You can fail each level of the CFA exam up to five times, allowing for a total of six attempts per level (one initial attempt plus five retakes). There is no limit to the total time allowed to complete all three levels, but you cannot take the same exam level in consecutive windows or more than twice in a calendar year.
CFA® Exam Result Validity and Attempt Policy
Candidates are permitted a maximum of six attempts per exam level.
November 2025 CFA Level I Pass Rate: What 43% Really Means
The November 2025 CFA Level I pass rate came in at 43%. That number tells a few important stories. First, it is below 50 percent. That means most candidates did not pass.
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.
Reason 1: Insufficient Study Hours
This is the 1st cause of candidates fail in CFA exams. The CFA Institute recommends 300–350 study hours per level, but many underestimate this. Candidates who procrastinate are typically reduced to last-minute cramming, which is counterproductive.
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.
Apparently only 8 in a 1000 students pass all of CIMA exams in the first try? Archived post.
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.
Average Age of CFA Candidates
Although many candidates are in their late twenties or early thirties, the Program has a wide age range. Many begin at 35, 40, or even 50. Some of the most thoughtful, determined candidates are the ones who start later. Experience is not a burden.
The 10th and 90th percentiles were removed from the report because we have added scale scores. Scale scores add more precision to your results interpretation. The 10th and 90th percentiles only provide a comparison of your result against other candidates in the same administration.
Is CFA Level 3 harder than CA? Well, the answer to this is CFA Level 3 harder than CA is that there is no clear-cut answer to it. Both are difficult in their own way, as CFA Level 3 focuses on portfolio management and requires strong application skills. However, CA is much more broader.
You're not alone, and this definitely isn't the end of your CFA journey. In fact, many candidates don't pass on their first try. According to historical data, the CFA Level 1 pass rate has hovered around 40%, meaning more than half of all test-takers have faced this exact same disappointment.
Over the years, the CFA pass percentage has fluctuated, reflecting both the exam's rigor and the preparedness of candidates across the world. Typical CFA Pass Rates (Global Averages): CFA Level 1 Pass Rate: 35–45% CFA Level 2 Pass Rate: 40–50%
While exact numbers vary, thousands of people fail USMLE Step 1 annually, with failure rates increasing after the exam switched to pass/fail scoring in 2022; in 2023, over 11,500 test-takers failed, with rates around 10-11% for first-time US MD students and significantly higher for repeat takers and International Medical Graduates (IMGs).
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.
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.”)
Compared to the chartered financial analyst (CFA), a master of business administration (MBA) provides a broader study of business principles. An MBA teaches students valuable analytical and leadership skills that prepare them for opportunities across a number of sectors and careers in finance.
But obtaining a CFA is no easy feat. CFA exams are considered the most challenging out there—even harder than medical school or law school exams—with pass rates under 50%. The certification process demands years (yes, you read that right) of dedication, time, and effort.
7 Hacks to Master Your Studies and Become a Top 1% Student