CFA Level 1 Pass Rate 2026: Latest Statistics and How to Beat the Average

Dimitri Dangeros, CFA, CAIA
6 days ago
5 min read

If you plan to sit the cfa level 1 exam in 2026, you need a realistic view of how many candidates actually pass and what it takes to be on the right side of the statistics. The CFA Level 1 Pass Rate 2026 will not be random; it will sit in the context of a very clear trend in recent exam windows and a carefully controlled standard-setting process.

Where the CFA Level 1 Pass Rate Stands Going into 2026

The most recent published results for Level I show a tight cluster of pass rates in the low-to-mid 40s for each exam window:

November 2024 Level I: 43%
February 2025 Level I: 45%
May 2025 Level I: 45%
August 2025 Level I: 43%

Over the last decade (2016–2025), the average Level I pass rate is about 41%, based on global candidate data across all sittings.

That tells you two things immediately:

CFA Level I is hard, but not impossible. Roughly 4 out of 10 candidates pass.
The current environment (2024–2025) is slightly more favorable than the 10-year average, but the exam is still designed so a large fraction of candidates will fail.

When people talk about “beating the average” for CFA Level 1 Pass Rate 2026, they are implicitly talking about outperforming that 40–45% band.

What CFA Level 1 Pass Rate 2026 Is Likely to Look Like

There is no official 2026 CFA Level I pass rate yet; those results will only exist after the 2026 windows are graded. However, the governing mechanism is transparent:

A Minimum Passing Score (MPS) is set or maintained for each administration.
When the curriculum and candidate population are broadly stable, the MPS is held steady via equating, so that pass rates do not drift wildly between windows.

Given that the Level I topic weights and structure for 2026 are essentially the same as 2025, and that recent windows have clustered around 43–45%, a reasonable expectation is that the CFA Level 1 Pass Rate 2026 will again sit around the low 40s, close to the 10-year average of 41%.

That is the baseline you should assume you are competing against.

Why So Many Candidates Still Fail CFA Level 1

Several structural features keep the cfa level 1 pass rate constrained:

Content breadth: Ten topic areas, from Ethics to Derivatives and Alternative Investments, with exam weights such as 15–20% for Ethics and 11–14% each for Financial Statement Analysis, Equity, and Fixed Income.
Conceptual depth: Even at Level I, you are tested on valuation, risk, and portfolio concepts that many candidates have never seen formally.
Mandatory Practical Skills Module (PSM): You must complete at least one PSM at Level I for your result to be released, adding 10–20 hours of work on top of the core curriculum.

Most failures are not due to raw intelligence differences. They are due to time misallocation, weak question practice, and poor execution under computer-based exam conditions.

How to Beat the CFA Level 1 Pass Rate 2026

1. Commit to 300–350 effective hours, not fantasy hours

The CFA Program itself signals a planning benchmark of roughly 300 hours per level.

Treat that as the floor if:

Your finance/accounting background is weak
You have been out of school for several years
You work full-time with long hours

For CFA Level 1 Pass Rate 2026, a realistic target is:

325–350 hours over 4–6 months
Spread over 5–6 days a week
With a heavy tilt toward question practice in the final 6–8 weeks

If you are not on track for roughly 10–12 focused hours per week, you are voluntarily placing yourself closer to the fail side of the statistics.

2. Make the official Learning Ecosystem your primary source

The cfa level 1 curriculum and Learning Ecosystem (LES) are not just textbooks; they are the benchmark against which you are measured:

Complete coverage of all Learning Modules
Integrated question bank and mock exams aligned to current item formats
Direct reflection of the latest syllabus updates and topic weights

Use third-party notes only as a supplement. If your schedule forces a trade-off, it is irrational to prioritize any external summary over:

End-of-module problems
Topic tests
Full official mocks

Most candidates who miss the CFA Level 1 Pass Rate 2026 threshold will have simply not done enough exam-style questions.

3. Study in line with 2026 topic weights

For the 2025/2026 Level I exams, the topic weight ranges are: Ethics 15–20%; FSA, Equity, Fixed Income 11–14% each; Portfolio Management 8–12%; Alternatives 7–10%; Quant, Economics, Corporate Issuers 6–9%; Derivatives 5–8%.

Implications for your plan:

Over-weight high-impact areas: Ethics, Financial Statement Analysis, Equity, Fixed Income, and Portfolio Management together represent more than half the exam. Weakness in any two of these will put your CFA Level 1 Pass Rate 2026 ambitions at risk.
Do not ignore low-weight topics: Derivatives and Alternatives still combine for roughly one exam vignette’s worth of marks. Minimal competence there is a cheap way to protect your overall score.

Build a topic-level study schedule that allocates at least:

25–30% of your time to FSA alone
20–25% combined to Equity and Fixed Income
Ethics at both the start and end of your preparation (spaced repetition), not crammed in the final week

4. Treat questions and mocks as the core of preparation

Once you have a first pass through the material:

Move to active recall and question-driven revision
Aim for at least 2,000+ quality multiple-choice items before test day
Sit at least two full-length CBT mocks under timed conditions, using the same time blocks as the real exam

Your goal is to convert reading into pattern recognition: quickly mapping a vignette to the underlying concept, formula, or ethical standard.

5. Control deferrals and retakes strategically

Recent data show that first-time Level I candidates have materially higher pass rates than those who defer at least once.

If you are registered for a 2026 window:

Only defer if your probability of passing is clearly near zero (e.g., <100 hours logged, no mocks done)
Otherwise, treat the sitting as a serious attempt; “I’ll just see what it looks like” is how you become part of the fail statistic.

For retakers, the rule is simple: replicate what worked (question volume, early start) and aggressively fix what did not (weak topics, exam-day discipline). Do not repeat the same low-intensity pattern and expect to beat the CFA Level 1 Pass Rate 2026.

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