If you fail the CFA Level 1 exam, you must wait at least six months before retaking it. The CFA Institute restricts candidates from taking the same level in consecutive testing windows or in windows closer than six months apart, with a maximum of two attempts per calendar year and six attempts total.
Retaking CFA Level 1: How & When
However, keep in mind when planning your retake that you can't just jump back in right away. The CFA Institute requires a 6-month wait between attempts, and you can only take the same level twice a year even if more CFA exam windows are available annually.
The CFA Institute lets you register for another sitting as early as the next cycle. However, be aware that you must pay the exam fees again. Yes, if you fail CFA Level 1, you do have to pay again. That's why taking the time to prepare better this time matters.
CFA® Exam Result Validity and Attempt Policy
Candidates are permitted a maximum of six attempts per exam level. Attending and completing any portion of a scheduled CFA® exam counts as one attempt.
The CFA Level 1 passing score is not fixed every year, but it usually stays between 65% and 70%. CFA Institute does not publish an official cut-off, but this range is considered the minimum benchmark to pass.
Is CFA tougher than CA? A: The CFA and CA (Chartered Accountant) qualifications have different focuses and challenges. While both are demanding, many find CA to be more rigorous due to its extensive practical training and exams.
CFA Level 1 is widely considered a very difficult exam due to its broad curriculum, demanding study commitment (often 300+ hours), challenging technical content, and typical ~40% pass rates, requiring strong discipline to learn and recall foundational finance concepts, though it's often seen as the most manageable of the three levels because it focuses on learning and describing rather than deep analysis. Success hinges on consistent study, mastering core topics like Ethics, FSA, and Investments, and effective exam technique, making it a significant hurdle for many.
An MBA program provides a broader education than the CFA program. The CFA focuses more on detailed topics like investment management. Completing both may give you a comprehensive education that could help prepare you for a career in portfolio and corporate management.
The 2026 level 1 CFA exam curriculum does NOT change compared to the 2025 curriculum. There are still 93 modules in 2026 level 1 CFA exam curriculum. No readings have been added to or removed from the new 2026 CFA exam curriculum.
If you are currently a candidate in the CFA Program:
Include your participation in the CFA Program in the education section of your resume. (For example: “CFA® Program participant, CFA Institute.”) You may also list the levels completed. (For example: “Completed Level I in 2020.”)
Here are the hardest CFA Level 1 topics to watch out for:
If I Fail the CFA Exam Do I Have to Pay Again? Yes, if you fail the CFA exam, you will need to pay the exam fee again when registering for a retake. The CFA Institute does not offer free re-attempts or fee waivers due to exam failure.
CFA Level I Pass Rate Stays at 43% for November Test
Candidates who put off taking the test have a smaller likelihood of success. Those who took the Level I exam in November with at least one deferral saw a 29% pass rate, compared with 49% for first-time candidates, the CFA Institute said.
CFA® Exam Details
The CFA Program has three exams (Levels I, II, III) taken in order. Each level requires 300+ hours of prep, though time varies. Candidates get six attempts per level with no time limit to complete the program. The curriculum updates annually to reflect changes in the global investment industry.
If you aspire to be employed by JP Morgan, ICICI Bank, or an international consulting behemoth like EY, the CFA certification provides that competitive advantage.
The Chartered Financial Analyst (CFA) exam is known to be one of the toughest exams in the world. It is designed to test finance professionals on tools and practices within the finance and investment management disciplines.
However, let's put things into perspective: the CFA Level 1 exam is not a math test. The CFA Institute has made it clear that calculations will account for no more than 30% of the questions on the exam. To put it in numbers, that's a maximum of 54 out of the 180 questions.
CFA Charterholder vs.
MBAs are in a much broader field of careers than CFA Charterholders but where they do overlap can be in the fields of finance and management. Regardless, according CFA Institute, the average salary for a CFA is $180,000 and the average salary for an MBA is $107,000.
CFA Exams Pass Rates
The CFA exams are perhaps the most challenging exams out there. They are often referred to as “bar none” the toughest exams—even harder than medical school or law school exams—with pass rates that hover around 50% and were much lower during the recent pandemic.
All Big 4 accountancy firms – Deloitte, PwC, EY, and KPMG – are active recruiters of ACCA-affiliated accountants. Choice often depends on your interest area: audit, consulting, tax, or advisory.