What is the CFA Institute's pass rate for the exam?
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1 Answer
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The pass rates for CFA exams can vary. The CFA Institute also releases pass rates for each exam level after the results are announced.
Level I: Pass rates for Level I exams have historically been around 40% to 45%. This means that, on average, 40-45% of candidates pass the Level I exam.
Level II: Pass rates for Level II exams have historically been lower than Level I, averaging around 40% to 45% as well.
Level III: Pass rates for Level III exams have tended to be slightly higher, with historical pass rates ranging from 50% to 60%.
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The following test locations for the CFA exam will be opened from November 2025 session:
- Addis Ababa, Ethiopia
- Rabat, Morocco
- Maputo, Mozambique
- Mbabane, Swaziland
- Gurgaon/Gurugram, Haryana, India
- Nashik, Maharashtra, India
- Manipal, Karnataka, India
The CFA exam is conducted at 400 locations globally. Candidates can follow the steps mentioned below to know how to choose the CFA test centre location according to their preference:
- Register for the CFA exam
- Schedule the exam appointment
- View the test centre options along with available seating
- Choose your preferred test centre location as per the planned CBT test centre locations
- Once the location is confirmed, keep checking daily for new appointments that could be added.
Candidates should note the appointments must be scheduled by the deadline (typically 60 days before the start of the exam window). If the candidate does not see available
The following PSM is availabel for the Level 2 CFA exam:
- Analyst Skills
- Python, Data Science and AI
- Python Programming Fundamentals
Candidates should complete their PSM in order to view their CFA result. Each PSM takes about 10-20 hours to complete. The level 1 CFA exam has the following PSMs:
- Financial Modelling
- Python Programming Fundamentals
Three pathways will be released in mid-August 2025 for the Level 3 PSM. These are:
- Practical Macro (Portfolio Management Pathway)
- Due Diligence (Private Markets Pathway)
- Managing Private Wealth Clients (Private Wealth Pathway)
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