CFA Level I Pass Rate Rises to 45%, Above Exam’s Decade Average

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

In February, 45% of candidates passed the Level I exam, up from 43% who were successful in November and August, but unchanged from 45% for those who took the test in May and February a year ago, the CFA Institute said Thursday. That’s higher than the 40% average for the past decade and the lows from 2021, when exam performance was affected by test-taking deferrals during the Covid-19 pandemic.