How many people fail the CFA exam?

A large number of people fail the CFA exams, with pass rates generally around 40-50% per level, meaning well over half of candidates fail at least one exam on their journey, and only a small fraction (around 8%) typically earn the charter by passing all three levels consecutively. Recent pass rates vary, with Level I around 43%, Level II at 54% (May 2025), and Level III near 49-50% (Feb/Aug 2025).

Is CFA the hardest exam in the world?

The Chartered Financial Analyst credential is one of the most demanding exams on Earth when it comes to preparation and study time required. The average pass rate for the CFA Level 1 is only 43%. For Level 2, you're looking at a passage rate of 44%. And Level 3 is not much easier at 50%.

How many people fail CFA level 1?

CFA Level I Pass Rate Stays at 43% for November Test

Candidates who put off taking the test have a smaller likelihood of success. Those who took the Level I exam in November with at least one deferral saw a 29% pass rate, compared with 49% for first-time candidates, the CFA Institute said.

Is 67% enough to pass CFA?

A 67% score is generally considered strong and likely enough to pass a CFA exam, especially if you have strong scores in key weighted topics, but it's not a guarantee as the Minimum Passing Score (MPS) varies by exam difficulty, with experts recommending aiming for 69% or higher (e.g., 70%+) for a comfortable pass on Level 1 and Level 2 to be safe. While 67% is above the historical average for some levels (like Level 2's 66% average), the MPS can fluctuate, so focus on strong performance across all areas, especially weighted ones like Fixed Income or Ethics. 

Is 60% enough to pass CFA level 1?

Yes, you can potentially pass CFA Level 1 with a 60% score, as the CFA Institute doesn't have a fixed percentage; the Minimum Passing Score (MPS) varies, sometimes allowing a pass around 60-65% when exams are tough, while other times requiring 70%+ for an easier exam, so aiming higher (68-70%+) is safer, but 60% isn't an automatic fail. 

9 Reasons People Fail the CFA® Exam

Is CFA harder than CPA?

CFA vs CPA difficulty

Or are the CPA exams harder than the CFA exams? As we've established when looking at the differences between the CFA and CPA exams, the breadth, depth and length of the CFA exams combined make the CFA exams a lot more challenging to undertake and pass than the CPA exams.

Can I say I passed CFA level 1?

If you are currently a candidate in the CFA Program:

Include your participation in the CFA Program in the education section of your resume. (For example: “CFA® Program participant, CFA Institute.”) You may also list the levels completed. (For example: “Completed Level I in 2020.”)

Is 40 too old for CFA?

Is it too late to pursue a CFA at age 40? Not at all. There is no strict CFA age limit, so anyone can start, provided they meet the eligibility criteria. The CFA age requirement is flexible, so it suits people changing careers or with work experience.

Did CFA remove the 90th percentile?

The 10th and 90th percentiles were removed from the report because we have added scale scores. Scale scores add more precision to your results interpretation. The 10th and 90th percentiles only provide a comparison of your result against other candidates in the same administration.

Is CFA harder than CA?

Is CFA tougher than CA? A: The CFA and CA (Chartered Accountant) qualifications have different focuses and challenges. While both are demanding, many find CA to be more rigorous due to its extensive practical training and exams.

Is CFA or MBA better?

Neither the CFA nor MBA is universally "better"; the choice depends on your career goals: choose the CFA for deep, technical expertise in investment management (equity research, portfolio management) at a lower cost, ideal for specialized roles; choose an MBA for broad business leadership, management, and networking, offering flexibility to pivot industries, but at a much higher cost and time commitment, with top-tier school prestige being key. 

What is the hardest subject in CFA Level 1?

Financial Statement Analysis, or FSA, is often regarded by students to be the most challenging topic in CFA Level 1, not just because of the subject's difficulty but also because of how heavily weighted it is on the exam (13–17%).

How many people pass all CFA exams first try?

Apparently only 8 in a 1000 students pass all of CIMA exams in the first try? Archived post.

What does Warren Buffett think of CFA?

No Substitute for Independent Thinking: Buffett believes a CFA doesn't make someone a great investor. He values traits like temperament, patience, and independent thought over formal credentials. “It's not necessary to have a high IQ or an #MBA or a CFA.

Which is the 3 toughest exam in the world?

The three toughest exams globally often cited for their extreme difficulty, low pass rates, and high stakes are China's Gaokao (National College Entrance Exam) for its sheer scale and competitiveness, India's UPSC Civil Services Exam for its life-altering potential and minuscule selection, and India's IIT-JEE Advanced (Joint Entrance Exam) for its rigorous engineering entrance criteria, alongside prestigious UK fellowships like the All Souls Prize Exam, with difficulty varying by individual and goals. 

Is CFA harder than the bar?

CFA Exams Pass Rates

The CFA exams are perhaps the most challenging exams out there. They are often referred to as “bar none” the toughest exams—even harder than medical school or law school exams—with pass rates that hover around 50% and were much lower during the recent pandemic.

Is CFA still relevant in 2025?

Yes, the CFA is still worth it in 2025 for the right person aiming for roles in traditional investment management, portfolio management, and equity research, offering unparalleled global recognition, employer trust, and career advancement in a rigorous, time-intensive program, though its value is less emphasized in fast-evolving areas like fintech; its relevance hinges on aligning it with specific career goals, complementing it with practical skills (Python, modeling), and understanding it's a commitment requiring strategic study alongside work experience. 

Does a CFA look good on a resume?

You can include your CFA designation in the certification or education sections of your resume and must include the ® symbol. For example: “CFA® charterholder, CFA Institute.” You may also include the date you earned your CFA designation in the certification or education sections of your resume.

Is 65% enough to pass CFA level 1?

A 65% score on CFA Level 1 is borderline and might pass, but it's not a guarantee, as the Minimum Passing Score (MPS) fluctuates, but generally, aiming for 70% or higher on mocks is a safer bet for passing, as actual passing scores have ranged from the low 60s to over 70% depending on exam difficulty and scoring curves. 

What jobs make $3,000 a month without a degree?

You can earn $3,000 a month without a degree in roles like Dental/Medical Assistant (with short training), skilled trades (Electrician, HVAC), Delivery Driver (UPS, FedEx), specialized sales, Real Estate Agent, and some tech roles like AI Trainer or Medical Coder, often requiring certifications, apprenticeships, or a strong work ethic for entry, with remote options available in customer service or data entry if you have strong computer skills, notes www.nysmda.com, Tallo, Indeed, and ZipRecruiter https://www.ziprecruiter.com/Jobs/3000-A-Month-Jobs-No-Degree. 

What is the 7 3 2 rule?

The 7 3 2 rule is a financial strategy focused on wealth accumulation. The theme suggests saving your first "crore" (ten million) in seven years, then accelerating the savings to achieve the second crore in three years, and the third crore in just two years.

How long does CFA expire?

Do results expire? No. Your results do not expire.

Is the CFA better than an MBA?

Neither the CFA nor MBA is universally "better"; the choice depends on your career goals: choose the CFA for deep, technical expertise in investment management (equity research, portfolio management) at a lower cost, ideal for specialized roles; choose an MBA for broad business leadership, management, and networking, offering flexibility to pivot industries, but at a much higher cost and time commitment, with top-tier school prestige being key. 

Can I put passed CFA level 1 on my resume?

Listing CFA Level One in the education section of the resume

Write "Chartered Financial Analyst." Include a hyphen and "Passed Level 1" next to it with the year you earned the qualification.

Can I put CFA after my name?

If you have earned the CFA designation and are an active member in good standing, you may include your designation after your name. For example, Jane Doe, CFA. If you are a candidate, do not use your candidacy in the heading of your profile, or indicate an "Expected" date.