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CFA Level I Pass Rates Dip, Deferred Candidates Struggle
7 Oct, 2025
Summary
- CFA Level I pass rate drops to 43% in August 2025
- Candidates who deferred exams had a 29% pass rate
- AI can augment decision-making, but human oversight is crucial
According to the latest data from the CFA Institute, the pass rate for the Level I exam in August 2025 was 43%, a slight decrease from the 45% success rate recorded in May and February of the same year. However, this figure remains higher than the 41% average over the past decade and the lows seen in 2021, when the pandemic disrupted exam performance due to test-taking deferrals.
The institute's managing director for education, Chris Wiese, highlighted the role of AI in the exam process, stating that "AI can augment decision-making, but human professionals must challenge, validate and interpret AI outputs, especially in complex or novel scenarios." This statement underscores the importance of maintaining human oversight and expertise in the face of technological advancements.
More than 26,000 candidates sat for the Level I exam in August 2025, which was administered at 502 proctored, computer-based testing centers around the world. The pass rate for successful candidates who took the exam without any deferrals or interruptions was 50%, while those who had put off their test at least once had a pass rate of just 29%.
The institute is expected to release the results for the Level II exam, which was also held in August 2025, on Thursday.
