CFA Exam Pass Rate – Level 1, 2, 3

The CFA exam is a challenging test many candidates find difficult to pass. It has been branded the world’s most difficult exam, and many feel that enrolling for CFA and passing it brings some form of prestige. In this article, we look at recent CFA exam pass rates to help you decide whether or not to take up the challenge.

CFA Exam Pass Rates

We look at the CFA certification pass rates for all levels. Although people think Level 1 should be the easiest of the three levels, it records the lowest average pass rate for the last decade. Let’s consider the pass rates from 2010 through May 2023.

The long-term averages for the three levels over that period are:

• CFA Level 1 Exam Pass Rate – 40%
• CFA Level 2 Exam Pass Rate – 44%
• CFA Level 3 Exam Pass Rate – 51%

Now, before breaking down all of the numbers, let’s consider what the CFA Institute itself has to say about the CFA exam pass rates:

CFA Level 1 Exam Pass Rate

Level 1 has typically recorded the lowest pass rate among the three CFA exam levels. This is understandable, as many unsuccessful candidates tend to drop out of the CFA program before reaching Levels 2 & 3.

Level 1 CFA Exam Pass Rates (2015 – 2023)

The pass rates recorded over the years are presented below.

CFA Level 1 Pass Rates in 2023

The averages for the 2023 exam were:

• 38% in February
• 39% in May

These figures are slightly higher than 2022, but are still slightly below the long-term average of 40%. Looking back, it appears the

CFA Level 1 Pass Rates in 2022

The averages for the 2022 exam were as follows:

• 44% in February
• 25% in May
• 22% in July
• 26% in August
• 27% in November

These figures are much lower than the 40% long-term average. So, what caused the decline?

It’s hard to tell for sure, but one possible explanation is that the pool of candidates taking the exam from May through November may not have been as strong as the candidates taking the exam in 2020 and February 2021.  

CFA Level 1 Pass Rates in 2021

The CFA institute administered five CFA exams in 2021 (resulting from the postponed June 2020 exam due to the pandemic). Four out of all five exams recorded pass rates below 30%. The pass rates were 44% in February, 25% for the May exam, 22% for the July exam, 26% for the August exam, and 27% for the November exam. 

CFA Level 1 Pass Rates in 2020

2020 was the height of the COVID-19 pandemic, and the June exam was postponed. During this time, the CFA exam was only administered two times – in June and November. At 49%, the December 2020 exam recorded the highest pass rate in the past decade. 

While the August 2022 pass score looks low (37%), lower scores have been recorded. Therefore, it is pretty decent, and candidates should hope for improved scores in the future.

CFA Level 2 Exam Pass Rate

The CFA level 2 pass rates are usually a bit higher than the Level 1 pass rates, but not by much. Here are some of them:

Level 2 CFA Exam Pass Rates (2015 – 2023)

The CFA 2 exam has been recording pass rates slightly higher than the CFA 1 exam. However, they average below 50%. Only the December 2020 exam recorded a pass rate higher than 50% (i.e. 55%). 

CFA Level 2 Pass Rates in 2023

So far, the average CFA level 2 pass rate was 52% in May 2023, a noticeable improvement over 2022 and at the upper end of the historical average.

CFA Level 2 Pass Rates in 2022

The August 2022 pass rate for CFA 2 average was 42%. The February exam had a 44% pass rate, while the August exam had a 40% pass rate.

The next CFA Level 2 exam is scheduled for the 15th – 21st of November. 

CFA Level 2 Pass Rates in 2021

At 29%, August 2021 had the lowest-ever recorded pass rate for CFA Level 2 exams. The pass rate for the CFA May and November exams was 40% and 46%, respectively. 

CFA Level 2 Pass Rates in 2020

As a result of the postponement of the June 2020 CFA 2 exam, the pass rate went high for the December exam. Candidates had more time to prepare. It was 55%, the highest pass rate recorded in recent years. 

Judging from the excellent result in December 2020, candidates must prepare well before taking the CFA exam. Good preparation will improve the pass rate. 

CFA Level 3 Exam Pass Rate

Averagely, the CFA Level 3 exam pass rates are higher than the other two levels. Here are the pass rates from 2015 to 2022:

Level 3 CFA Exam Pass Rates (2015 – 2023)

CFA Level 3 Pass Rates in 2023

The February 2023 CFA 3 exam recorded a pass rate of 48%, which is consistent with recent scores but still slightly below the 51% long-term average. It remains to be seen how the August 2023 cohort will perform.

CFA Level 3 Pass Rates in 2022

The February 2022 CFA 3 exam recorded a pass rate of 48%, which is relatively low, provided how pass rates for CFA 3 have been in recent years. The August 2022 results aren’t out yet. 

CFA Level 3 Pass Rates in 2021

After three exams, the recorded pass rates were among the lowest for CFA 3. August 2021 had a pass rate of 39%, while May and November had 43% and 42%, respectively. 

CFA Level 3 Pass Rates in 2020

After the June 2020 exam was postponed due to the pandemic, and candidates took it in December 2020. It recorded a pass rate of 56%, which is quite decent. 

CFA Exam Results Timeline

The CFA Institute tries to release the CFA exam results as soon as possible. Expect to receive Level 1 and 2 results eight weeks after the exam.

Level 3 results are usually available two weeks later. The results are sent to your email, but you can also view them online a day after release. 

CFA Exam Minimum Passing Score

If you’re better than what CFA Institute describes as a “just competent” candidate, you pass your exams. This means that the minimum passing score (MPS) keeps shifting. Based on estimates, the MPS’ for each level of the CFA exam are:

• CFA Level 1 – 75%
• CFA Level 2 – 70%
• CFA Level 3 – 61%

Although we only estimate the MPS, aiming for a higher score is always safe. MPS changes with every exam.

CFA Pass Rates: How Hard Are The CFA Exams?

According to the UK National Academic Recognition Information Center (UK NARIC), considering the UK Regulated Qualifications Framework (RQF), the difficulty of CFA exams has been benchmarked as follows: 

• CFA Level 1 – similar to a Diploma of higher education (RQF Level 5)
• CFA Level 2 – similar to a Bachelor’s degree (RQF Level 6)
• CFA Level 3 – same as Master’s degree (RQF Level 7)

Since passing all three levels is equated to RQF Level 8, equivalent to a PhD, completing all three levels of CFA is not easy. 

Overview of CFA Pass Rates Over Time

Looking at the latest results, the pass rates of the CFA exams are returning to the long-term averages. They were significantly low after the pandemic. 

• 37% for Level 1 (Aug 2022) 
• 40% for Level 2 (Aug 2022)
• 48% for Level 3 (Aug 2022)

As one progresses through the levels, pass rates increase. The 12-year averages across the levels are: 

• Level 1 – 39%
• Level 2 – 44%
• Level 3 – 50%

Let’s look at the pass rates vs candidate volumes across the levels. 

CFA Level 1 Pass Rates vs. Candidate Volume

The CFA has been popular for a while, with candidate volumes for Level 1 increasing steadily since 2015. As the pandemic hit, these levels reduced.

Currently, only 60% of the candidates in previous years registered for CFA Level 1. 

The pass rates recorded were above 40% until COVID-19. The pass rate for December 2020 was 49% but has since reduced, and 2021 recorded some of the lowest pass rates ever. The CFA institute expects the pass rates to return to the previous average of above 40%. 

CFA Level 2 Pass Rates vs. Candidate Volume

Since 2011, the average pass rates for Level 2 have been stable above 40%. It shot up to 55% in December 2020, then its lowest in June 2021 (29%). The candidate volume was rising steadily but dropped significantly after the pandemic. 

The pass rates are back to their long-term average (over 40%), which may signify that the effects of the COVID-19 pandemic are almost over. 

CFA Level 3 Pass Rates vs. Candidate Volume

CFA Level 3 has recorded higher pass rates than the other two. Having passed the other two levels, candidates here are reasonably well-skilled. The average pass rate has been over 50%, but it recorded a new low in August 2021. However, it has been showing signs of returning to the long-term average. 

It’s important to note that very few candidates took the August 2021 exam (only 2769). 

Is A 43% CFA Exam Pass Rate Good?

A 43% pass rate is considered below average for the CFA exam. This means that more candidates failed than those who passed.

This is proof that the CFA is not an easy exam! 

Study Plan: Beat The Average CFA Exam Pass Rate

Allocating 300 hours to each level for study can help you increase your chances of passing the CFA exams. Follow the tips below: 

• Develop a study plan and don’t wait until the last minute 
• Balance between reading and practicing. Don’t forget to include breaks!
• Enroll in a CFA preparation class
• Check out CFA Institute’s Learning Outcome Statements and learn what will be expected of you on exam day
• Take some mock exams

CFA Level 1 Pass Rate Closer To Normal After Pandemic Lows

The pandemic disrupted the administration of the CFA exams, and the exams even had to be postponed. After the pandemic, fewer candidates took the exams, and the pass rate for the Level 1 exam was impressively 49%. However, it fell significantly and reached 22% in July 2021 and 27% in November of the same year.

The latest CFA pass rate news indicates that the results are getting better. February 2022 recorded a 36% pass rate, with May and August’s exams having 38% and 37%, respectively. This is a massive improvement, and the results may return to the long-term average of over 40%. The Level 1 exam pass rate currently averages 41%. The CFA Institute believes this results from having no disruptions in administering the exams.

Bottom Line

If you’ve registered for CFA exams, invest time studying and practicing. You can even join a CFA preparation class. Always research online for study materials and any other CFA pass rate news. 

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