Level I guide
CFA® Level I pass rates
In May 2026, 39% of 31,566 Level I candidates passed. Across the last 6 exam windows the average was 43%, and CFA Institute puts the long-term average at about 40%.
View as table
| Exam window | Pass rate | Candidates |
|---|---|---|
| May 2026 | 39% | 31,566 |
| February 2026 | 45% | 24,006 |
| November 2025 | 43% | 26,752 |
| August 2025 | 43% | 26,192 |
| May 2025 | 45% | 24,227 |
| February 2025 | 45% | 19,848 |
What the numbers mean for you
- Fewer than half of candidates pass in a typical window, so preparation that goes beyond reading pays off.
- In May 2026, first-time candidates passed at 45%, compared with 25% for candidates who had deferred at least once.
- CFA Institute does not publish a pass mark, so aim to be comfortably above your mock average rather than near a guessed cut-off.
Source: CFA Institute results press releases for each window (links in the table above). We update this page when new results are published.
See where you stand
Take a full, timed mock and get your score by topic.