CFA Level I Pass Rate Stays at 43%, Above Test’s Decade Average

The pass rate for the first level of the chartered financial analyst exam stayed above its historic average, while those delaying their test-taking continued to see a lower chance of passing.

In November, 43% of candidates passed the Level I exam, unchanged from the percentage who were successful in August and down from 45% for those who took the test in May and February, the CFA Institute said Tuesday. That’s higher than the 41% average for the past decade and the lows from 2021, when exam performance was impacted by test-taking deferrals amid the Covid-19 pandemic.