300Hours: Finance Certifications Hub for CFA, FRM & CAIA
CFA Pass Rates 2025: Latest Data & Historical Trends
15 Jan 2026
Latest CFA pass rates (Nov 2025): Level 1 43%, Level 2 42%, Level 3 50%. Historical averages since 2014: L1 41%, L2 45%, L3 50%. Pass rates dropped dramatically during pandemic (L1 hit 22% low in July 2021) but are recovering toward pre-pandemic norms. First-time test takers pass at significantly higher rates than deferred candidates (typically 20-26 percentage point difference). UK NARIC benchmarks: CFA L1 = Diploma, L2 = Bachelor's degree, L3 = Master's degree difficulty. Often branded the 'world's hardest ...