Last updated on January 28th, 2026 at 04:34 pm
CFA pass percentage globally almost every year is 45-50% not more than that we see from the data provided by CFA institute which is from 1963. This program is pathway towards to become globally recognized CFA with real practical skills in investment analysis. CFA institute currently have 200,000+ community of financial analyst globally and if you want to enter the world of finance, connect to the community to get the advantage. You have pass the three levels of CFA.
Once you have achieved this milestone having a strong foundation in portfolio management, investment analysis you will be qualified to work a senior executives positions in investment management, risk management and asset management.
CFA pass percentage
Also called CFA pass rate is then proportion of students who passed each level of exam (1,2,3). CFA pass percentage for 2024 was on average 45% which less than half of the students who applied. The pass percent has a effect on the candidates why? Because the candidates giving the exam or considering to apply will know their chances of passing the exam and getting the credential. As finance industry has started to boom after the lockdown more candidates are wanting knowledge to apply for higher position. The 45% passing rate gives a belief to candidate that the knowledge and skills obtained by them has high value which helps them get higher package and position in company.
Next lets talk about the previous year cfa pass percentage to get more insights.
CFA Minimum passing score (MPS)
What is Minimum Passing Score in CFA?
MPS means the score needed for you to pass the exam. Candidates who will score less than the MPS will fail and who score more will pass. This MPS is calculated by analyzing over all performance in the areas of topic and not topic wise performance. This standard is set by CFA institute board. This set of standard makes sure to qualify a candidate with the absolute standard needed in Charterholders.
MPS is different for all three levels of CFA. Why you ask? CFA institute quotes “This is designed to denote a continuum in knowledge. If all levels of the Program had the same scale, one would assume a candidate’s score on one level would be similar on the next level”. Meaning the standards are set for the quality of the knowledge and skill a candidate needs to achieve to pass CFA.
CFA pass percentage 2024
In 2024 year, the exam was held in february, may, august, november. On an average 45,000 candidates in total have applied for CFA in total.
Level 1
In February 2024, 16,959 candidates gave the exam from which 7,415 passed the exam and 9,517 failed. This makes the pass percent 44%.
May 2024, 21,116 candidates applied in total, from which 9,666 candidates passed the exam and 11,450 failed that makes 46% of passing.
In August 2024, 24,937 appeared for the exam in total in that number 11,050 cracked the exam and 13,887 failed the exam that is 44% passing rate
November 2024, 26,404 candidates applied in total, from which 11,293 candidates passed the exam and 15,111 failed that makes 43% of passing.
Level 2
In May 2024, 14,304 candidates gave the exam from which 5,918 failed the exam and 8,386 passed. This makes the pass percent 59%.
In August 2024, 8,879 appeared candidates from which 4,166 passed and 4,713 failed concluded to 47% passing.
In November 2024, 13,589 appeared candidates from which 5,324 passed and 8,265 failed concluded to 39% passing.
Level 3
In February 2024, 13,619 candidates gave the exam from which 6,734 passed the exam and 6,885 failed. This makes the pass percent 49%.
In August 2024, 16,947 appeared candidates from which 8,081 passed and 8,866 failed concluded to 48% passing.
CFA pass percentage 2025
So far in 2025, 30,979 total candidates for all levels applied in February which if you compare with 2024 february 428 candidates have increased.
Total 24,227 candidates appeared in total of all levels. Comparing to 2024 may 11,193 less candidates have appeared.
In February 2025, 19,848 candidates appeared for level 1 8,935 have passed the exam and 10,913 failed making it 45% of passing rate.
In May 2025, 24,227 appeared in total and 10,916 passed the exam, 13,311 failed making it 45% of passing rate
2025 Level 2 results are not out yet.
As of for level 3 february 2025 results are out. 11,131 candidates have appeared the exam, 5,441 passed the exam and 5,690 failed making it 49% of passing rate.
Check out the whole report here!
CFA pass percentage trends
Analyzing the results provided to us. We can see level 1 result outcomes have stability in the passing percentage. Candidates have 45% of chance of passing the exam CFA level 1. From 2024 till now 45% is the rate of passing.
For level 2, it is not that stable like level 1 in May 2024 rate was 59% for passing which is a strong performance, where august fell to 47%. November dropped to 39%. As read on the reddit by the candidates level 2 is little unpredictable and also November exams are tougher.
Level 3 is strong and stable almost 45% to 49% is the rate of passing in level 3 as candidates are familiar with what is going to ask and how the exams are conducted.
CFA result analysis
Level 1 is predictable with passing rate around 45%.
Level 2 requires extra preparation we can see that in the passing rate data suggesting sudden dips in the passing rates. Hence, prepare for CFA level 2 better.
Level 3 remains steady, after completing level 2 candidates have surety of passing level 3 by studying alittle more. It will not be the first experience.
| Window | Level | Candidates | Pass Rate |
| May 2024 | I | 35,420 | 51% |
| II | 14,304 | 59% | |
| III | 5,918 | 46% | |
| Aug 2024 | I | 50,763 | 46% |
| May 2025 | I | 24,227 | 45% |
CFA Trends analysis (10 Years)
Long-Term Averages
- Level I (41%) continues to have the lowest pass rate a reflection of its broader candidate base and heavy content.
- Level II (46%) is a bit higher, likely owing to the increased commitment and experience of repeat test-takers.
- Level III (51%) leads all levels, often held by candidates nearing program completion.
2025 Exam Bump
- May 2025 stands out: L1 at 48% and notably L2 at 54% a significant rise above their decade averages.
- Level III, at 49% for Feb 2025, stays close to its average.
Pandemic Impact & Variability
- Year-to-year volatility, especially in early pandemic-period exams (notably 2020–2021), suggests external factors like exam disruptions and remote testing affected pass rates.
General Stability Resumed
- After dramatic swings in 2021 (e.g L1 as low as -22–25%, L2 -29%), pass rates appear to be stabilizing since 2022, aligning more closely with long-term averages.
| Insight | Interpretation |
|---|---|
| Level II May 2025 jump | Reflects possible curriculum/evaluation easing or very well-prepared candidates. |
| Long-term consistency | Over a decade, the average remains stable: L1 -41%, L2 -46%, L3 -51%. |
| Pandemic-era volatility | 2020–21 disruptions caused anomalously low rates—now trending back toward historical norms. |
2015–2019: Strong, steady growth nearly 100k new candidates over five years, culminating at -270k in 2019.
2020 Crash: Drastic decline to -56k reflects widespread disruptions and cancelations during COVID-19.
2021 Rebound: Sharp recovery toward pre-pandemic levels (-230k), showing resilience.
2022 Softness: Significant drop again to -145k, possibly due to transitions to computer-based testing or changes in candidate sourcing (e.g China slowdown).
Post-2022 (2023–2025): While exact numbers aren’t published, the Financial Times reports stark declines:
First eight months of 2024: Only 116,727 candidates sat all three levels, down from 163,000 in 2023 and 40% below the 2019 peak of -270k.
Cumulative 2016–2025 candidate pool exceeded 1.76 million, according to CFA Institute.
This analysis shows us, students are opting for CFA. Finance industry is growing and will grow more. Talents like CFA are needed in the market and it is worth to try CFA . Don’t worry if you are dedicated enough also passionate about finance you will pass CFA.
Tips to improve
Aim for 10-15% more study than minimum passing score which goes to 60-70% of score preparation.
Make a plan for study, give atleast 300+ hours of study. Data shows having a proper preparation plan helps to gain maximum knowledge.
Attempt the mocks, focus on ethics as ethics have the maximum weightage which becomes a tie beaker.
Join study groups and enroll in institutes like mentor me career to improve your confidence and knowledge gaps.
Conclusion
Understanding CFA pass percentage empowers to set a goals for yourself, prepare according to that and gain admission in the financial roles. Also enroll in the institutes for coaching to get better view of the exam and role you are aiming for. 45% rate with right strategy is possible to crack! Just keep in mind your normal study preparation you did in school, college is not gone work.
Knowing these trends and passing the exam needs a proven strategy and one of the best strategy for you can be to enroll in a reputated institute who help you from start to end with everything needed. Boost your career with Mentor Me careers CFA preparation program.
FAQ
CFA rate of passing in 2025?
Level 1: 45% Level: not known yet Level 3: 49%.
CFA passing score in India?
Separate data of India is not provided by CFA institute. There is data for Canada which is 42% and in Unites states its 44%. Global as you know is 45%.
Why passing rate of CFA is lower than other finance certification?
CFA minimum passing score is higher than other finance courses also CFA is theory + practical. 10 topics areas are to be studied which makes it hard to pass the exam.
