Approximately 15,000 to 35,000+ candidates pass the CFA Level 1 exam annually, based on recent data showing yearly test-taker volumes frequently exceed 40,000–80,000+ and a typical pass rate of 35%–45%. The pass rate for 2025 averaged around 43-45%, with 44,075 candidates in 2025 alone.
CFA Level 1 Pass Rates
In recent years, the worldwide CFA Level 1 pass percentage has been between 35–45%, though it has fluctuated with the pandemic causing a dip below 30% at one point. Therefore, it can be said that less than half of the candidates get through the exam in their first try.
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.
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.
Some years test takers will receive a 65% overall score and fail, while in other years candidates have received a 62% score and passed. How the scoring is weighted plays heavily on how your overall score will turn out. Generally speaking, any score of 70% or higher should be a passing score.
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 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.
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.
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.
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.”)
Many successful CFA charterholders failed Level 1 once or more before eventually passing. You're in good company. Give yourself a day or two to sit with the disappointment, then get ready to rise.
Level I of the CFA Program usually has the lowest pass rate which could imply it's the most difficult exam in the program. However, this will not apply to every candidate because each person will have different strengths and weaknesses.
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.
In-Depth Breakdown of the Most Difficult CFA Level 1 Topics & How to Tackle Them
Is a CFA job stressful? Finance roles are typically associated with high demands, tight schedules, and intricate decision-making and are inherently demanding. Yet, most professionals love the job and are at home in high-stress situations.
CFA is one of the toughest courses in the field of finance. To clear every level, the candidate needs to dedicate at least 300 hours of learning. MBA, on the other hand, is much easier as compared to CFA.
The CFA may be down, but it's not out, financial advisors say. A total of 116,727 people sat for all three levels of the CFA exam in the first eight months of 2024, down 2,735 from the same period in 2023, according to the CFA Institute.
The Charter Financial Analyst (CFA) Level 1 Exam is recognised worldwide as a qualification specifically for finance and investment management. It is the entry point to the prestigious CFA charter. This charter is widely considered the golden benchmark in the finance industry worldwide.
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.
Higher earning potential: Because a CFA is such a prestigious certification, jobs that require CFAs often offer impressive salaries. This means that CFA holders typically have a higher earning potential than CPAs.