CFA Level 1 pass rate falls to 43%, still above historic average

In November, 43% of candidates passed the Level I test, down from 44% for those who sat for the exam in August, and 46% for those who took it in May.

The pass rate for the first level of the chartered financial analyst exam remained above its historic average, though test-takers who delayed their exams continued to have a much lower chance of success.

First-timers scored significantly above the average pass rate, with 49% succeeding, while those with at least one deferral had a 29% pass rate, the institute said. (ANI/For representation)

In November, 43% of candidates passed the Level I test, down from 44% for those who sat for the exam in August, and 46% for those who took it in May, the CFA Institute said Tuesday. Still, that’s above the 40% average for the past decade and has recovered since the lows from 2021, when exam performance was hurt by test-taking deferrals amid the Covid-19 pandemic.

“We continue to see a stark difference in the pass rate of first-time test takers compared with those taking their exam after a deferral,” Rob Langrick, chief product advocate at the institute, said in a statement.

The CFA charter is a coveted certification for professionals across the finance industry. The three-level test to become a charterholder is offered several times a year and can lead to new job opportunities and higher salaries. More than 26,000 candidates sat for the Level I exam in November, which was administered at 507 proctored, computer-based testing centers around the world.

Level II candidates that took their exams in November are slated to get their results later this week.