Recent CFA exam stats: what the latest pass rates tell us
A calm guide to the latest official CFA Program pass rates and how candidates should use them without overreacting.
CFA Program pass rates are useful context, but they are easy to overread. They tell you how a recent cohort performed. They do not tell you whether your sitting will be easier, which topics you can ignore or whether your own plan is strong enough.
As of 7 June 2026, the current CFA Institute pass-rate infographic listed February 2026 for Level I and Level III, while November 2025 was the latest Level II sitting shown. Pass-rate pages are time-sensitive, so check the current CFA Institute figures before relying on any number quoted elsewhere.
Recent official figures
The most recent official figures were 45 percent for Level I in February 2026, 42 percent for Level II in November 2025 and 50 percent for Level III in February 2026. These figures confirm that the exams remain demanding, but they are not a personal probability forecast.
What the figures do and do not say
Pass rates can remind candidates that the CFA Program needs sustained preparation. They cannot show whether a candidate failed because of weak-area coverage, poor timing, unfamiliar question style, ethics judgement, calculation errors or a thin debrief process. If a result has already gone against you, what to change after an unsuccessful result is more useful than another pass-rate table.
They also do not prove that one exam window is worth choosing over another. CFA Institute publishes information about results and the minimum passing score process, and candidates are better served by controlling preparation quality than by trying to read rumours about a cohort.
How to respond by level
For Level I, treat the pass rate as a reminder that breadth matters. Keep definitions, formulas, ethics and core topic recall active throughout the plan. For the structure behind those levels, see how the CFA Program works.
For Level II, build vignette practice into study early. A candidate can know a formula and still lose marks by missing the assumption, date, accounting treatment or client fact inside the item set.
For Level III, practise concise written answers as well as item sets. Constructed response rewards clear judgement tied to the vignette, not long generic paragraphs.
A weekly response to pass-rate anxiety
Check one official CFA Institute source before quoting any figure.
Track topic scores, but also track the reason for each error.
Move from topic drills into mixed timed practice before the final stretch.
Use official mocks as the main exam-format benchmark.
How Qualifico can support this
Qualifico can help turn pass-rate anxiety into evidence. Short topic practice, flashcards, true or false recall and score trends give candidates a clearer view of what is improving and what still needs attention. Use those signals to decide where to spend the next study block, then use official CFA Institute mocks for final exam-format rehearsal.
Sources checked
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