Succeeding in the CFA exam entails dedication, a comprehensive understanding of the content, and effective test-taking strategies. To maximise the chances of success, candidates must invest a significant amount of time, typically around 300 hours or more, in their studies and formulate a well-organized study plan.
And here’s the challenge — the CFA exams are known for being tough, as shown by the historically low CFA pass rates. The challenging nature of these exams arises from the vast array of topics covered, the depth of understanding required, and the complex problem-solving skills needed.
Although only a small number of people manage to pass them every year, the difficulty level of the CFA exams does not deter aspirants who want to become finance experts.
CFA Pass Rates: What You Must Know
The CFA Institute employs a meticulous methodology to establish an undisclosed minimum passing score for each exam level. Pass rates for different levels of the CFA exams have typically ranged between 40% and 60%, with Level III boasting a slightly higher success rate. The following sections illustrate the most recent CFA pass rates since 2021.
Level I Exam
Recent Level I pass rates remain below the all-time average of 41%, with July 2021 experiencing the lowest pass rate in history at 22%. This downward trend has only seen a slight correction since.
| CFA Level I Exam Administration | CFA Pass Rates |
| May 2023 Level I Exam | 39% |
| February 2023 Level I Exam | 38% |
| November 2022 Level I Exam | 36% |
| August 2022 Level I Exam | 37% |
| May 2022 Level I Exam | 38% |
| February 2022 Level I Exam | 36% |
| November 2021 Level I Exam | 27% |
| August 2021 Level I Exam | 26% |
| July 2021 Level I Exam | 22% |
| May 2021 Level I Exam | 25% |
| February 2021 Level I Exam | 42% |
Level II Exam
On average, the pass rate for Level II of the CFA exam has been around 46% over time. But lately, there’s been a change, with pass rates going over 50% for the first time since 2020.
| CFA Level II Exam Administration | CFA Pass Rates |
| May 2023 Level II Exam | 52% |
| November 2022 Level II Exam | 44% |
| August 2022 Levell II Exam | 40% |
| February 2022 Level II Exam | 44% |
| November 2021 Level II Exam | 46% |
| August 2021 Level II Exam | 29% |
| May 2021 Level II Exam | 40% |
| February 2021 Level II Exam | 46% |
Level III Exam
The Level III exam of February 2023 yielded a pass rate of 48%, substantiating the persistently low pass rate trend of 2022. However, earlier figures point at the CFA Level III pass rates reaching 57%.
| CFA Level III Exam Administration | CFA Pass Rates |
| February 2023 Level III Exam | 48% |
| August 2022 Level III Exam | 48% |
| May 2022 Level III Exam | 49% |
| November 2021 Level III Exam | 43% |
| August 2021 Level III Exam | 42% |
| May 2021 Level III Exam | 42% |
| February 2021 Level III Exam | 57% |
How Hard is CFA?
The CFA exams’ difficulty is generally assessed through the UK NARIC’s benchmarks. According to UK NARIC, the difficulty levels of the CFA exams, benchmarked individually by Level under the UK Regulated Qualifications Framework (RQF), are as follows:
- CFA Level I: Comparable to a Level 5 qualification under RQF, a Diploma of higher education.
- CFA Level II: Comparable to a Level 6 qualification under RQF, a Bachelor’s degree.
- CFA Level III: Comparable to a Level 7 qualification under RQF, a Master’s degree.
Conclusion
While it’s true that the syllabus for CFA Level 1 course has undergone some exciting updates, like the introduction of Financial Modeling and Python for the 2024 attempt, this represents a fantastic opportunity to expand your skill set and meet the demands of the evolving finance landscape. Embrace these changes to enhance and adapt your preparation methods, opening up career growth and advancement possibilities.
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FAQs
- What is the CFA Level I passing score?
The Minimum Passing Score (MPS) set by the CFA Institute does not usually exceed 70%. This implies that scores between 70% and 100% are considered passing for a specific topic.
- What percentage of candidates get into CFA?
According to cfainstitute.org, the latest CFA Level III pass rate is 48% (Feb 2023), pointing to the relatively low number of candidates who clear the CFA exams.
- What is the hardest subject of CFA?
The most challenging subject of CFA is believed to be Financial Reporting and Analysis. The topic has a historical pass rate of 45 – 55%.
