CFA Exam: The pass rate for the Chartered Financial Analyst (CFA) Level 1 exam fell to 39 per cent for the May 2026 sitting, according to official CFA Institute data released alongside results. While the decline has drawn attention in financial and candidate communities, exam coaches and experts say aspirants should focus on factors they can control, such as study design, practice, and exam execution, rather than overinterpreting the statistics.
As per the institute's data, 31,566 candidates appeared for the Level 1 in May 2026 and 39 per cent passed, down from 45 per cent in February 2026 and 43 per cent in November and August 2025.
The institute's long-run figures have placed the historical average pass rate near 41 per cent (1963-2026), with five‑year averages also around 41%, while Level 2 and Level 3 maintain higher long-term pass rates.
For the last five years (from 2022 to 2026), the average pass rate has been recorded as 41 per cent, as per the official data.
According to Aswini Bajaj, CEO of Leveraged Growth, candidates should avoid overinterpreting a statistic that is largely outside their control. He said:
"The CFA Level 1 pass rate has fallen to 39%, which has naturally become the headline. However, candidates should be careful not to overinterpret a statistic that is largely outside their control."
Bringing expertise from clearing over 13 global finance and accounting qualifications and mentoring students across CFA, FRM, and other professional finance programmes, Bajaj further stated:
"Think about it, if road accidents increase this year, the sensible response isn't to stop travelling altogether. It is to wear your seatbelt, drive carefully, and reduce the risks within your control. Similarly, candidates cannot control the CFA pass rate, but they can control their preparation, practice, revision, and exam execution."
According to Bajaj, students often spend too much time analysing factors they cannot control, such as pass rates or paper difficulty. The more important question is how to increase the probability of passing, and that comes from holistic preparation, he said.
"While 39% has attracted attention, it is worth noting that many highly competitive examinations have significantly lower success rates. UPSC selection rates are typically below 1%, while several CA examinations have historically reported pass rates in the 10-20% range," the mentor added.
Guiding CFA aspirants across the country Bajaj asserted that the takeaway for future candidates is simple: focus on preparation, accuracy, and execution. "The pass rate is information; your preparation is what determines the outcome," he added.
