In 2025, the CFA Level I pass rate consistently stayed around 43%–45%, based on CFA Institute and CFA Institute data. February and May 2025 saw a 45% pass rate, while August and November 2025 recorded a 43% pass rate, aligning with recent trends and slightly above the ten-year average, as noted in soleadea.org and Bloomberg.com.
November 2025 CFA Level I Results Are Out
The November 2025 CFA Level I results are officially out. CFA Institute released results to all candidates in January 2026 and confirmed a global pass rate of 43%.
The statistics from the CFA Institute make this very clear. For example, the August 2025 Level I exam had a pass rate of 43 percent. Over the past ten years, Level I pass rates have fluctuated between 39 and 45 percent. Level II averages around 46 percent, while Level III historically reaches 50 to 55 percent.
For 2025, we have made significant enhancements and additions to the CFA Program Level III. These represent some of the largest developments of new content to the Program since its inception and include the introduction of specialized pathways in Private Wealth, Private Markets, and Portfolio Management.
Absolutely. With its global recognition, high demand, and strong salary prospects, the CFA remains one of the most valuable finance credentials in 2025.
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.
CFA Level 1 curriculum changes 2026
There are NO changes between CFA Level 1's 2025 and 2026's curriculum.
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.
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 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.
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.
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.
CFA is still worth it in 2025, but only if you genuinely enjoy markets, analysis, and research. It's not a magic ticket or a fancy tag for LinkedIn. It's tough, time-heavy, and can feel slow at times, but it pays off when paired with skills and internships.
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.
3 months can be enough if you're disciplined and can actually put in 20–30 hrs a week. With a math/stats background you'll likely move faster through Quant and FI, so the key is drilling CFAI QBank, EOCs, and mocks once you cover the readings.
Will AI replace CFA professionals in finance jobs? No. While AI optimises efficiency, it does not replace intelligent decision-making, client engagement, or ethics oversight performed by CFAs.