What is the CFA® Level I pass mark?
There is no published percentage. Level I is scored from 1000 to 1900 and every candidate at or above 1600, the minimum passing score, passes.
- Set by CFA Institute Board of Governors, on the advice of a standard-setting workshop using the modified Angoff method (since 1996).
- Kept the same from exam to exam by equating, so a harder version needs fewer right answers. Last reset in 2021.
- Whole exam only. There is no pass mark for each topic.
- 160 of 180 questions count; 20 are unscored trials you cannot spot.
Level I scale score check
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Your result
How many pass
- Published pass rate
Where the 180 questions sit
| Topic | Weight | Questions |
|---|---|---|
| Ethical and Professional Standards | 10 to 15% | 18 to 27 |
| Quantitative Methods | 11 to 14% | 19 to 26 |
| Financial Statement Analysis | 11 to 14% | 19 to 26 |
| Equities | 11 to 14% | 19 to 26 |
| Fixed Income | 11 to 14% | 19 to 26 |
| Portfolio Construction | 8 to 12% | 14 to 22 |
| Economics | 6 to 9% | 10 to 17 |
| Corporate Finance | 6 to 9% | 10 to 17 |
| Derivatives and Risk Management | 6 to 9% | 10 to 17 |
| Alternative Investments | 6 to 9% | 10 to 17 |
Questions people ask
What percentage do you need to pass Level I?
CFA Institute does not publish one. The number of questions needed depends on the difficulty of the exam version you sit, so results are reported on a scale where 1600 is the pass mark.
How is the Level I minimum passing score set?
A standard-setting workshop recommends it using the modified Angoff method, used since 1996, and CFA Institute's Board of Governors sets it. Equating then carries the same standard to later exams; it was last reset in 2021 for the computer-based exam.
Is there a pass mark for each topic?
No. There is no minimum passing score by topic area; the pass decision is on the whole exam. Your report shows your percentage right in each topic.
What is the Level I pass rate?
43% of 28,145 candidates passed in August 2026. The average from 2022 to 2026 is 41%, the same as the all-time average since 1963.
Are all Level I questions scored?
160 of the 180 questions are scored. The other 20 are unscored trial questions, and you cannot tell which they are. Every question carries equal weight and wrong answers cost nothing.
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How we work this out
What it does
How CFA Institute sets the minimum passing score, what it is on the score scale, and recent pass rates.
How Level I is scored since February 2025, the minimum passing score, how it is set and kept, and published pass rates since 2021.
Method
- The scale, the minimum passing score and how it is set come from CFA Institute's guide to understanding exam results, read on October 12, 2026.
- Pass rates are CFA Institute's published results for each computer-based window.
- Questions per topic are the 2027 weight ranges times 180 questions.
Sources
Checked .
- CFA Institute: Understanding your exam results, Frequently asked questions, pages 6 to 9: scale 1000 to 1900, MPS 1600, modified Angoff standard setting since 1996, equating, no minimum by topic
- CFA Institute: CFA exam pass rate infographic, Level I: 1963 to 2026 average 41%; 2022 to 2026 five-year average 41%
- CFA Institute: Level I exam, All questions equally weighted; no penalty for an incorrect answer
- CFA Institute: Where theory meets practice, 160 of the 180 Level I items are scored; 20 are unscored
- CFA Institute: CFA exam results 1963 to 2026 (historical pass rates), Level I columns: total, pass, fail, % pass
- CFA Institute: February 2026 Level I results, February 2026 Level I pass rate and candidates
- CFA Institute: May 2026 Level I results, May 2026 first-time and after-deferral pass rates
- CFA Institute: August 2026 Level I results, August 2026 first-time and after-deferral pass rates (2026)
- CFA Institute: 2026 Level I topic outline, 2026 topic outline
- CFA Institute: 2027 Level I topic outline, 2027 topic outline