CFA pass rates are some of the most searched and most misread numbers in finance. Here is the latest official data, the long-run context, and what it actually means for you. All figures below come from CFA Institute; always confirm the most recent sitting on their site, since a new result is published after every exam.
Latest CFA pass rates
| Level | Latest pass rate | Sitting |
|---|---|---|
| Level I | 45% | February 2026 |
| Level I | 43% | November 2025 |
| Level II | 42% | November 2025 |
| Level III | 50% | February 2026 |
CFA Institute publishes a result after each sitting, so these change through the year. The numbers above are the most recent official figures we verified.
The long-run averages matter more
A single sitting can be noisy. The 10-year averages give a steadier picture:
- Level I: around 40%
- Level III: around 51%
So Level I, the entry exam, has historically been the hardest to pass on the numbers, partly because it draws the largest and least-filtered candidate pool. By Level III, the people sitting have already cleared two exams, which lifts the rate.
How to read a 40-50% pass rate
It is easy to see “40% pass” and assume the exam is a coin flip you are likely to lose. That misreads it:
- The CFA is taken by working professionals studying part-time, and CFA Institute recommends a large study commitment per level. Many who fail simply under-prepared or ran out of time.
- The exam tests the whole curriculum, so the candidates who pass are the ones who covered it all, not the ones who got lucky.
- Pass rates say nothing about your odds if you put in the hours. They describe the average of a very mixed pool.
The honest takeaway: the pass rate is a signal that the CFA demands real, sustained preparation, not a verdict on whether you personally can pass. If you want to know whether the qualification is worth that effort, see our CFA Level I overview and the CFA vs CPA comparison.