CFA Pass Rates: Is It Tough to Qualify the CFA Exams?

In the current dynamic financial industry, CFA is one of the most significant recognitions to stand out to potential employers. When candidates are preparing to take the exam, one of the most crucial considerations in their minds is the CFA pass rate. Many people prefer the CFA exam as the “hardest exam in the world.” 

Although challenging in nature, qualifying for the CFA exam is not impossible. On April 4, 2024, the CFA results for the Levels 1 and 3 exams in February 2024 were shared publicly. According to the data, the overall CFA pass rate was 44%.

In this blog, we will provide an in-depth overview of the CFA exam score, including the latest percentage, how it is evaluated, and more. 

So, stay tuned! 

CFA® Exam Pass Rate for Levels I, II, and III

Every year, both machines and charter holders grade the CFA® exam. The CFA Institute then applies a technique to each exam level to determine the minimum passing score. The score is kept confidential. For every exam window, the CFA exam pass rate for Level I, Level II, and Level III is released.

Congratulations to everybody who made it through. For those who didn’t, we are committed to supporting you in reaching your career objectives and will assist you in taking the next best step forward.

Regardless of your exam score, you’re probably wondering, “What do I do now?” If your CFA exam results indicate that you failed, we set out a tactical strategy outlining what you should do next.

The Structure of the CFA Exam Levels I, II, and III

There are three levels in the CFA course, and each one builds on the one before it. Level I covers a wide range of fundamental information, while Level II and III go more deeply into portfolio management and investment management, respectively.

CFA Level I is available in June and December, whereas CFA Levels II and III are only provided in June. The exams are given once a year. There are essay-based and multiple-choice questions at every level. Those attempting the essay-style questions must show that they can use what they’ve learned in practical situations.

Changes in the CFA Passing Rate Over the Years

According to recent CFA pass rates,

• For Level 1 (February 2024), 44%
• For Level 2 (November 2023), 44%
• For Level 3 (February 2024), 49%

The average CFA passing rates rise as one moves through the three levels, as would be expected. The past CFA pass rates since 2014

• Level 1 spans from 22% to 49%, with a 10-year average of 39%.
• Level 2 spans from 29% to 55%, with a 10-year average of 45%.
• Level 3 spans from 39% to 56%, with a 10-year average of 50%.

The pandemic appears to have drastically altered the pass rate trends for all three levels, despite encouraging early indications that this trend is returning to average as the pandemic’s effects fade. The introduction of computer-based exams and an expanded testing schedule occurred during the pandemic.

What Affects the Difficulty of the CFA Exam? 

Numerous factors contribute to the CFA exam’s difficulty. The immense quantity of content that candidates need to cover is one significant factor. The wide range of topics covered in the CFA curriculum calls for extensive research and preparation.

Another element that influences the difficulty level is the amount of time needed. It can take hundreds of hours to prepare for each exam; hence, candidates should successfully manage their personal and professional obligations.

Which CFA exam is the hardest in terms of level difficulty?

The CFA exam is difficult at all levels. Every level gets more challenging. Ultimately, only a few candidates who register for Level I and persist through it pass all three levels. Having said that, the majority of people who have completed all three CFA exam levels

However, due to the constructed response questions, which are essay-style questions, most people who have taken all three levels of the CFA exam agree that Level III is the hardest.

It can be challenging to write answers in multiple-choice exams for people who are accustomed to it. Furthermore, some applicants have a propensity to treat constructed response questions similarly to essay questions on a graduate school or college exam, even though they are completely different. 

In Summary

The amount of effort and commitment needed to obtain the prestigious CFA charter is testified to by the pass rates of the CFA exams. Although the exams are difficult, aspirants can increase their chances of success by being well-prepared, following a structured study schedule, and using efficient exam techniques. Remember that obtaining a CFA charter is a difficult but very worthwhile path.

Frequently Asked Questions (FAQs)

Q: What is the ratio of aspirants taking the CFA exams?

Ans: According to the most recent exams, which were administered in the February 2024 quarter, 44% of candidates passed the CFA Level I exam, 44% the CFA Level II exam, and 49% the CFA Level III exam.

Q: What is the passing score for CFA Level 1?

Ans: The most recent quarter’s CFA level 1 passing score was 44% in February 2024.