CFA Level 1 Pass Rates: 40–45% Pass — What Separates Passers from Failures

Dimitri Dangeros, CFA, CAIA
Oct 30
4 min read

“CFA Level 1 Pass Rates” have hovered around the low-to-mid-40s in recent windows. That means roughly one candidate passes for every one who doesn’t—and small, compounding advantages decide which side you land on. Below is a data-driven way to think about the exam, the most common failure modes, and a final-weeks plan to push your probability above the crowd.

What the pass rate implies (and what it doesn’t)

Minimum Passing Score (MPS) is undisclosed. The exam is standard-set; you pass by exceeding the MPS, not by outscoring 55% of peers. Still, when CFA Level 1 Pass Rates sit near 40–45%, you should assume many prepared candidates fall just short and that marginal gains—time control, Ethics discipline, calculator fluency—swing outcomes.
Practical target: Because the MPS varies and is not published, aim to score ~70%+ on mixed, full-length mocks in the final two weeks. This builds a buffer for variance on test day and aligns with how passers typically describe their prep.
Ethics adjustment matters. If your total score is near the MPS, a strong Ethics section can tip a borderline result to Pass (and a weak one can do the opposite). Treat Ethics like a tiebreaker you control.

The exam in numbers (how to pace for points)

180 questions across two 135-minute sessions → about 1.5 minutes per question.
Use 25/50/75% checkpoints per session. If you’re behind the clock, increase triage: skip long setups on first pass, answer the quick wins, and come back.

Time converts to score. Candidates who finish only 90% of the exam cannot mathematically outscore peers with the same accuracy who finish 100%. Build a habit now: mark, move, return.

The big four reasons candidates fail

They confuse coverage with mastery. Reading every page isn’t the same as answering under time. Misallocation shows up as strong notes and weak mock scores.
They underweight Ethics. Ethics is 15–20% and influences borderline outcomes. Many candidates “save it for the end” and never do enough scenario practice.
They mismanage minutes. Spending 4–5 minutes on any single item erases two others you would have answered correctly.
They rely on memory, not method. Formula recognition without a setup checklist leads to sign/units mistakes (e.g., logs vs. percentages, BGN vs. END mode on the BA II Plus).

High-ROI positioning (what passers do differently)

Optimize by topic weight. In the final weeks, weight your time toward Financial Reporting & Analysis, Equity, Fixed Income, and Ethics, while maintaining competence (not perfection) in lighter areas like Derivatives and Alternatives.
Use command words. The Learning Outcome Statements cue the required depth: calculate/compute (be fast and precise), interpret/evaluate (know implications), describe/explain (concept clarity).
Make mocks a feedback engine. For each miss, tag a single cause: concept gap, application gap, formula/keystroke error, careless, time. Then prescribe a fix (10-minute micro-review + 5 drills) and re-do the item 48 hours later.
Exploit calculator fluency. On the BA II Plus/HP 12C, clear worksheets, confirm P/Y=C/Y=1 for Level I, and practice TVM, CF/NPV/IRR, bond and stats workflows until they are automatic.

Statistical thinking: beating CFA Level 1 Pass Rates with small edges

Think in expected-points, not chapters:

Ethics uplift: If Ethics is 15–20% and you improve from 55% to 75%, that’s +3–4 raw percentage points to your total—often the pass/fail margin.
Time recapture: Saving 15 seconds per easy item across 60 such items returns 15 minutes, enough to attempt 10–12 additional questions. At a 60–70% hit rate, that’s +6–8 correct.
Target the “calc core.” FRA (ratios, cash-flow classifications, basic consolidations), Fixed Income (price/yield, duration/convexity), and Equity (DDM/FCF/SML intuition) produce many repeatable calculations. Tighten these to raise your baseline accuracy.

Common traps (and the counter-moves)

Reading traps: Vignettes hide constraints (e.g., “assume risk-free rate is continuous compounding”). Counter-move: underline data units and assumptions before keying.
Formula look-alikes: Mixing nominal vs. effective rates, or arithmetic vs. geometric means. Counter-move: write the unit path (%, years, per-period) beside each variable.
Ethics absolutes: Options that say “always/never” without allowances (e.g., for disclosure/consent) are often wrong. Counter-move: apply the hierarchy—stricter law vs. Code—then ask whether disclosure, consent, and record retention solve the issue.
Calculator mode errors: BGN mode left on, P/Y not reset, decimals off. Counter-move: 5-second pre-section checklist: CLR TVM → P/Y=1 → END → DEC=4.

A two-week plan to move the needle

T-14 to T-10 (Foundation + first mock)

One full mock under exact conditions.
Autopsy misses; build a one-page error log with columns: ID | cause | LOS | fix | drill.
Re-work missed items after 48 hours; do 30–40 targeted drills on FRA/FI/Equity + 20 Ethics items daily.

T-9 to T-6 (Stabilize timing + Ethics lift)

Second full mock.
Add two 60–90 minute sprints (Ethics + a quant-heavy section).
Every day: 10-minute formula write-out from memory (no notes).

T-5 to T-3 (Sharpen calc core)

Third full mock if your last score <70%; otherwise two mixed mini-mocks (60 Q each).
Drill BA II Plus keystrokes (TVM → CF/NPV/IRR → bonds → stats) until errors drop to zero.

T-2 (Light consolidation)

40 mixed questions at exam pace; skim your error log.
No new topics.

T-1 (Execution and logistics)

Pack acceptable ID and calculator(s); clear memory; sleep.

What “passing performance” looks like in practice

Mocks trend upward into the high-60s/low-70s.
Ethics accuracy sits near or above your overall accuracy.
Calculator muscle memory eliminates keystroke errors.
Pacing discipline ensures every question gets a response.
Error log shrinks to wording traps and 1–2 stubborn formulas—not systemic gaps.

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