CFA Institute Reports 45% Pass Rate for February 2026 Level I Exams

Event summary

  • 45% of 24,006 candidates passed the February 2026 CFA® Program Level I exam.
  • First-time candidates achieved a 50% pass rate, while deferred candidates had a 30% pass rate.
  • Level III results will be released on April 7, 2026.
  • CFA Institute will eliminate paid deferral options starting February 2027.

The big picture

The CFA Institute's February 2026 Level I exam results highlight the rigorous nature of the CFA Program, with pass rates reflecting the challenge of the curriculum. The higher pass rate for first-time candidates underscores the importance of consistent study schedules. The upcoming elimination of paid deferrals may streamline the program but could also impact candidate flexibility. The CFA Program remains a critical credential for investment professionals seeking to advance their careers in global finance.

What we're watching

Deferral Policy Impact
The elimination of paid deferrals starting February 2027 may affect candidate preparation strategies and pass rates.
Pass Rate Trends
Whether the higher-than-average pass rate for first-time candidates will continue in future exam cycles.
Program Demand
The pace at which the CFA Program can scale its infrastructure to meet global demand for investment professional certification.