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300Hours: CFA, ACCA & Finance Certifications Hub

Why Is the CFA Pass Rate So Low? (2026 Analysis)

Zee Tan

29 May 2026

CFA, Exam Day & Results

Quick summary: Average CFA pass rates sit between 41% and 51% per level. According to CFA Institute and 300Hours data, consistently low pass rates are likely driven by a combination of 6 key variables: study momentum loss from deferrals, massive curriculum volume, underestimated time commitments, tighter computer-based testing error margins, changing student eligibility profiles, and an absolute grading standard. Crucially, the Minimum Passing Score (MPS) is set independently to maintain equivalent difficulty across exams and does not influence the pass rate. COVID ...