CFA® Program Level I pass rates: history and first-time candidates

How has the Level I pass rate changed since 2021?

What was the Level I pass rate in each exam window?

Download the data (CSV) →

How have Level I pass rates developed since 2021?

After a low in 2021, rates rose in two steps. The averages below are ours, worked out from the window rates in the table:

The lowest rate in the table is 22% (check the official website) in July 2021, the highest 46% (check the official website) in May 2024. Window sizes differ too: among the six windows with a candidate number, from 24,006 (check the official website) candidates in February 2026 to 31,566 (check the official website) in May 2026.

Do first-time testers do better than candidates who deferred?

Yes, by a wide margin. In each of the eleven windows since February 2024, first-time testers passed at a rate 20 to 26 points higher than candidates who had deferred at least once – in August 2026, 49% (check the official website) against 29% (check the official website). (300Hours, cohort pass rates (secondary source))

The figures do not say why. Candidates who defer may have had less time to prepare in the first place, so the gap shows a difference between two groups, not what deferring does to any one candidate. If you are weighing a deferral, see should you defer Level I for the 2027 rules.

What does a pass rate not tell you?

• Your own chances. A pass rate describes everyone who sat a window – their background, study time and how many had deferred. Your scores on timed, exam-style practice by topic area say more about where you stand.
• A target score. Results are not reported as a percentage of questions right but as a scaled score with a minimum passing score of 1,600 for Level I, shown with a 90% confidence interval and results by topic area (check the official website). See failed Level I? What to do next for how to read a result.
• Which window is easier. Since February 2024 every window has been between 39% (check the official website) and 46% (check the official website), and no month of the year has always come out highest; a window you are ready for matters more than its history.

What this means for you

• Book the window you can be ready for. The Level I study planner works back from a window, and the 2027 dates and fees show the deadlines.
• Think twice before deferring. If you are tempted to defer, it is worth asking first whether a revised plan gets you there – Level I while working full time has weekly plans.
• If a window went wrong, what to do after failing Level I has a practical plan for the retake.

How was the data compiled?

CFA Institute publishes the pass rate of each Level I exam window for all candidates worldwide. The values here were read on 30 October 2026 from dated prep websites that report them: the pass rates and candidate numbers from KatalystPrep (KatalystPrep, pass rates (secondary source)), which gives CFA Institute as its source. We compared the pass rates with Soleadea (Soleadea, Level I pass rates (secondary source)) (to May 2026) and 300Hours (August 2026), and the candidate numbers with QuintEdge (QuintEdge, pass rates (secondary source)). The split into first-time testers and candidates who had deferred comes from 300Hours (300Hours, cohort pass rates (secondary source)). Every row links to CFA Institute’s results page (CFA Institute, exam results and pass rates): if a figure there differs, CFA Institute’s figure is the one to use.

• Windows: every Level I exam window from February 2021 to August 2026 that our sources list, including July 2021. Earlier exams are not included.
• First-time testers and candidates who had deferred are the two groups our sources report from February 2024. They do not say whether candidates retaking after a fail belong to either group, so the overall rate is not simply the average of the two.
• Candidates are given from May 2025, where two prep websites report the same number; earlier cells are left empty, and the CSV leaves them empty too.
• Rounding: the rates are whole percentages as reported. Our averages are unweighted – each window counts once, whatever its size – and our gaps are differences in percentage points between rounded rates.
• Not included: Levels II and III, minimum passing scores (results are reported as a scaled score with a minimum passing score of 1,600 for Level I, shown with a 90% confidence interval and results by topic area (check the official website)) and any figures about our own users, which we do not publish.

How to cite this dataset

Name the original publisher and link to this page. A full reference:

Under a chart or a table, a short credit line is enough: “Source: CFA Institute; compiled by High Performer Certs”. If you work with the CSV file or redraw the chart, check each value you quote against the page linked in its row first. Spotted an error? Tell us through the contact form, and see how we source, date and correct our pages.

When is the data updated?

Figures as of

30 October 2026

Next update

We add each Level I window after CFA Institute reports its results. Until a person has compared a value with CFA Institute’s results page, the row says so with a link to that page.

• 30 October 2026: First published with the 24 Level I windows from February 2021 to August 2026.

High Performer Certs is an independent study platform. It is not affiliated with, endorsed by, or sponsored by CFA Institute or the Global Association of Risk Professionals (GARP). We are not a CFA Institute Prep Provider and not a GARP Exam Preparation Provider. CFA Institute does not endorse, promote, review or warrant the accuracy or quality of our products and services. GARP does not endorse, promote, review or warrant the accuracy of our products or services. All questions and explanations are our own original material and contain no CFA Institute or GARP exam, curriculum or practice questions. CFA®, Chartered Financial Analyst®, CIPM® and GIPS® are registered trademarks owned by CFA Institute. FRM® and GARP® are trademarks owned by the Global Association of Risk Professionals.