CFA pass rates: the official numbers
CFA Institute publishes pass rates for every window, and they have sat between about 39% and 50% recently. The most useful number is not the headline rate but the gap inside it: first-time candidates pass at roughly 50%, while candidates who deferred pass at under 30%.
Recent results by level
| Window | Level | Pass rate | First-time candidates | After a deferral |
|---|---|---|---|---|
| August 2026 | Level I | 43% | 49% | 29% |
| August 2026 | Level II | 45% | 52% | 30% |
| May 2026 | Level I | 39% | 45% | 25% |
| May 2026 | Level II | 43% | 48% | 25% |
| February 2026 | Level III | 50% | 59% | 34% |
Worldwide results as announced by CFA Institute. Level III results for August 2026 are due on October 20, 2026.
The gap that matters: first-timers against deferrers
In every recent window, candidates sitting for the first time passed at a rate 20 to 25 points higher than those who had deferred at least once. CFA Institute does not explain the gap. Possible reasons include the time between studying and the exam, and the circumstances that lead someone to defer, but the pattern itself is consistent.
That is relevant now because CFA Institute is ending paid deferrals from the February 2027 cycle.
The long run
| Level | Ten-year average | What it tests |
|---|---|---|
| Level I | About 40% | Breadth: ten topic areas, 180 multiple-choice questions |
| Level II | About 45% | Depth: valuation and analysis in vignette-based item sets |
| Level III | About 51% | Synthesis: portfolio construction, with essays |
Ten-year averages as reported by CFA Institute. Pass rates have been published since 1963.
Level III has the highest pass rate, but the candidates reaching it have already passed two levels, so the figure says little about how hard the level is.
Why the numbers move
Rates swing by several points from window to window, so a single result is a weak guide. May 2026 was among the lower recent windows at both Levels I and II, while August 2026 recovered. CFA Institute sets the passing standard for each exam, so a swing does not mean the exam was easier or harder.
What to do with these numbers
Register for a window you are ready for, and treat the date as fixed. That is the single clearest signal in the official data.
The official rates are for all candidates, including those who underprepared. Candidates who put in the recommended 300 or more hours per level are a different group from the average.
Providers sometimes quote pass rates of 80 to 90%. These are self-reported for their own customers and are not audited, so we do not rank on them.
Common questions
Is it easier to pass in some windows?
Not in a clear way. CFA Institute reports the rate for each window and the first-time against deferred split. It sets the passing standard per exam, so a lower rate in one window does not mean a lower bar.
Which level is hardest?
Level I has the lowest ten-year average at about 40%, but it also has by far the most candidates, many of them under-prepared. The better question is which level fits your background: Level I rewards breadth, Level II rewards depth, and Level III rewards judgment.
Are there pass rates by country?
No. CFA Institute does not publish country-level results in the data we reviewed.