What Is the CFA Level I Pass Rate?

The CFA® Level I pass rate was 39% for the May 2026 exam, according to CFA Institute. Of the 31,566 candidates who sat for that window, fewer than half passed.

That number can feel intimidating at first glance, especially if you are still deciding whether to register. But a pass rate describes a whole exam window. It does not predict what will happen to one candidate who studies with enough time, practice, and structure.

The better use of the data is practical. A 39% pass rate tells you that CFA Level I deserves a serious plan. It also gives you a useful reminder: reading the material is only one part of preparation. You also need review time, practice questions, mock exams, and a way to keep weak topics from drifting into the final weeks.

Key Takeaways About the CFA Level 1 Pass Rate

• The latest CFA Level 1 pass rate was 39% for the May 2026 exam.

• First-time candidates passed at 45%, while deferred candidates passed at 25%.

• The long-term Level I average is around 41%, and the recent 10-year average is close to 40%.

• Level I usually has a lower pass rate than Level II and Level III.

• The pass rate is different from the minimum passing score, which CFA Institute does not publish.

• The most useful response is structured study, steady practice, and timed mock exams.

What Is the Latest CFA Level I Pass Rate?

The latest CFA Level I pass rate is 39%, from the May 2026 exam window. CFA Institute reported that 31,566 candidates sat the exam, and 39% passed.

The candidate split is worth looking at. First-time candidates passed at 45%. Candidates who tested after at least one deferral passed at 25%. That gap matters because it points to study momentum, not just exam difficulty.

Deferring can be the right choice when life genuinely gets in the way. Work, health, family responsibilities, and major schedule disruptions can all change a candidate’s timeline.

The useful lesson is that extra calendar time helps only when the study plan changes with it. If the first plan left practice too late, skipped weak topics, or relied too much on reading, a later date should come with a stronger routine.

How Has the CFA Level 1 Passing Rate Changed Over Time?

CFA Level I passing rates move from window to window, but they usually sit within a familiar range. The long-term average is around 41%, and the recent 10-year average is close to 40%.

The pandemic period was the major exception. Level I pass rates fell well below the usual range, including a low near 22% in 2021. Since then, results have moved closer to the historical range.

That context matters because one exam window rarely tells the full story. A 39% pass rate is low, but it sits near recent and long-term averages. For most candidates, the practical takeaway is simple: Level I is selective, and preparation quality matters.

For the full record of CFA historical pass rates going back to 1963, CFA Institute publishes a historical results file on its exam results page.

How Does the CFA Level I Pass Rate Compare With Level II and Level III?

Level I usually has the lowest pass rate of the three CFA exam levels. In the most recent windows, Level II came in at 43% for May 2026, while Level III came in at 50% for February 2026.

That does not automatically make Level I the most difficult exam in terms of content. It often has the lowest pass rate because the candidate pool is much broader. Many Level I candidates are taking their first CFA exam, adjusting to the question style, and learning how much preparation the program actually requires.

By Level II and Level III, the candidate pool has already been filtered. Everyone sitting those exams has passed at least one CFA level, so they have already built some familiarity with the exam process, pacing, and study commitment.

Why Is the CFA Level I Pass Rate So Low?

The CFA Level I pass rate is low because many candidates underestimate the breadth of the curriculum and the amount of practice needed before exam day.

Level I covers a wide range of topics, including ethics, quantitative methods, financial reporting, economics, fixed income, equity, and more. Candidates often expect the first level to feel introductory, then realize the volume is the real challenge.

Common reasons candidates struggle include:

• The curriculum is broader than expected.

• Practice questions start too late.

• Review time gets squeezed into the final weeks.

• Weak topics are avoided instead of fixed.

• Reading feels productive, even when recall is still weak.

• Mock exams are taken too close to the real exam.

• A deferral interrupts study momentum without improving the plan.

These problems are fixable, but they need time. A stronger plan gives you room to learn the material, test it, review mistakes, and build enough confidence before exam day.

Pass Rate vs Minimum Passing Score: What Is the Difference?

The pass rate and the minimum passing score are related to exam results, but they measure different things.

The pass rate is the percentage of candidates who passed a specific exam window. CFA Institute publishes this after each window.

The minimum passing score, or MPS, is the score needed to pass that exam administration. CFA Institute does not publish the MPS as a public number.

You may see estimates online suggesting that the MPS is around 70%. Treat those as unofficial estimates. Since CFA Institute does not publish the actual MPS, your study plan should aim for solid competence across all topics instead of chasing a rumored cutoff.

What Should the CFA Level I Pass Rate Mean for Your Study Plan?

The CFA Level I pass rate should push you toward earlier planning, more practice, and a more honest review process. A sub-40% result is not a reason to panic. It is a reminder that the exam rewards candidates who prepare consistently.

Turn the pass-rate data into action:

• Start early enough to leave room for review.

• Build review weeks into your plan from the beginning.

• Use practice questions throughout your study period.

• Take timed mock exams before the final stretch.

• Review weak topics every week.

• Track recurring mistakes instead of hoping they disappear.

• Treat reading as the first step, then use questions to test whether the material is sticking.

This is where structure helps. If you are studying around work or university, daily study decisions can drain time and energy. A clear path helps you spend more of your limited hours actually learning, practicing, and reviewing.

KeyPoint Learning is built around that need, with study structure, realistic practice, and progress tracking for candidates preparing around a real schedule. You can review the options on the CFA Level I study packages page.

How to Improve Your Odds Without Obsessing Over Pass Rates

Pass rates are useful, but they should not become the center of your prep. Your score will depend on the choices you make before exam day: how consistently you study, how early you practice, and how honestly you review weak areas.

Focus on what you can control:

• Keep a weekly study routine.

• Use active recall instead of rereading notes passively.

• Work practice questions after each topic.

• Take full mock exams under timed conditions.

• Review wrong answers until you understand the mistake.

• Revisit high-weight topics regularly.

• Give yourself enough time to rest before exam day.

Candidates often look for one number that explains the exam. The pass rate gives context, but your habits shape the outcome. A steady plan gives you a better chance of becoming part of the group that passes.

How to Use the CFA Level I Pass Rate From Here

The CFA Level 1 pass rate, most recently 39% in May 2026, shows that Level I is a serious exam. It also shows why preparation should start before the pressure feels urgent.

Use the data as a planning input. Start early, practice often, and protect review time. If you have already deferred once, make sure the next plan changes the way you study, not just the date on your calendar.

If you want a structured path through Level I, compare the options on the CFA Level I study packages page. If you are still learning how the level works, start with the CFA Level I guide to map out the exam and study process.

FAQs About the CFA Level 1 Pass Rate