Candidates can fail each level of the CFA Program exam a maximum of five times, allowing for a total of six attempts per level (one pass + five failures). If a candidate fails a level six times, they are no longer eligible to register for that specific level. There is no limit to how many times you can retake the exams overall, but you cannot take the same level more than twice per calendar year and not in consecutive windows.
CFA® Exam Result Validity and Attempt Policy
Candidates are permitted a maximum of six attempts per exam level.
Takeaways by Bloomberg AI. The pass rate for the Level II test was 42% in November, down from 44% in August and 54% in May. Candidates who took the Level II test in November after at least one deferral saw a 27% pass rate, compared with 50% for first-time candidates.
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.
Since 2014, the historical CFA pass rates for: Level 1 ranges from 22%-49%, with a 11-year average of 41%; Level 2 ranges from 29%-59%, with a 11-year average of 45%; Level 3 ranges from 39%-56%, with a 11-year average of 50%.
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.
The Chartered Financial Analyst credential is one of the most demanding exams on Earth when it comes to preparation and study time required. The average pass rate for the CFA Level 1 is only 43%. For Level 2, you're looking at a passage rate of 44%. And Level 3 is not much easier at 50%.
The Level II CFA exam is widely considered to be one of the most difficult professional exams. Of the three CFA exams–Level II often claims the title of the most difficult level.
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.
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.
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.
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.
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.”)
Due to the vast material covered on the exams, the CFA® Institute suggests that candidates begin to prepare for each Level at least six months in advance, and recommends approximately 300 study hours per exam.
CFA Institute, the global association of investment professionals, announces that of the 26,752 candidates worldwide who sat for the Level I CFA® Program exam in November 2025, 43 percent have passed. All candidates will be notified of their results today.
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.
In-Depth Breakdown of the Most Difficult CFA Level 1 Topics & How to Tackle Them