CFA Level I Pass Rate Declines to 37%, Below Historic Average

The pass rate for the first level of the chartered financial analyst exam fell back below its historic average, a sign that test-takers may still be dealing with pandemic-related disruptions that became common after the Covid-19 outbreak.

In August, 37% of candidates passed the Level I test, down from the 39% success rate for those who sat for the exam in May and 38% in February, the CFA Institute said Tuesday. The latest results fell further below the 41% average for the past decade, according to the institute, which said that test-takers who stayed on schedule have performed better than those who pushed off sitting for their exams.