CFA Program · Pass rates
CFA pass rates by level — first-time vs deferred
The number now
43%
CFA Level I pass rate, August 2026 exam window — the most recent Level I result CFA Institute has released
Cohort: Candidates who sat the Level I exam in the August 2026 window: all candidates
Period: August 2026 exam window · results released Sep 24, 2026 · 28,145 candidates tested
First-time candidates: 49% · after at least one deferral: 29%.
Last verified Oct 13, 2026 · Source: CFA Institute, CFA Institute reports results for CFA Program Level I testing in August 2026.
These are official group figures, copied by hand from the source shown and checked on the date shown. They describe past candidates, not your chances. Always confirm fees and rules with the official organization before you pay.
Note, Oct 13, 2026: Level III results for the August 2026 exam are due Oct 20, 2026. The Level III row below is the latest released (February 2026 exam).
Same numbers as the table below.
The latest released result for each level
| Level | Exam window · released | Tested | All candidates | First-time | After ≥ 1 deferral |
|---|---|---|---|---|---|
| Level I | August 2026 exam · Sep 24, 2026 | 28,145 | 43% | 49% | 29% |
| Level II | August 2026 exam · Sep 30, 2026 | 10,004 | 45% | 52% | 30% |
| Level III | February 2026 exam · Apr 7, 2026 | 11,269 | 50% | 59% | 34% |
Level III also has a published ten-year average: 51% (as of the February 2026 release). It is the only ten-year figure in the sources — the Level I release says the latest rate was above its ten-year average but gives no number.
Last verified Oct 13, 2026 · Source: CFA Institute, CFA Institute reports results for CFA Program Level I testing in August 2026.
Last verified Oct 13, 2026 · Source: CFA Institute, CFA Institute reports results for CFA Program Level II testing in August 2026.
Last verified Oct 13, 2026 · Source: CFA Institute, CFA Institute reports results for CFA Program Level III testing in February 2026.
Deferral is not a retake
A deferral moves your registration to a later window before you ever sit; a retake happens after a fail. The “after at least one deferral” column above covers candidates who postponed and then sat — the group is not the same as “retakers”.
The gap between first-time and deferred rates is wide at every level. That is an association in the published figures, not proof that deferring causes failing. The releases do not say why the groups differ, and we do not guess.
What the official body does not publish
- Results by country or by employer.
- The minimum passing score for any level.
What changed
Apr 7, 2026
Level III February 2026 results released (50% overall; ten-year average 51%).
Sep 24, 2026
Level I August 2026 results released (43% overall; first-time 49%; after deferral 29%), described as above the Level I ten-year average — no average figure was published.
Sep 30, 2026
Level II August 2026 results released (45% overall; first-time 52%; after deferral 30%).
Oct 20, 2026
Level III August 2026 results due — this page is re-checked and updated that day.
How to read these numbers
“All candidates” is everyone who sat that level in that window, first-time candidates and candidates who had deferred together. The first-time figure is higher because that group is different, not because the exam changed.
Each level is its own exam with its own window and release date. A Level I rate from August is not comparable with a Level III rate from February, and we never blend them into one CFA-wide rate.
The number of candidates matters as much as the percentage: 28,145 sat Level I in August 2026, 11,269 sat Level III in February 2026. We always show the count beside the rate.
The Level III ten-year average is context, not a target. CFA Institute publishes it alongside Level III results, and we show it only where it exists. A group rate describes past candidates, not your chances.