Yes, it is perfectly okay to fail the CFA Level 1 exam. It is a common occurrence due to low pass rates, which typically hover around 40-50%. Many candidates, including those who eventually pass all levels, fail at least once. There are no penalties or judgments; you can retake the exam after a six-month waiting period.
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.
The CFA Exam is graded on a pass/fail basis, with no numerical grades or percentiles provided. The overall pass rate for Level 1 is typically around 40%.
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.
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.
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.
Here are the hardest CFA Level 1 topics to watch out for:
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.
In-Depth Breakdown of the Most Difficult CFA Level 1 Topics & How to Tackle Them
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.”)
Instead, a deep understanding of the principles is necessary to pass this level successfully. It would be safe to generalize that most CFA charterholders would call Level 2 the hardest of the CFA Exams. However, with patience, dedication, and practice, candidates can conquer the Level 2 Exam.
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 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.
CFA Minimum Passing Score
For level I the minimum score is 1000, the MPS 1600 and the maximum score is 1900. The first digit represents the level of the exam i.e. CFA level I so in practice scores range from 0 to 900 with 600 being a pass. A scale score is a mathematically transformed raw score.
The one thing standing between you and success on the Level I CFA Program exam is hard work. CFA Institute recommends you aim to spend at least 300 hours preparing for the Level I exam.
You have 6 chances per level. You're under 30 still and you've secured a job at one of the big banks many of us would only dream of working at. Keep trying your best and re-focus your attention where needed. Don't rush into setting the new exam date, but use the materials as best you can to prep ahead of that time.
Yes, it is possible to pass the CFA Level I Exam with self-study. However, most CFA members strongly suggest that you prepare with a CFA expert who can help guide you through the curriculum and keep you motivated along the way.
7 – Write 7 points in the body of your answer. 5 – Finish your answer in 5 paragraphs (Intro, Body – 3 Paras, Conclusion). 3 – Cover 3 dimensions (Social, Political, Economic / or other depending on question).
The toughest courses in India include MBBS, IIT Engineering, CA, and Architecture (B. Arch). The average tuition fees for these courses can go up to USD 70,000 (INR 57L) per year, depending on the country.
CFA is often cited as the most difficult exam in the finance sector. It's a three-level test series that comprehensively checks financial familiarity and application. Exam structure: Level I: Basic understanding and cognition.