CFA Institute, the global association for investment professionals, announced that 43% of the 26,404 candidates who took the Level I CFA Program exam in November 2024 successfully passed.
This rate exceeds the historical average of 41% and continues the trend of above-average pass rates for all Level I exams in 2024, contrasting with the below-average rates observed in recent years.
The all-time average pass rate for Level II is 46%. Recent results have varied, with the August 2024 pass rate slightly surpassing this average. The pass rate for the August 2024 Level III exam was 48%, aligning closely with post-pandemic averages but remaining below the all-time average.
Rob Langrick, CFA, CIPM, Chief Product Advocate at CFA Institute, extended his congratulations, stating, “My warm congratulations to all our successful Level I candidates. Well done! Your success reflects your strong motivation to set off on the right path, mastering the essential concepts core to the investment management profession. I wish you continued success as you move to Level II of the CFA Program and its more advanced learnings on single security analysis and valuation.”
Langrick further highlighted that November’s Level I candidates had a pass rate above the 10-year average of 40%.
“We continue to see a stark difference in the pass rate of first-time test takers compared with those taking their exam after a deferral. In line with previous cohorts, first-time testers scored above the overall pass rate, with a success rate of 49 per cent.
“Candidates who had deferred their exam at least once had a passing rate of 29 per cent. We encourage candidates to stay on schedule if at all possible and make full use of all prep materials and study time.” She noted.
Successful candidates from Level I may now progress to Level II of the CFA Program, with registration for the May 2025 Level II exams currently open.
Candidates for the November Level I CFA Program exams attended in person at one of 507 proctored computer-based examination venues located in 395 cities across 110 markets worldwide.
Both Level I and Level II exams were administered during the November testing period, with Level II results to be released on January 16, 2025.
The CFA Program, recognized globally as the gold standard in investment management education, is a rigorous self-study program covering a wide range of essentials, from ethics to quantitative analysis, portfolio management, and wealth planning.
The program equips both aspiring and practising investment professionals with the expertise needed for real-world investment analysis, aiding career advancement.
CFA Level I Exam Pass Rates:
- February 2024: 44%
- May 2024: 46%
- August 2024: 44%
- November 2024: 43%
CFA Level II Exam Pass Rates:
- May 2024: 59%
- August 2024: 47%
- November 2024: 39%
CFA Level III Exam Pass Rates:
- February 2024: 49%
- August 2024: 48%
