Table of Contents
CFA Pass Percentage 2025 for all the sessions and levels is released once the result of the particular session is out. The passing percentage for the May session level 1 stood at 45%. The result for May session level 1 exam was released on Jun 26, 2025. The level 2 result was issued on Jul 1, 2025 and the pass rate stood at 54%.
Students must note that the CFA February 2025 level 1 result has been released on Apr 3, 2025. Further, the level 3 result was issued on Apr 22, 2025. Likewise the pass rate of all the February level 1 session has been released based on the result and it stood at 45%. Earlier, the CFA pass percentage of February session was 44%, for May 2024 session the pass rate was 46%, and for August session the pass rate was 44%. The average pass rate for CFA for the past 10 years is 44%. The Chartered Financial Analyst exam tests a candidate's knowledge regarding investment tools, valuing assets, portfolio management, and wealth planning.
CFA 2025 Pass Percentage
The pass percentage for the CFA 2025 exam for all the sessions is released once the result is out. The pass percentage is prepared by the conducting authority, ICAI based on the result.
The CFA Passing Percentage in India for CFA level is around 37%. The CFA Institute Board of Governors sets the minimum passing score for each level and varies from year to year. However, the session-wise detailed pass percentage is shared below.
| Session | Pass Rate |
|---|---|
| February 2025 Level 1 Exam | 45% |
| February 2025 Level 3 Exam | 48% |
| May 2025 Level 1 Exam | 45% |
| May 2025 Level 2 Exam | 54% |
Passing Score in CFA
Each level of the CFA has its own criteria for determining its passing score. The CFA Institute Board of Governors sets the MPS for each level, and that changes with each cycle of new candidates.
| Particulars | Details |
| CFA Level 1 Pass Percentage Score | 70% |
| CFA Level 2 Pass Percentage Score | 65-70% |
| CFA Level 3 Pass Percentage Score | 60% |
Also Read: CFA Vs CA - Which is Better?
Weightage of Topics in CFA
Candidates preparing for the CFA exam can check out the weightage of each topic at different levels of the examination. This will help students to understand which topics require more attention and help them score well.
CFA Level 1 Topic Weightage
The weightage of topics in the CFA Level 1 examination has been listed below:
| Topics | Topics Weightage |
| Ethics | 15% to 20% |
| Quantitative Methods | 8% to 12% |
| Economics | 8% to 12% |
| Financial Reporting and Analysis | 13% to 17% |
| Corporate Finance | 8% to 12% |
| Equity Investments | 10% to 12% |
| Fixed Income Investments | 10% to 12% |
| Derivative Investments | 5% to 8% |
| Alternative Investments | 5% to 8% |
| Portfolio Management | 5% to 8% |
CFA Level 2 Topic Weightage
The weightage of topics in the CFA Level 2 examination has been listed below:
| Topics | Topics Weightage |
| Ethics | 10% to 15% |
| Quantitative Methods | 5% to 10% |
| Economics | 5% to 10% |
| Financial Reporting and Analysis | 10% to 15% |
| Corporate Finance | 5% to 10% |
| Equity Investments | 10% to 15% |
| Fixed Income Investments | 10% to 15% |
| Derivative Investments | 5% to 10% |
| Alternative Investments | 5% to 10% |
| Portfolio Management | 10% to 15% |
CFA Level 3 Topic Weightage
The weightage of topics in the CFA Level 3 examination has been listed below:
| Topics | Topics Weightage |
| Economics | 5% to 10% |
| Alternative Investments | 5% to 10% |
| Derivative Investments | 5% to 10% |
| Equity Investments | 10% to 15% |
| Ethical and Professional Standards | 10% to 15% |
| Fixed Income Investments | 15% to 20% |
| Portfolio Management and Wealth Planning | 35% to 40% |
CFA Previous Year Pass Percentage List
Applicants must check the CFA exam previous year's pass percentage details of different sessions mentioned in the section below for all the Levels for reference. It will help the students in analysing the exam level.
CFA 2024 Session Wise Pass Percentage
The session wise pass percentage details of the CFA 2024 examination has been mentioned in the table below for students reference. The pass percentage of the CFA exam has been mentioned for February, May, and August session. The November session rate will be released soon.
| Session | Pass Rate |
|---|---|
| November 2024 (Level 1) | 43% |
| August 2024 | 44% |
| May 2024 | 46% |
| February 2024 | 44% |
CFA Level 1 Pass Percentage 2023
The CFA Pass Percentage 2023 was 38%. Candidates who want to know more regarding the CFA level 1 Pass Percentage can check the detailed analysis given in the table below:
| Session | Total Candidates | Passed Candidates | Failed Candidates | Pass percentage |
| Feb 2023 | 16,959 | 6,441 | 10,518 | 38% |
| Aug 2022 | 19,103 | 7068 | 12035 | 37% |
| Nov 2022 | 24,937 | 8932 | 16005 | 36% |
| May 2022 | 19,403 | 7,315 | 12,088 | 38% |
| Feb 2022 | 18,992 | 6,801 | 12,191 | 36% |
| Nov 2021 | 28,170 | 7,607 | 20,563 | 27% |
| Aug 2021 | 16,026 | 4,211 | 11,815 | 26% |
| Jul 2021 | 28,849 | 6,468 | 22,381 | 22% |
| May 2021 | 26,005 | 6,506 | 19,499 | 25% |
| Feb 2021 | 28,683 | 12,510 | 16,173 | 44% |
CFA Level 2 Pass Percentage 2022-21
Candidates who want to know about the previous years CFA Pass Percentage for level 2 exam can check the detailed analysis of previous year data given in the table below:
| Session | Total Candidates | Passed Candidates | Failed Candidates | Pass percentage |
| Nov 2022 | 12,313 % | 5,382% | 44% | 44% |
| Aug 2022 | 15,608 | 6,317 | 9,291 | 40% |
| Feb 2022 | 11,699 | 5,132 | 6,567 | 44% |
| Nov 2021 | 18,047 | 8,290 | 9,757 | 46% |
| Aug 2021 | 10,565 | 3,064 | 7,501 | 29% |
| May 2021 | 33,066 | 13,300 | 19,766 | 40% |
CFA Level 3 Pass Percentage
The CFA Pass Percentage 2023 was 48%. Candidates who want to know more regarding the CFA Pass Percentage for CFA level 1 can check the detailed analysis given in the table below:
| Session | Total Candidates | Passed Candidates | Failed Candidates | Pass percentage |
| Feb 2023 | 14,858 | 7,102 | 7,756 | 48% |
| Aug 2022 | 10,376 | 5,032 | 5,344 | 48% |
| May 2022 | 12,384 | 6,047 | 6,337 | 49% |
| Nov 2021 | 16,186 | 6,989 | 9,197 | 43% |
| Aug 2021 | 2,769 | 1,169 | 1,600 | 42% |
| May 2021 | 21,603 | 9,088 | 12,515 | 42% |
How Hard is the CFA Exam?
The CFA exams are considered very difficult. Candidates must practice model question papers to get oriented with the different levels of the exam and the type of questions asked in each level. The Chartered Financial Analyst exams test common components of investment analysis, portfolio management, and wealth planning.
The exam questions transition from primarily testing knowledge at Level 1, to the testing application at Level 2, and evaluation at Level 3. Candidates must practice prep materials in order to create a structured study plan.
Must Read: CFA vs MBA: Which Is Better?
Which CFA Exam is the Hardest?
The Level 3 CFA Exam is considered the most difficult exam. A major reason is the amount of time a candidate needs to give in order to answer the question in a structured manner. Another reason is the answers given by candidates in the essay type Around 56% of CFA candidates pass the level 3 exam.
FAQs on CFA Qualifying Marks
Q: What is the pass percentage for level 1 CFA exam?
The pass percentage for level I CFA exam is 44%. The pass percentage will depend upon various factors and level of the examination. For level II the pass percentage is 59% and for level III the pass percentage is 49%.
Q: What is the average CFA pass percentage?
The average CFA pass percentage is 41% for all levels. However earlier the average CFA pass percentage was 43%. After the introduction of Computer-based test it was reduced to 41%.
Q: Which level of the CFA exam is known as the toughest?
According to the exam qualifiers, level II of the CFA exam is considered as toughest part. The pass percentage of the CFA level II is 59%. To clear the CFA level 2 candidates need to practise with patience and dedication.
Q: How many attempts are allowed in the CFA exam?
Candidates can appear twice a year. A total number of 6 attempts will be allowed to candidates. If aspirants fail in any level of the examination then they need to reappear for the examination.
Q: What are the subjects covered in CFA level I exam?
A wide range of subjects are covered in CFA level I exam such as, Quantitative Methods, Economics, Corporate Issuers, Financial Statement Analysis, Equity Investments, Fixed Income, Derivatives, ternative Investments, Portfolio Management, Ethical and Professional Standards, Financial Statement Analysis.
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