CFA Level 1 pass rate and passing score 2026: what you need to get

The CFA Level 1 pass rate was 43% in August 2026, the most recent window with published results, after 45% in February 2026 and 39% in May 2026. CFA Institute publishes the minimum passing score only as a scale score (1600 for Level I), not as a percentage or a set number of correct answers. Prep sites estimate the cut-off at roughly 65% to 70% of the 180 questions. CFA Institute's own guidance is that scoring 70% on an official mock exam is a strong sign you're on track.

CFA Institute writes the exam as "Level I". It's the same exam, and this guide uses the official figures for it.

What is the CFA Level 1 pass rate in 2026?

Across the three 2026 windows with results so far, the Level 1 pass rate ranged from 39% to 45%. All of 2025 sat between 43% and 45%. CFA Institute puts the long-term average at 40%, so most recent windows have come in slightly above it.

Source: CFA Institute exam results and its results release for each window. "First-time candidates" is the pass rate for candidates sitting Level I for the first time. November 2026 results were not yet published. Last checked: 13 November 2026.

The February 2026 results came out on 19 March 2026, the May 2026 results on 23 June 2026, and the August 2026 results on 24 September 2026.

The gap between first-time candidates and everyone else is the most useful pattern in the table. Candidates who had deferred at least once passed at between 25% and 30% in the windows where CFA Institute reported it, compared with 45% to 52% for first-time candidates. In May 2026 it was 45% against 25%. The figures don't explain why, but the practical point is clear: pick a window you can prepare for properly, and then sit it.

Does CFA Level 1 have a minimum passing score?

Yes, but CFA Institute doesn't publish it as a number of questions or a percentage. The Board of Governors sets a minimum passing score (MPS) for each level after an exam window where the curriculum or the candidate group has changed significantly. When nothing has changed much, the existing standard carries forward through a process called equating.

Equating adjusts for difficulty. If one version of the exam is slightly harder than another, the number of correct answers needed to pass shifts so that the standard itself stays the same. That's why there isn't one fixed raw mark that works for every window.

There's also no quota. You aren't competing against the other candidates in your window: if you reach the standard, you pass.

How many questions do you need to get right to pass CFA Level 1?

No official figure exists. Prep providers estimate the Level 1 cut-off at roughly 65% to 70% of questions. 300Hours, for example, publishes MPS estimates for each window. On a 180-question exam, that works out to about 117 to 126 correct answers. Treat this as a guide, not a guarantee.

The exam format is the same in every window:

• 180 multiple-choice questions
• two sessions of 135 minutes, each with 90 questions
• an optional break between the sessions
• about 90 seconds per question

Every question carries the same weight and there's no negative marking, so never leave an answer blank. If you're stuck, rule out what you can, pick the best remaining option and flag it to come back to.

How the CFA Level 1 score report works

Results arrive 5 to 9 weeks after the exam window closes. Since the February 2025 window, the score report has three main parts:

1. A pass or fail result.
2. An overall scale score, which shows where your performance sits compared with the minimum passing score.
3. A chart of your performance in each topic area.

The topic chart is the part most candidates find confusing. Each topic is plotted against two reference lines, one at 50% and one at 70%. These are not pass marks. There's no separate minimum score for each topic, so you can pass with a weaker topic or two if your overall score is high enough. CFA Institute treats consistent scores above 70% across topics as a sign of real command of the material.

Each score also comes with a confidence interval, a small range showing how precise the estimate is. A topic with only a handful of questions will have a wide range, so don't read too much into small differences there.

Your detailed results stay available for about a year. After that, CFA Institute can give you a verification letter that confirms pass or fail, without the topic breakdown.

If you didn't pass, the report is your revision plan. Start with any topic below the 50% line, especially a heavily weighted one, then work on those between 50% and 70%.

What mock score means you're ready for CFA Level 1?

Aim for 70% or more on at least one official mock exam before your test date. CFA Institute's Practice Pack page says candidates who score 70% on at least one official mock are nearly twice as likely to pass. That's an association, not a promise, but it's the clearest benchmark CFA Institute gives.

Why 70% when the estimated cut-off is lower? Mocks are taken in calmer conditions than the real exam, and a margin covers a slightly harder version on the day. It also lines up with the 70% line on your score report.

A simple way to use your mocks:

1. Take your first full mock about six weeks before your exam, timed, in two 135-minute sittings.
2. Mark it and record your score for each topic, not just the total.
3. Spend the next week on the two or three topics furthest below 70%.
4. Take the next mock and compare. Repeat until you're above 70% overall and no topic is far below 50%.
5. Do your last full mock about a week before the exam, then switch to light review.

To keep track, download the mock score tracker. It lists all ten Level 1 topics with a column for each mock, so you can see where your weak spots are.

When a question catches you out, understanding why matters more than the score. Medly's AI tutor can talk you through the method one step at a time until the reasoning makes sense.

What the pass rates mean for your 2027 exam

A 39% to 45% pass rate can look daunting. Plenty of the candidates who don't pass sat the exam underprepared or after one or more deferrals. You control most of what moves your own chances.

Give Ethical and Professional Standards proper time. It carries 10% to 15% of the 2027 exam (down from 15% to 20% in 2026) on the Level I page, and its questions are about judgement, which takes practice rather than memorising. Quantitative Methods goes the other way, rising to 11% to 14% in 2027 (from 6% to 9%), so don't skim it. Practise at exam pace early, so 90 seconds a question feels normal by the time you sit your mocks.

For explanations of the topics you find hardest, try Medly for free. The free plan includes 5 marked questions and 20 AI tutor messages a day, with no card needed.

Frequently asked questions

What is the CFA Level 1 pass rate for August 2026?

43% of the 28,145 candidates passed. First-time candidates passed at 49%.

What is the average CFA Level 1 pass rate?

CFA Institute gives a long-term average of 40% for Level I. Every window from February 2025 to August 2026 except May 2026 (39%) came in above it.

Is 70% on a CFA Level 1 mock enough to pass?

It's a strong sign, not a guarantee. CFA Institute says candidates who score 70% on at least one official mock are nearly twice as likely to pass.

Can you pass CFA Level 1 with one weak topic?

Yes. There's no minimum score for each topic, so a strong overall score can carry a weaker area. A low score in a heavily weighted topic like Ethics makes that much harder.

Does CFA Level 1 have negative marking?

No. A wrong answer costs you nothing extra, so answer every question.

When do CFA Level 1 results come out?

Usually 5 to 9 weeks after the exam window closes. CFA Institute emails every candidate on the same day.

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