The pass rate for the chartered financial analyst Level I exam fell to 39% in May, slipping beneath the roughly 40% average recorded over the past decade. The result marks a decline from the 45% pass rate reported in February and the 43% rates logged in August and November.
More than 31,000 candidates sat the Level I exam in May, making it the largest cohort for that level since 2019, when in excess of 70,000 people took the first-level test prior to the pandemic-related disruptions. Despite the larger cohort, the May pass rate remained above the particularly low levels observed in 2021 at the onset of Covid-19.
Chris Wiese, the CFA Institute's managing director for education, said the May cohort was among the biggest the institute has seen in recent years, "reflecting the enduring appeal of the CFA charter among aspiring investment professionals." He emphasized the demand for the credential in the finance field and its continued relevance to those pursuing careers in investment roles.
Performance differed sharply between candidates taking the exam for the first time and those who had previously deferred. Candidates who took Level I in May after at least one deferral posted a 25% pass rate, compared with a 45% pass rate among those who attempted the exam at their first opportunity. The institute highlighted the contrast to underscore the difficulty of the exam and the advantage held by well-timed attempts.
"Level I is a demanding exam, and their success is a strong indication that they are ready for the next step," Wiese said.
The CFA charter remains a notable certification within the finance industry, associated with expanded job prospects and potential for higher compensation. The pathway to the designation consists of three examination levels, and the tests are administered multiple times per year.
Candidates who sat for the CFA Level II exam in May are scheduled to receive their results on June 25. The outcome of those results will determine whether May examinees continue progressing through the charter process or need to retake components in future sittings.
Data recap:
- May Level I pass rate: 39%.
- February pass rate: 45%; August and November pass rates: 43%.
- May test-takers: more than 31,000; largest Level I group since 2019 (more than 70,000 in 2019).
- Pass rate for candidates with at least one deferral: 25%; first-time takers: 45%.
- Level II results release date: June 25.