What is the CFA Level I pass rate in each window?
View as table
| Exam window | Pass rate | Candidates |
|---|---|---|
| August 2026 | 43% | 28,145 |
| May 2026 | 39% | 31,566 |
| February 2026 | 45% | 24,006 |
| November 2025 | 43% | 26,752 |
| August 2025 | 43% | 26,192 |
| May 2025 | 45% | 24,227 |
| February 2025 | 45% | 19,848 |
What the numbers mean for you
- Fewer than half of candidates pass in a typical window, so preparation that goes beyond reading pays off.
- Deferring costs you: candidates who had put the exam off at least once passed far less often than first-time candidates (29% against 49%).
- CFA Institute does not publish a pass mark, so aim to be comfortably above your mock average rather than near a guessed cut-off.
The candidates who pass usually do more than read: they test themselves as they go, keep earlier topics fresh and sit full mocks before exam day. Our Level I study plan shows how to fit that into about 20 weeks.
Pass rates FAQ
- What is the CFA Level 1 pass rate?
- 43% in August 2026, when 28,145 candidates sat the exam. Across the last 7 exam windows the average was 43%, and CFA Institute puts the long-term average at about 40%.
- Do first-time candidates pass CFA Level 1 more often?
- Yes. In August 2026, first-time candidates passed at 49%, against 29% for candidates who had deferred at least once.
- What score do you need to pass CFA Level 1?
- CFA Institute does not publish a pass mark. It sets a minimum passing score for each window after the exam and keeps it confidential, so aim to be comfortably above it: a steady 70% or more on full, timed mocks.
- When are CFA Level 1 results released?
- CFA Institute emails results and publishes the pass rate a few weeks after each window closes. The August 2026 results were released on 24 September 2026.
Source: CFA Institute results press releases for each window (links in the table above). We update this page when new results are published; last updated with the August 2026 results, released 24 September 2026.