- May 2026 Level I pass rate was 39%; Level II was 43%.
- February 2026 Level III pass rate was 50%, the highest of the three levels.
- Ethical and Professional Standards carries the largest Level I weight at 15-20%.
- 2026 early registration is USD 1,140 for Levels I and II, USD 1,240 for Level III.
The Latest CFA Pass Rates
Anyone researching the CFA Program eventually lands on the same question: how many people actually pass? As of July 2026, CFA Institute's most recently released figures show a 39% pass rate for the May 2026 Level I exam, 43% for May 2026 Level II, and 50% for the February 2026 Level III sitting. These numbers are not fixed policy targets - they're the outcome of a standard-setting process, not a quota - but they tell a consistent story across cycles: Level I is a wide funnel with heavy attrition, Level II is where conceptual depth gets tested hardest, and Level III rewards those who survive the first two rounds with a comparatively higher completion rate.
It's worth pairing these figures with a broader view of the exam's difficulty profile. If you haven't already, read How Hard Is the CFA Exam? Complete Difficulty Guide 2026 for context on how the CFA Program compares to other finance credentials in terms of time commitment and failure risk.
Why CFA Pass Rates Move Level to Level
The jump from a 39% Level I pass rate to a 50% Level III pass rate isn't a sign that Level III is "easier." It reflects survivorship: by the time a candidate reaches Level III, they've already cleared two brutal filters, retained enough material to advance, and typically built better exam stamina and time management. Level II's 43% pass rate sits in between because it's widely regarded as the most conceptually dense level - item sets stack multiple related questions onto a single vignette, so one misread data point can cost several questions at once.
Level I, by contrast, has the largest raw population and the widest range of candidate backgrounds - recent graduates, career-changers, and people squeezing prep in around full-time jobs - which naturally produces more variance in outcomes. If you want a full walkthrough of how these levels differ structurally, the CFA Study Guide 2026: How to Pass on Your First Attempt breaks down level-specific strategy in more detail.
Key Takeaway
Don't benchmark your Level I prep against Level III pass rates. Each level has a different question format, candidate pool, and failure pattern - treat them as three separate exams, not three rounds of the same test.
Exam Format and Why It Shapes the Numbers
Pass rates are inseparable from question format, and the CFA Program's format changes meaningfully across levels.
- Level I: 180 three-option multiple-choice questions (160 scored, 20 unscored), split across two 135-minute sessions. The three-option format reduces guessing complexity but increases the penalty for shaky recall of formulas and standards.
- Level II: 88 multiple-choice questions organized into 22 vignette-based item sets - 20 scored, two unscored - over 264 minutes. Each vignette forces you to extract data from a case-style passage before answering, which is where many candidates lose time and points.
- Level III: 11 item sets and 11 constructed-response sets (20 scored, two unscored) over 264 minutes. Constructed-response questions require written answers, not just selections, which is a fundamentally different skill from Level I and II multiple-choice.
This progression - from discrete recall questions, to vignette-based analysis, to written constructed responses - explains a lot of the pass rate pattern. Each level demands a new skill on top of the last, and candidates who only memorize rather than apply tend to plateau at Level II.
| Level | Format | Duration | Latest Pass Rate |
|---|---|---|---|
| Level I | 180 three-option MCQs (160 scored, 20 unscored) | Two 135-min sessions | 39% (May 2026) |
| Level II | 88 MCQs in 22 vignette item sets (20 scored, 2 unscored) | 264 minutes | 43% (May 2026) |
| Level III | 11 item sets + 11 constructed-response sets (20 scored, 2 unscored) | 264 minutes | 50% (Feb 2026) |
Domain Weights Behind the Difficulty
Pass rates are also a function of how weight is distributed across content. At Level I, the ten domains carry very different stakes, and misjudging that allocation is one of the fastest ways to underperform relative to the published averages.
Ethical and Professional Standards (15-20%)
The single largest weight range at Level I. Ethics questions are scenario-based and test judgment under the CFA Institute Code and Standards, not simple memorization.
- Study the Standards alongside real enforcement case examples
- Expect ethics to reappear at every level, not just Level I
Financial Statement Analysis (11-14%) and Equity Investments (11-14%)
Alongside Fixed Income (11-14%), these three domains form the backbone of Level I's quantitative weight. Together they occupy more combined exam time than any other cluster.
- Financial statement questions often hinge on ratio interpretation, not just calculation
- Equity questions test valuation logic across multiple models
The remaining domains - Quantitative Methods (6-9%), Economics (6-9%), Corporate Issuers (6-9%), Derivatives (5-8%), Alternative Investments (7-10%), and Portfolio Management (8-12%) - round out the blueprint but carry lower individual weight. For a domain-by-domain breakdown of every one of the ten areas, see CFA Exam Domains 2026: Complete Guide to All 10 Content Areas. Deeper study guides also exist for the heaviest-weighted areas: CFA Domain 1: Ethical and Professional Standards, CFA Domain 2: Quantitative Methods, CFA Domain 3: Economics, and CFA Domain 4: Financial Statement Analysis.
Registration Windows, Fees, and What They Mean for Your Odds
Pass rates don't exist in a vacuum - registration timing and cost pressure genuinely affect how prepared candidates are on exam day. For 2026, Level I and Level II each cost USD 1,140 during early registration or USD 1,490 during standard registration. Level III costs USD 1,240 early or USD 1,590 standard. Notably, the former one-time enrollment fee has been removed, which lowers the barrier for first-time registrants but doesn't change the amount of study time required to clear a 39%-50% pass-rate exam.
Candidates who register early often gain more runway to build a realistic study schedule instead of compressing prep into the final weeks before standard registration closes - a timing choice that indirectly affects pass likelihood. For a complete fee breakdown across all three levels, see CFA Certification Cost 2026: Complete Pricing Breakdown.
Who Actually Clears the Bar
Pass rates aggregate wildly different candidate profiles: recent finance graduates, career-changers from unrelated fields, and working professionals studying part-time. Eligibility for Level I requires a bachelor's degree, being within 23 months of graduation, or 4,000 hours of combined professional work experience and higher education across at least three sequential years. Earning the full charter is a longer road - passing all three levels plus 4,000 hours of qualifying work experience over at least 36 months, professional references, and CFA Institute membership.
Employers hiring for CFA-track roles - asset management, equity research, private wealth, and portfolio strategy - tend to value candidates who've cleared Level II or III specifically because those pass rates signal sustained, applied competence rather than one-time test performance. If you're weighing whether the credential translates into hiring demand, CFA Jobs and CFA Salary Guide 2026: Complete Earnings Analysis both dig into how charter progress is read by hiring managers. For the broader cost-benefit picture, see Is the CFA Certification Worth It? Complete ROI Analysis 2026.
It's also worth noting that the charter itself has no fixed expiration once earned, though using the CFA marks requires active membership and an annual Professional Conduct Statement. Continuing education is encouraged, not mandatory - a detail that surprises candidates comparing the CFA Program to other licensing regimes. For newcomers still mapping out the basics, background pieces like What Is CFA?, CFA Meaning, and What Does CFA Stand For? cover the foundational definitions before you dive into pass-rate strategy.
Allocating Study Time by Domain
Given that Ethical and Professional Standards alone can account for up to a fifth of the Level I exam, and that Financial Statement Analysis, Equity Investments, and Fixed Income each sit in the 11-14% range, a generic weekly study template will underweight exactly the domains driving the pass rate gap. A CFA-specific allocation should mirror the blueprint, not an evenly split calendar.
Ethical and Professional Standards + Quantitative Methods
- Front-load ethics early since it's tested throughout every level, not just Level I
- Pair quant methods practice with real vignette-style problems, not isolated formulas
Financial Statement Analysis, Equity Investments, Fixed Income
- These three heavyweight domains deserve roughly a third of total study time combined
- Practice ratio interpretation and valuation models under timed conditions
Economics, Corporate Issuers, Derivatives, Alternative Investments, Portfolio Management
- Rotate through the mid-weight domains in short, focused blocks
- Use spaced repetition specifically for formula-heavy areas like derivatives pricing
Full-Length Practice and Weak-Area Review
- Simulate the actual 135-minute session structure, not shorter practice blocks
- Revisit ethics scenarios one more time - they're easy points if reviewed close to exam day
To pressure-test this schedule against real exam conditions, run full-length simulations on our practice test platform before committing to a final registration date. Repeated exposure to vignette-style questions on the practice site is one of the more reliable ways to close the gap between a 39% average outcome and a personal pass.
FAQ
The May 2026 Level I pass rate was 39%, the most recently released figure as of July 2026.
Not necessarily easier - its 50% pass rate (February 2026) reflects a smaller, more experienced candidate pool that has already cleared Levels I and II, rather than a lower difficulty bar.
No. The minimum passing score is set by the CFA Institute Board for each administration and is not published as a fixed percentage score.
Early registration for Level I and Level II is USD 1,140 versus USD 1,490 standard; Level III is USD 1,240 early versus USD 1,590 standard. The former one-time enrollment fee no longer applies.
Ethical and Professional Standards, since it carries the largest weight range at 15-20% and reappears in scenario form throughout the exam.