CFA Level I pass rate falls below decade average as candidate numbers rebound

2026.06.24 The pass rate for the Chartered Financial Analyst (CFA) Level I exam fell to 39% in May, down from 45% in February and below the 10-year average of 40%, according to results released by the CFA Institute on June 23. The May pass rate was also lower than the 43% recorded in both the August and November 2025 exam sessions. More than 31,000 candidates sat for the May exam, making it the largest Level I cohort since 2019, before the COVID-19 pandemic disrupted testing schedules. CFA Institute data showed that Level I candidate numbers exceeded 70,000 in 2019. Despite the decline, the May pass rate remained above the lows recorded during the early stages of the pandemic in 2021.