Short answer
In 2026 the Level I pass rate was 45% in February and 39% in May.
CFA Exam Pass Rates
CFA pass rates are famously low. For Level I in February 2026, 45% of candidates passed; in May 2026, 39% passed. First-time candidates generally do better than those who deferred or are retaking. Levels II and III historically pass in a similar range, roughly 40–55%.
USA CFA Exam: Quick Facts
- Administered by
- CFA Institute (computer-based at Prometric centers)
- Levels
- I, II and III, taken in order
- Level I format
- 180 multiple-choice questions, 3 answer choices each
- Level I time
- 4.5 hours (two 2h15m sessions)
- Level I pass rate (2026)
- 45% Feb · 39% May
- Experience
- 4,000 hours over ≥36 months
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