CFA Exam Pass Rates 2025: Level 1, 2, 3 Statistics & Historical Trends
The CFA (Chartered Financial Analyst) exam is often called the “world’s hardest exam” in finance. With pass rates hovering between 43-50% across all three levels, understanding your odds is essential for proper planning.
Here’s everything you need to know about CFA pass rates in 2025, including historical trends, first-time vs repeat candidate data, and strategies to beat the odds.
2025 CFA Exam Pass Rates by Level
Based on the latest data from CFA Institute:
| Exam Window | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| August 2025 | 43% | 44% | 50% |
| May 2025 | 45% | 54% | — |
| February 2025 | 45% | — | 49% |
| November 2024 | 43% | 39% | — |
- Level 1: 41% average pass rate
- Level 2: 45% average pass rate
- Level 3: 52% average pass rate
These averages include the post-pandemic recovery period when pass rates were historically low.
First-Time vs Deferred Candidates
CFA Institute releases data comparing first-time test takers to deferred candidates (those who postponed from a previous window). The difference is striking:
| Exam Window | First-Time | Deferred |
|---|---|---|
| Aug 2025 Level 3 | 59% | 33% |
| Aug 2025 Level 2 | 52% | 28% |
| Aug 2025 Level 1 | 50% | 29% |
| May 2025 Level 2 | 60% | 35% |
| May 2025 Level 1 | 52% | 28% |
| Feb 2025 Level 3 | 56% | 30% |
| Feb 2025 Level 1 | 52% | 30% |
Deferred candidates consistently pass at rates 20-25 percentage points lower than first-time candidates. This suggests that momentum matters—if you’re prepared, don’t delay.
Historical Pass Rates Since 2014
Level 1 Historical Trends
| Year | Pass Rate Range | Notable Events |
|---|---|---|
| 2025 | 43-45% | Recovery to pre-pandemic norms |
| 2024 | 43-53% | Continued normalization |
| 2023 | 35-42% | Gradual improvement |
| 2022 | 35-40% | Still recovering from pandemic lows |
| 2021 | 22-27% | Historic lows (pandemic disruption) |
| 2020 | 42-49% | Dec 2020 saw pandemic bump to 49% |
| 2019 | 41-42% | Pre-pandemic normal |
| 2015-2018 | 40-45% | Stable paper-based exam era |
Level 2 Historical Trends
| Year | Pass Rate Range | Notable Events |
|---|---|---|
| 2025 | 39-54% | May 2025 spike to 54% |
| 2024 | 39-67% | May 2024 unusually high at 67% |
| 2023 | 44-52% | Recovery phase |
| 2022 | 40-46% | Post-pandemic struggles |
| 2021 | 29-40% | Record lows |
| 2020 | 52-55% | Pandemic bump for those who sat |
| 2019 | 44-46% | Pre-pandemic baseline |
Level 3 Historical Trends
| Year | Pass Rate Range | Notable Events |
|---|---|---|
| 2025 | 49-50% | Stabilized around 50% |
| 2024 | 47-55% | Improvement continues |
| 2023 | 47-52% | Near long-term average |
| 2022 | 47-49% | Faster recovery than L1/L2 |
| 2021 | 39-42% | Lowest ever recorded |
| 2020 | 52-56% | Consistent with historical norms |
| 2019 | 52-56% | Long-term average range |
Why Are CFA Pass Rates So Low?
Several factors contribute to the challenging pass rates:
1. Volume of Material
- Level 1: ~3,000 pages of curriculum
- Level 2: ~3,500 pages with deeper analysis
- Level 3: ~2,800 pages plus essay components
- CFA Institute recommends 300+ hours of study per level
2. Self-Selection Fallacy
Unlike professional license exams, the CFA is voluntary. Many candidates underestimate the commitment:
- Only 20% of enrolled candidates actually complete all three levels
- High dropout rates between levels inflate the “serious candidate” pool
3. Post-Pandemic Effects
The 2021 pass rates (22% for Level 1) were historic lows due to:
- Transition to computer-based testing
- Study disruption during lockdowns
- Test center closures creating rushed preparation
- Pass rates have since recovered but remain below pre-2020 averages
4. The Minimum Passing Score (MPS)
CFA Institute sets the MPS using a modified Angoff method, calibrated to a “minimally competent candidate.” The MPS is not a fixed percentage and varies by exam administration.
Based on candidate analysis, the MPS typically falls between 63-67% correct answers, varying by question difficulty each administration.
How Hard Is the CFA Exam?
The UK NARIC (National Academic Recognition Information Centre) benchmarked CFA levels against UK educational qualifications:
| CFA Level | UK Qualification Equivalent | US Comparison |
|---|---|---|
| Level 1 | Diploma of Higher Education (RQF Level 5) | ~Associate’s degree level |
| Level 2 | Bachelor’s Degree (RQF Level 6) | ~Bachelor’s in Finance |
| Level 3 | Master’s Degree (RQF Level 7) | ~Master’s in Finance |
This means completing all three CFA levels is roughly equivalent to a Master’s degree in finance in terms of difficulty and depth.
CFA Exam Format by Level
Understanding what each level tests helps explain the pass rate differences:
| Level | Format | Questions | Duration |
|---|---|---|---|
| Level 1 | Multiple choice only | 180 questions (2 sessions) | 4.5 hours |
| Level 2 | Vignette-supported MCQ | Item sets with 88 questions | 4.5 hours |
| Level 3 | Essay + Item sets | Written + MCQ with specialty pathways | 4.5 hours |
Level 1 (Lowest Pass Rate ~41%)
- Focus: Knowledge and comprehension
- Why it’s hardest: Broadest curriculum, most candidates underprepared
- Tip: Strong foundation matters—weak Level 1 performance predicts struggles later
Level 2 (Mid-tier ~45%)
- Focus: Application and analysis
- Why it’s challenging: Vignettes require reading comprehension + technical skills
- Tip: Practice with item sets, not standalone questions
Level 3 (Highest Pass Rate ~52%)
- Focus: Synthesis and evaluation
- Why higher pass rate: Natural selection—only those who passed L1+L2 remain
- Tip: Essay grading is standardized but practice writing concise answers
Pass Rates by Study Method
While CFA Institute doesn’t release official data by prep method, Kaplan Schweser surveys indicate:
| Study Approach | Estimated Pass Rate |
|---|---|
| Premium prep course + structured schedule | 55-65% |
| Self-study with prep materials | 40-50% |
| CFA curriculum only (no third-party) | 35-45% |
| Minimal preparation | Under 20% |
Candidates using structured prep courses from Kaplan Schweser, Mark Meldrum, or Salt Solutions report higher pass rates. The premium pricing often pays off through reduced retake costs.
What Score Do You Need to Pass?
Unlike many standardized tests, CFA Institute doesn’t publish an exact passing score. Here’s what we know:
- No fixed percentage: The MPS varies by exam administration
- Scaled scoring: Your result is “Pass” or “Did Not Pass” with topic-level feedback
- Estimated target: Aim for 70%+ on practice exams to have a comfortable margin
- Score report: Shows performance by topic area relative to the MPS
How to Beat the Pass Rates
Based on successful candidates:
1. Recommended Study Hours
| Level | CFA Institute Recommendation | Actual Passing Candidate Average |
|---|---|---|
| Level 1 | 300 hours | 280-350 hours |
| Level 2 | 300 hours | 320-400 hours |
| Level 3 | 300 hours | 300-350 hours |
2. Key Success Strategies
- Start Early: Begin 6 months before your exam window
- Use Quality Materials: Invest in Kaplan Schweser or Mark Meldrum
- Practice Relentlessly: Complete 2,000+ practice questions per level
- Mock Exams: Take at least 3-4 full-length mocks under timed conditions
- Target 70%+: On mock exams before scheduling your real exam
- Don’t Defer: First-time candidates pass at 20+ points higher rates
3. Exam Window Strategy
| Window | Best For |
|---|---|
| February | Level 1 and Level 3 only; good for fresh start after year-end |
| May | All levels; allows spring preparation |
| August | All levels; summer study time |
| November | Level 1 and Level 2 only; year-end push |
Cost of Failure
Understanding the financial stakes helps motivate preparation:
| Item | Cost |
|---|---|
| First-time exam (early registration) | $1,140 |
| Retake exam (standard registration) | $1,490 |
| Prep course (quality provider) | $400-$1,500 |
| Total cost to fail once and retake | $2,600-$3,000+ |
Passing the first time saves both money and months of additional study time.
Best CFA Prep Courses
To maximize your chances of passing:
- Kaplan Schweser - Industry standard, 35+ years experience, PassProtection guarantee
- Salt Solutions - Interactive learning, modern platform
- AnalystPrep - Best value, comprehensive question bank
Key Takeaways
- Current pass rates: Level 1 (43-45%), Level 2 (44-54%), Level 3 (49-50%)
- 10-year averages: L1 (41%), L2 (45%), L3 (52%)
- First-time advantage: 20-25 points higher pass rates than deferred candidates
- Total curriculum: 300+ hours study time recommended per level
- Target score: Aim for 70%+ on practice exams
- Prep courses help: 55-65% pass rates vs 35-45% self-study
Frequently Asked Questions
What is the CFA exam pass rate?
CFA pass rates vary by level. As of 2025: Level 1 averages 43-45%, Level 2 averages 44-54%, and Level 3 averages 49-50%. The 10-year historical averages are 41% for Level 1, 45% for Level 2, and 52% for Level 3.
What score do you need to pass the CFA exam?
CFA Institute doesn't publish exact passing scores. The Minimum Passing Score (MPS) varies by exam administration and is determined using a modified Angoff method. Based on candidate analysis, you typically need around 63-67% correct answers to pass, though this varies. Your result is simply 'Pass' or 'Did Not Pass.'
Which CFA level is the hardest?
By pass rate, Level 1 is the hardest with a 41% 10-year average pass rate. However, this is partly because Level 1 has the most underprepared candidates. Many charterholders consider Level 2 the most intellectually challenging due to its depth of analysis, while Level 3's essay component is uniquely demanding.
How many people pass the CFA exam on their first try?
First-time candidates pass at significantly higher rates than deferred candidates—around 50-60% for first-timers vs 28-35% for those who deferred. However, passing all three levels without any failures is uncommon, with only about 20% of candidates achieving this.
Why is the CFA pass rate so low?
CFA pass rates are low due to: 1) Enormous curriculum (300+ hours study per level), 2) Many candidates underestimate the commitment, 3) Self-selection—it's voluntary unlike license exams, 4) The MPS is set based on 'minimal competency' not a fixed percentage. Post-pandemic disruption also temporarily lowered rates.
How long does it take to become a CFA?
On average, it takes 4 years to complete the CFA Program. You must pass all three levels (minimum 2.5 years due to exam scheduling), complete 4,000 hours of relevant work experience, and become a CFA Institute member. The fastest possible path is about 2.5 years.
Is the CFA harder than an MBA?
They're different. The CFA is narrowly focused on investment management and requires passing three rigorous exams. An MBA is broader business education without a single exam. The UK NARIC benchmarks the complete CFA Program as equivalent to a Master's degree in difficulty. Many professionals pursue both.
What happens if I fail a CFA exam?
If you fail, you receive a score report showing your performance by topic area. You can register for the next available exam window (subject to scheduling). There's no limit on attempts, but you must wait until the next testing window. Many candidates who fail with scores near the MPS pass on their second attempt with focused review.
Are CFA pass rates getting lower?
Pass rates dropped dramatically in 2021 (Level 1 hit a record low of 22%) due to pandemic disruption and the transition to computer-based testing. They have since recovered to near pre-pandemic levels (43-45% for Level 1 in 2025). CFA Institute expects rates to stabilize around historical averages.
Do I need a prep course to pass the CFA exam?
While not required, prep courses significantly improve pass rates. Candidates using quality providers like Kaplan Schweser or Mark Meldrum pass at rates of 55-65% compared to 35-45% for self-study with curriculum only. The structure, practice questions, and mock exams provide substantial value.