CFA Level 1 Pass Rate 2026: What You Need to Know to Beat the 43% Average

Updated: 7 days ago

As candidates around the world prepare for upcoming sittings of the CFA Institute (CFA Institute) Level I exam, one statistic looms large: the pass rate. Understanding recent trends—and what lies behind them—is key to building a strategy that gives you a real shot at success.

The State of the CFA Level I Pass Rate CFA Level 1 Pass Rate 2026

The latest published data show that the pass rate for the most recent sitting (August 2025) of the Level I exam stood at 43%. In prior 2025 sittings, candidates achieved 45% in both February and May sessions.

Over the last decade (2016–2025), the average pass rate for Level I has hovered around 41%. CFA Level 1 Pass Rate 2026

In other words, as you approach 2026, a pass rate around 43% remains the recent norm—and typically less than half of candidates clear the exam in any given sitting.

Given this reality, aspiring charterholders must prepare with discipline, realism, and strategy.

Why the Pass Rate Matters — And What It Reflects

— Demonstrated Difficulty and Consistency

The relatively low pass rate underscores the challenge posed by the CFA Level I exam. The exam is global in scope, intensive in curriculum, and designed to test a candidate’s mastery across multiple domains: ethics, financial reporting, quantitative methods, economics, portfolio management and more. The low pass rate reflects both broad content coverage and a high standard of assessment.

— Variation Between First-Time and Deferred Test-Takers

According to the CFA Institute, first-time Level I candidates in 2025 achieved a pass rate of approximately 50%, whereas candidates who rescheduled their exam at least once recorded a pass rate closer to 29–30%. This suggests that starting—and sticking to—a planned exam schedule materially increases one’s odds of success.

— Signal for Preparation Strategy

The 43% (and long-term ~41%) pass rate sends a clear signal: entering the exam underprepared is a major risk. To beat the odds, you must treat the Level I exam as a serious, rigorous professional exam — not a casual certification.

What Aspiring Candidates Should Do to Beat the 43% Average

To lift yourself above the average and maximize your chance of passing in 2026, consider the following approach:

Devote Enough Study Hours: While the CFA Institute doesn’t publish an official hours-per-level requirement, historical guidance from candidates and prep providers suggests ~300 hours of dedicated study for Level I. Treat the preparation as you would for a demanding professional exam — not as an add-on.
Build a Realistic, Structured Study Plan: Divide the curriculum into manageable modules, allocate time per topic (e.g. ethics, quantitative, financial reporting, economics, portfolio), and schedule regular review sessions. Include both content review and problem-solving practice. This helps internalize the broad base of knowledge required.
Practice Under Exam Conditions: Since the exam tests both breadth of content and application under timed pressure, mock exams — ideally under full-length and timed conditions — are essential. Practice will build not only knowledge recall, but also time management.
Maintain Momentum — Treat First Attempt Seriously: Data indicate first-time candidates perform better. If possible, avoid deferral. The longer you wait, the more likely knowledge gaps creep in, which reduces your odds of passing.
Focus on Weak Areas and Ethics: Given the wide curriculum, many candidates struggle with either quantitative-heavy topics (like economics or accounting) or soft-skills topics (like ethics). Identify weak spots early and allocate extra study time. Ethics, in particular, tends to be a “must-get-right” domain for many passing candidates.
Balance Realism with Discipline: Understand that even well-prepared candidates may not pass—the 43% pass rate reflects that. However, by preparing thoroughly, you tilt the odds in your favor. Approach the CFA Level I exam with a mindset similar to professional certification or higher education: serious commitment, regular schedule, disciplined study.

What 2026 Candidates Should Know

As you look ahead to the next CFA Level I exam cycle in 2026, keep these facts in mind:

There are multiple windows per year, giving flexibility for scheduling and retakes.
The historical pass rate remains stubbornly around 40–45%, underscoring the exam’s persistent difficulty.
First-time candidates have a measurable advantage over deferred or repeat test-takers.
Success depends not just on memorizing facts, but on truly understanding concepts across a broad, integrated curriculum—and applying them under pressure.

For many, obtaining the CFA charter is a professional milestone that unlocks roles in asset management, investment analysis, portfolio management, and other finance domains. But reaching that milestone requires more than aspiration — it requires disciplined, strategic preparation.

If you are serious about passing the Level I exam, treat 43% not as a discouraging statistic — but as a benchmark to exceed.

Conclusion

The headline “CFA Level I Exam” pass rate of 43% for the most recent session (Aug 2025) — and the long-term average of ~41% — illustrate clearly why this exam remains a rigorous and selective barrier to the prestigious charter awarded by the CFA Institute.

For 2026 candidates, success will not be a matter of luck — but of planning, discipline, and execution. A well-structured study program, adequate preparation hours, realistic scheduling, frequent practice, and focused study on weaker areas can shift your odds in your favor.

In short: if you treat the CFA Level I exam as what it is — a professional, globally rigorous assessment — and commit the necessary effort, you position yourself to defeat the 43% average and move closer to your goal of becoming a CFA charterholder.

Preparing for the CFA Exam?

Boost Your Success Rate with Swift Intellect — Try It for Free (No Credit Card Required!)

Whether you're tackling the CFA Level 1 or CFA Level 2 exam, Swift Intellect gives you the edge with Advanced learning, structured study tools, and real-time feedback.

Our platform is designed to cut study time, improve retention, and help you focus on exactly what you need to pass. Join thousands of candidates already using Swift Intellect to stay sharp and on track.