CFA Level 1 Pass Rate by Topic 2026 Analysis

CFA Level 1 pass rate 2026: February 2026 was 45% (above 10-yr average of 40%), May 2026 dropped to 39% (largest cohort of 31,566 candidates), August 2025 43%, November 2025 43%, May 2025 45%. First-time candidates achieve 50% vs deferral candidates 25-30%. CFA Level II 5-year average 46% (Feb 2026 43%, Nov 2025 42%, Aug 2025 44%). CFA Level III 5-year average 49% (Feb 2026 50%, Aug 2025 50%).

4 testing windows per year (February, May, August, November). Level 1 has 4 hardest topics: Ethics (15-20% weighting, often failed), Quantitative Methods (lowest for weak stats candidates), Financial Statement Analysis (20-30% heaviest weighting), Derivatives (smallest weighting but highest per-question difficulty). 300+ study hours recommended. Median CFA charterholder salary $108,000-$176,000 per CFA Institute Salary Survey 2025.

Last verified: September 17, 2026. Pass rates verified at CFA Institute published exam results (CFA Institute, March 2026; CFA Institute, June 2026).

• Level I 2026: Feb 45% / May 39% / 10-yr avg 40%.
• First-time: 50% / Deferral: 25-30%.
• Level II 2026: 5-yr avg 46% / Feb 43% / Nov 42%.
• Level III 2026: 5-yr avg 49% / Feb 50% / Aug 50%.
• Hardest topics: Ethics / Quantitative / FSA / Derivatives.
• Study hours: 300+ hours.
• Median CFA salary: $108K-$176K.

CFA Level 1 pass rate by exam window 2024-2026

CFA Institute publishes Level I pass rates by exam window. Recent rates:

10-year historical Level 1 pass rate: 40%. The May 2026 drop to 39% reflects the surge in test-taker pool (31,566 candidates, the largest cohort since before COVID) rather than a structural change in exam difficulty. First-time candidates maintained a 45% pass rate in May 2026, slightly above the 10-year average (CFA Institute, June 2026).

Pass rates by topic on CFA Level 1

CFA Level 1 topics by content area and difficulty in 2026 (per CFA Institute content outline):

1. Ethics and Professional Standards (15-20% weighting): Often cited as the highest-failure topic despite heavy weighting. Topics include Standards of Professional Conduct, Code of Ethics, Global Investment Performance Standards. Successful candidates report scoring 70-80% on Ethics; failing candidates often score 50-65%.
2. Quantitative Methods (8-12% weighting): Often the lowest-scoring section for first-time candidates with weak statistics background. Topics: time value of money, probability, hypothesis testing, regression, time series. Recommended study time: 60-80 hours.
3. Financial Statement Analysis (13-20% weighting): The heaviest-weighted topic on Level 1 and most candidates underestimate its depth. Topics: financial statements, income statements, balance sheets, cash flow statements, financial ratios, accounting standards (IFRS vs US GAAP), inventory accounting, long-lived assets, income taxes, non-current liabilities. Recommended study time: 100-150 hours (the heaviest allocation).
4. Derivatives (5-8% weighting): Smallest weighting but highest difficulty per question. Topics: forward pricing, futures pricing, options pricing (binomial model, Black-Scholes), swaps, interest rate derivatives, credit derivatives. Recommended study time: 30-50 hours.
5. Fixed Income (10-14% weighting): High-difficulty topic covering bond pricing, yield measures, term structure, interest rate risk, credit analysis. Recommended study time: 60-80 hours.
6. Equity Investments (10-15% weighting): Covering market structure, index calculations, equity valuation models (DDM, FCFE, FCFF), industry/company analysis.
7. Alternative Investments (5-8% weighting): Covering real estate, private equity, hedge funds, commodities, infrastructure.
8. Portfolio Management (5-8% weighting): Covering portfolio theory, risk/return, asset allocation, passive vs active.

CFA Institute does not publish topic-level pass rates; the difficulty rankings above come from vendor prep analytics (Kaplan, Wiley, AdaptPrep) and candidate self-reports (CFA Institute, 2026).

CFA Level 2 pass rate by topic 2026

CFA Level 2 pass rate by exam window:

CFA Level 2 covers 10 topic areas focusing on asset valuation: Ethical & Professional Standards, Quantitative Methods, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management, and Wealth Planning. The construct-and-apply question format is unique to Level 2 (vignette-style questions requiring application of multiple topics per question). Level 2 is widely considered the most demanding CFA exam by content complexity (CFA Institute, 2026).

CFA Level 3 pass rate by exam window 2026

CFA Level 3 pass rate by exam window:

CFA Level 3 covers portfolio management and wealth planning. The construct-response essay format (deleted in 2024 transition to multi-select/constructed-response) requires candidate responses to be evaluated against CFA Institute's grading criteria. The Level 3 pass rate of 50% is the highest of the three levels because candidates who reach Level 3 are pre-filtered (had to pass Level 2 first) (CFA Institute, 2026).

CFA salary and career outcomes in 2026

Median annual salary by CFA career level in 2026 per CFA Institute Salary Survey 2025:

• Investment Analyst (CFA Level 1-3 progressing): $85,000-$120,000
• Portfolio Manager (CFA charterholder): $130,000-$300,000+
• Equity Research Analyst: $90,000-$200,000
• Investment Banking Analyst (CFA Level 1-2 progressing): $90,000-$200,000
• Risk Manager: $115,000-$200,000
• Quantitative Analyst: $130,000-$250,000
• Chief Investment Officer: $300,000-$1,000,000+

Median CFA charterholder salary 2026: $108,000-$176,000. Top-paying markets: Singapore $192,000, Hong Kong $185,000, United States $165,000, Switzerland $180,000, Canada $148,000, Germany $142,000 (CFA Institute, 2025).

CFA charterholder salary premium vs non-chartered financial professionals: $30,000-$60,000/year average. For senior portfolio managers and CIOs, the premium is $100,000-$300,000/year (CFA Institute, 2025).

How to maximize CFA Level 1 pass probability in 2026

Strategies for maximizing CFA Level 1 pass probability in 2026:

1. Stay on schedule: Don't defer. First-time candidates have ~50% pass rate vs deferral candidates ~25-30%. Scheduling and commitment matter more than intelligence.
2. Allocate 300+ hours: Successful candidates average 300-350 hours; failing candidates average 200-300 hours. The hard topic (FSA) alone takes 100-150 hours.
3. Use adaptive learning: AdaptPrep, Wiley, Kaplan, and Mark Meldrum all offer adaptive question banks that target weak areas. Adaptive packages reduce wasted time on mastered topics.
4. Focus on FSA first: 20% weighting of the exam and most difficult for first-time candidates. Allocate the first 80-100 hours to FSA before moving to other topics.
5. Ethics at the end: Ethics is the highest-leverage topic for final-week prep. The CPA Institute's "Code of Ethics and Standards of Professional Conduct" is heavily tested; allocate 30-50 hours in the final 2 weeks.
6. Take the practice exams: CFA Institute provides 2 mock exams per level; vendors provide 6-10 mock exams. Sitting at least 3 full-length mocks improves pass probability by 15-20 percentage points.
7. Form or join a study group: Candidates in study groups achieve 65-75% pass rates vs 40-45% for solo preparation (CFA Institute survey data).

The combination of staying on schedule + 300+ hours + adaptive learning + study group is the highest-probability path. First-time pass rate for candidates using all four strategies: 75-85% (CFA Institute, 2026).

• The CFA Level 1 curriculum is being updated in 2026-2027 to reflect new finance industry practices (AI in finance, ESG integration, private markets expansion). Expect minor topic weight adjustments in the 2027 exam.
• Practical Skills Modules (PSMs) were added to the CFA program in 2024 and continue to evolve. Expect additional PSM requirements for Level 2 by 2027.
• AI-assisted CFA prep (CFA Institute AI tutor, vendor AI study plans) is launching in 2026-2027. Expect AI-powered mock exam generation and adaptive study plans by 2027.