Feb 2022 Exam | 44% |
| Nov 2021 Exam | 46% |
| Aug 2021 Exam | 29% |
| May 2021 Exam | 40% |
| December 2020 Exam | 55% |
| June 2020 Exam | postponed |
| June 2019 Exam | 44% |
| June 2018 Exam | 45% |
| June 2017 Exam | 47% |
| June 2016 Exam | 46% |
| June 2015 Exam | 46% |
Average Level 3 CFA Exam Pass Rate Is 52%
The 10-year average level 3 CFA exam pass is now 52%. Even though the level 3 exam is the last of the CFA exams, the passing rate is still not very impressive...
Before the level 3 CFA exam moved to CBT, it was held once a year in June, except for 2020 when the exam had to be postponed due to the pandemic.
Level 3 CFA Exam Pass Rates (2015 – 2024)
The AUG 2024 level 3 CFA exam pass rate was 48%, which is not bad compared to the previous years. It seems though like level 3 pass rates just cannot cross the threshold of 50%.
| Level 3 CFA Exam | Pass Rate |
|---|---|
| Aug 2024 Exam | 48% |
| Feb 2024 Exam | 49% |
| Aug 2023 Exam | 47% |
| Feb 2023 Exam | 48% |
| Aug 2022 Exam | 48% |
| May 2022 Exam | 49% |
| Nov 2021 Exam | 43% |
| Aug 2021 Exam | 39% |
| May 2021 Exam | 42% |
| December 2020 Exam | 56% |
| June 2020 Exam | postponed |
| June 2019 Exam | 56% |
| June 2018 Exam | 56% |
| June 2017 Exam | 54% |
| June 2016 Exam | 54% |
| June 2015 Exam | 53% |
Historical CFA Exam Pass Rates
To find out what the CFA exam pass rates looked like since 1963 until now – best visit CFA Institute's website:
The numbers just confirm that it is not easy to pass the CFA exam at the first attempt, regardless of the exam level.
Even though the trend from the exam level to the exam level is rising, CFA exam pass rates show that the CFA exam is a rather difficult examination and only those who take their exam prep seriously can be confident about their passing score.
Updated: Oct 21, 2024
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