CFA Pass Rates

After each exam, the CFA Institute sets a minimum passing score (MPS) for each exam level.
The overall average pass rate for the CFA exam over the past 10 years is 44%. However, pass rates vary by exam level. The Level I, II, and III exams have had an average pass rate of 41%, 45%, and 52% respectively over the past 10 years. But, as we’ll discuss, pass rates have been lower in recent years, especially for the Level I exam.

The CFA Level I pass rate landed at 36% in the most recent exam season of February 2022 and 27% in the November 2021 exam season. These pass rates, along with pass rates in May and June of 2021, are a significant drop off from the more consistent 40% plus pass rate from 2010 to 2020.

If you’re taking the Level I CFA exam, you can expect to receive your results within 60 days of sitting for the exam

Read more about the history of Level I CFA Pass Rates.

Why Is the CFA Level I Pass Rate So Low?

CFA Level I pass rates are the lowest the CFA Program has seen recently and historically. Part of the reason is that it’s the first hurdle for candidates looking to earn their Certified Financial Analyst designation, and the learning curve during this phase is significant even though it’s not considered to be the most difficult exam.

It’s important to know that the CFA Institute doesn’t use a forced curve that only allows a certain proportion of candidates to pass the exam annually. Rather, they use a fixed bar to allow a consistent level of competency to pass.

The CFA Level II pass rate was 44% in the most recent exam season of February 2022. This was a rebound from rates that dipped below 30% in 2021. In the past decade, pass rates have averaged in the 43-46% range.

Refer to this document from the CFA Institute which provides CFA historical pass rates for the Level II exam dating back to 1963.

Like with the Level I exam, results for the CFA Level II exam is available within 60 days of your exam date.

The CFA Level III pass rate hit 43% for the November 2021 exams. This is consistent with pass rates from the rest of 2021 but down compared to the 50% plus pass rates from the previous decade.

The CFA Institute provides a historical pass rate document for the Level III exam that dates back to 1963 to reference as well.

If you’re sitting for the Level III exam, you’re results will be available within 90 days of your exam date.

Since they have been tracked starting in 1963, the CFA pass rates have been interesting to track across all three exam levels. One of the more interesting data trends has been the addition of computer-based exams and how that has affected pass rates.

Here are a couple of charts that help you visualize the data.

CFA pass rates are low due to many factors. Often, a CFA candidate will get in over their heads at the start and never be able to catch up to the study pace the exam demands. This can be avoided with a trusted partner like Wiley thanks to the excellent study materials and tools that help candidates each step of the way.

Despite the current low pass rates, now is the best time to take the CFA exam. The reason is because of the tools and testing materials Wiley has developed. They are backed by experts across the globe and have helped thousands of students over time achieve their goal of becoming a Chartered Financial Analyst.