CFA Pass Rates by Level (2024–2026)
Understanding CFA pass rates helps set realistic expectations and plan your preparation intensity. (Wondering what score it takes to pass? See how the CFA exam is scored and the estimated MPS.)
Key Takeaways
- Level 1 and Level 2 pass rates sit in the mid-40s%; Level 3 is higher at roughly 52–54%.
- Candidates who study 300+ hours and complete 2,000+ practice questions pass at significantly higher rates.
- Ethics performance is weighted heavily in borderline pass/fail decisions at every level.
- Sitting 2+ full timed mock exams correlates with better outcomes.
Current Pass Rates
| Level | 2024 Average | 2025 Average | Notes |
|---|---|---|---|
| Level 1 | 44% | 43% | Offered 4× per year |
| Level 2 | 47% | 46% | Offered 2× per year |
| Level 3 | 54% | 52% | Essay + item set format |
Source: CFA Institute published results.
Why Pass Rates Matter for Your Prep Strategy
Level 1 and Level 2 have the highest failure rates. The most common failure reason reported by candidates: underestimating the Q-bank practice requirement. Reading curriculum is not enough — you must practice thousands of questions at exam difficulty.
What Separates Passers from Failures
Based on post-exam candidate surveys:
- 300+ hours of study — below 250 hours correlates strongly with failure
- Quality Q-bank — candidates who completed 2,000+ practice questions have significantly higher pass rates
- Ethics focus — Ethics is tested in all three levels and weighted heavily in borderline decisions
- Mock exams — candidates who sat 2+ full mock exams under timed conditions had better outcomes
Improve Your Odds
Use our diagnostic practice questions to identify your weakest topics, then compare the top prep courses on Ethics coverage and Q-bank depth.
Pass rate data sourced from CFA Institute published announcements. Not affiliated with CFA Institute.