CFA® Level I pass rates

Last updated June 19, 2026 · refreshed after each exam window

The most recent CFA Level I pass rate was 45%, in the February 2026 window — above the exam's long-run average of about 41%.

Source: CFA Institute results announcements. CFA Institute reports the pass rate for each window; it does not consistently publish per-window candidate counts.

The trend: recovery from the CBT-era low

Level I pass rates are not constant. They fell to a historic low near 22% in mid-2021, as the exam moved to year-round computer-based testing and a wave of deferred candidates sat together. Since then they have climbed back to the low-to-mid 40s — now running a little above the level the exam held for most of the decade before the pandemic. For where rates head next, read our CFA Level I pass-rate outlook.

First-time vs repeat candidates

CFA Institute has reported that first-time candidates tend to pass at higher rates than those re-sitting — a gap that widened during the pandemic-era backlog of deferred exams. The lesson is durable: a focused, well-timed first attempt is the strongest position you can be in — a real argument for studying by a tight method rather than letting preparation drift across multiple sittings.

What the passing score (MPS) means

CFA Institute sets a Minimum Passing Score after each window and never publishes it, so there is no fixed "score X and you pass" line. As a rough proxy, candidates who consistently score 70% or better on full-length mock exams tend to be in solid shape — the score matters more than any rumored pass line. For how the MPS is actually set and the target to aim for, see what score you need to pass CFA Level I.

CFA Level I pass rate — FAQ

What is the CFA Level I pass rate?

As of the February 2026 window, 45%. Recent sittings have held around 43–45%, against a long-run average near 41%.

Has the CFA Level I pass rate gone up?

Yes. It fell to a historic low near 22% in mid-2021 during the move to year-round computer-based testing, then recovered to the low-to-mid 40s — now slightly above the decade average of about 41%.

What is the CFA Level I passing score?

CFA Institute sets a Minimum Passing Score after each window and does not publish it, so there is no fixed line. A useful proxy is consistently scoring 70% or better on full-length mock exams.

Do first-time candidates pass at higher rates?

Yes — CFA Institute has reported that first-time candidates generally pass at higher rates than those re-sitting, a gap that was widest during the pandemic-era backlog of deferred exams. A clean, well-timed first attempt is the strongest position.

See where you stand — free diagnostic Read the Level I guide