Is CFA® Exam Pass Rate Fixed Around 43% For Good?
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Level 1 CFA Exam Pass Rates (2015 – 2022)
| Level 1 CFA Exam | Pass Rate |
|---|---|
| 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% |
| February 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 NOV 2022 level 1 CFA exam pass rate was 36%, which is good news compared to the low 2021 level 1 CFA exam pass rates. However, it’s still lower than the average pass rate of 43% true of the past level 1 CFA exams.
The 10-year average pass rate for the level 1 CFA exam, i.e., from 2013 to 2022, is currently down to 41%. For long, it was fixed around 43% but with the really low 2021 pass rates, it now goes down.
It is an open question whether the trend of pass rates stabilizing around 43% holds true in the future. The Dec 2020 level 1 pass rate of 49% turned out to be a bit higher. But the Feb 2021 level 1 CFA exam pass rate was again down to 44%. Then, the May, July, August, and November level 1 pass rates were much lower...
It's not that the level 1 CFA exam pass rate has always been around 43% and it fell down only recently. In the past, there were years when the level 1 pass rate was more around 30% than 40%, which makes the most recent November 22 level 1 pass rate of 36% a good & hopeful score!
You can also read about CFA exam results, pass rates and the MPS in our blog post on how the CFA exam's graded.
IMPORTANT!
The "real" pass rate for all registered level 1 candidates has always been significantly lower than the average 43%. We explain why in our post on the level 1 CFA exam.
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%
CFA Exam Pass Rates in 2021
The Feb level 1 exam was the first CFA exam to be held in 2021 and it was delivered on computers.
Feb 2021 CFA exam pass rate:
- Level 1: 44%
Next computer-based CFA exams for candidates of all levels took place in May, August, and November.
May 2021 CFA exam pass rate:
- Level 1: 25%
- Level 2: 40%
- Level 3: 42%
July was the month when only level 1 CFA exam took place.
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% (why the CFA exam pass rates are so low now?)
- 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.
Level 2 & Level 3 CFA Exam Pass Rates (2015 – 2022)
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. That's what they looked like for the last several years:
| Level 2 CFA Exam | Pass Rate |
|---|---|
| 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% |
| Level 3 CFA Exam | Pass Rate |
|---|---|
| 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% |
While the level 2 CFA exam pass rate was usually just a bit higher than the pass rates given for the level 1 exam, the level 3 pass rate was higher by a lot and always exceeded 50% over the last several years. For the 2021 level 3 CFA exams – the pass rate was lower and it was around 40% but now the May & Aug 2022 level 3 CFA exam result is up to 49% & 48%, respectively.
Unexpectedly, for the Dec 2020 level 2 CFA exam (postponed from June 2020), the pass rate also exceeded 50%. It was 55% high! However, the May 2021 level 2 CFA exam pass rate was just 40% and the Aug 2021 level 2 pass rate was as low as 29%. The Nov 2021 & Feb 2022 level 2 CFA exam pass rates were back to normal with the value of 46% & 44%, respectively. But the Aug 2022 level 2 pass rate was again lower with no more than 40%. The most recent Nov 2022 level 2 result is 44%.
Historical CFA Exam Pass Rates
To find out how 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.
Updated: Jan 19, 2023
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