Comprehensive analysis of historical CFA exam pass rates globally
Global CFA exam pass rates overview (2023)
10-year trend of CFA exam pass rates for all three levels
Historical pass rates for CFA Level I exam
Historical pass rates for CFA Level II exam
Historical pass rates for CFA Level III exam
Complete historical CFA exam pass rates (2013-2023)
| Year | Level I | Level II | Level III | Overall |
|---|---|---|---|---|
| 2023 | 41% | 44% | 48% | 44% |
| 2022 | 45% | 44% | 46% | 45% |
| 2021 | 49% | 46% | 52% | 49% |
| 2020 | 42% | 40% | 51% | 44% |
| 2019 | 41% | 44% | 46% | 44% |
| 2018 | 43% | 45% | 46% | 45% |
| 2017 | 43% | 47% | 54% | 48% |
| 2016 | 43% | 46% | 54% | 48% |
| 2015 | 42% | 46% | 53% | 47% |
| 2014 | 42% | 46% | 54% | 47% |
| 2013 | 38% | 43% | 49% | 43% |
CFA exam pass rates by major regions (2023)
Key Insight: North America consistently shows higher pass rates for Level III, with many candidates having extensive industry experience.
Key Insight: European candidates perform well in Level II, particularly in financial statement analysis and valuation topics.
Key Insight: While Level I pass rates are lower, candidates who progress to higher levels show strong performance, especially in quantitative methods.
Understanding the trends and factors influencing CFA exam pass rates
CFA exam pass rates are influenced by multiple factors, including changes in curriculum, exam format adjustments, candidate preparation levels, and global economic conditions.
Significant updates to the curriculum often correlate with temporary dips in pass rates as candidates adjust to new material.
The transition to computer-based testing in 2021 initially affected pass rates but has since stabilized as candidates adapted.
Candidates who dedicate 300+ hours per level consistently outperform those with less preparation time.
Economic downturns and global events (like the COVID-19 pandemic) have shown temporary impacts on pass rates.
Historical data reveals several consistent patterns: