What is the Level I pass rate?

What was the Level I pass rate in August 2026? 43% of 28,145 candidates. First-time candidates passed at 49% and candidates who had deferred at least once at 29%, as defined in CFA Institute's release of September 24, 2026.

Sitting

Every Level I sitting in CFA Institute's historical table, newest first.

CFA Program Level I

43% of 28,145 candidates passed

12,168 passed and 15,977 did not.

Your result

43% of 28,145 candidates passed. 12,168 passed and 15,977 did not. First-time candidates: 49%; after at least one deferral: 29%. Over the ten years to August 2026, 31 sittings averaged 40.5% (range 22% to 49%).

Pass rate

43%

Candidates

28,145

First-time

49%

Level I pass rate by sitting

Nov 21

Nov 22

Nov 23

Nov 24

Nov 25

43%Aug 26

Ten-year average 40.5%

Published pass rate
Sitting you chose

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Questions people ask

What percentage do I need to pass Level I?

There is no published percentage pass mark. The exam uses a scaled score, so a practice percentage has no published conversion.

Has the Level I pass rate changed over time?

Yes. It was above 60% in most years before 1994, then between 34% and 46% in every sitting from 2002 to 2019. The computer-based windows since 2021 have ranged from 22% (July 2021) to 46% (May 2024).

Does a 70% mock score mean I will pass?

No. A raw practice percentage describes that set of questions; it does not predict the result of a different exam.

How we work this out

What it does

Published Level I pass rates, candidate counts and first-time rates by sitting.

Level I administrations in the historical results table from 1964 to August 2026, with first-time and after-deferral rates where published.

Method

The pass rate, candidates, passes and fails for a sitting are copied by script from CFA Institute's historical table. The script checks that passes plus fails equal candidates and that the printed rate equals passes divided by candidates.
The ten-year view pools every sitting in the ten years to the one you choose: total passes divided by total candidates, with the lowest and highest sitting rate.

Sources

Checked 27 September 2026.

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)