November 2025 CFA® Level I Exam Results: Pass Rate, Key Takeaways and What to Do Next

If you are searching for the November 2025 CFA Level I exam results, you are not alone. Thousands of candidates are checking to confirm whether results are out, what the pass rate is and what their next step should be. The November 2025 CFA Level I exam results were released in January 2026 and the headline number is clear: the pass rate was 43%. Below, we break down what that number really means, how it compares historically and what to do next, whether you passed or not.

November 2025 CFA Level I Results Are Out

The November 2025 CFA Level I results are officially out. CFA Institute released results to all candidates in January 2026 and confirmed a global pass rate of 43%.

You can view your individual result through the official CFA Institute results portal.

This was an in-person computer-based exam offered at hundreds of test centers across more than 100 markets worldwide. If you were also waiting on Level II from the same testing window, those results were scheduled for release shortly after.

If you are simply looking for confirmation, yes, the results are out. If you are looking for meaning, keep reading.

November 2025 CFA Level I Pass Rate: What 43% Really Means

The November 2025 CFA Level I pass rate came in at 43%. That number tells a few important stories.

First, it is below 50 percent. That means most candidates did not pass. While that can feel discouraging, it is also consistent with how CFA Level I has behaved in recent years. This is not an unusually low result and it is not an outlier.

Second, it is slightly above the 10-year average pass rate of about 41%. In other words, November 2025 performed a bit better than the long-term trend, even though fewer than half of candidates passed.

Third, the breakdown by candidate type matters. First-time test takers recorded a higher pass rate than candidates who had deferred or retaken the exam. This reinforces a pattern that CFA Institute has pointed out repeatedly: staying on schedule and following a structured plan tends to improve outcomes.

When compared with recent sittings such as August 2025, the November results look broadly in line. If you follow CFA exam pass rates by year, you will notice that Level I has stabilized in the low to mid 40 percent range after the volatility seen during the pandemic years.

Some financial outlets, such as Bloomberg, often note that while pass rates fluctuate, the Level I exam remains a strong filter. A 43 percent pass rate does not mean the exam is suddenly easier. It means preparation still matters more than ever.

Passed CFA Level I in November 2025? Here’s What to Do Next

If you passed, congratulations. You have cleared the first major hurdle of the CFA Program. The next question most candidates ask is simple: what now?

Confirm Your Eligibility for Level II

Passing Level I makes you eligible to register for Level II. You do not need to wait for any additional approvals. Once your result is confirmed in your candidate portal, you can move forward with registration for the next level.

Choose the Right Level II Exam Window

For most candidates coming off the November 2025 Level I exam, the realistic Level II windows are August or November of the following year. The May window is often too soon for meaningful preparation.

Why is May usually a mistake? Because Level II is not just “Level I again.”

Level II shifts from broad concept testing to deeper application. The exam uses item sets rather than stand-alone questions. You are expected to analyze scenarios, interpret data and apply concepts across multiple topics at once. The content is denser and the margin for guessing is smaller.

Many candidates underestimate this jump. They carry over the same study style from Level I and assume that motivation alone will be enough. It rarely is.

If you want to maximize your chances, give yourself time. August or November allows you to rebuild your study strategy around the structure of Level II rather than rushing in on enthusiasm.

Adjust Your Study Strategy

Think of Level II as a different exam, not just a harder one. Planning matters more than speed. Topic integration, question-based learning and honest performance diagnostics become far more important at this stage.

Didn’t Pass the November 2025 CFA Level I Exam? Read This First

If you did not pass, you are in the majority. Most candidates do not clear Level I on their first attempt and many successful charterholders today were once in the same position.

What matters now is what you do next.

Understand Your Retake Options

You can retake CFA Level I in a future exam window. Registration timelines vary, so check the upcoming dates carefully before committing to a specific sitting.
Read this CFA Level I retake guide for more insights.

Diagnose What Went Wrong

Before you jump back into studying, take time to review your performance breakdown. Ask yourself a few direct questions:

• Which topics were consistently weak?
• Did you run out of time during the exam?
• Was your study plan realistic or overly optimistic?
• Did you practice enough under exam conditions?

Many candidates fail not because they lack ability, but because their preparation lacked structure or feedback.

Normalize the Experience

Failing Level I can feel personal. It is not. The exam is designed to be selective and the CFA Level I pass rate history shows that most sittings fall below 50%. This is part of the process, not a verdict on your potential in finance.

Candidates who take time to reassess their approach often return stronger, more focused and far better prepared.

CFA Level I Pass Rates: How November 2025 Compares Historically

Looking at CFA exam pass rates by year helps put the November 2025 result into context.

• November 2025 pass rate: 43%
• Long-term average: about 41%
• Pandemic era: wider swings, with some sittings significantly lower
• Post-pandemic: stabilization in the low to mid 40% range

This trend suggests that CFA Level I remains challenging but predictable. It is not becoming dramatically easier, nor is it spiraling into extreme difficulty. It continues to serve as a meaningful filter for the program.

If you have ever wondered “is CFA Level I getting harder,” the data points to consistency rather than escalation. The real difference between candidates who pass and those who do not lies in preparation quality, not exam design.

Planning Your Next CFA Step

Whether you passed or plan to retake, the next phase of your CFA journey depends on structure, diagnostics and realistic timelines.

At this stage, most candidates are no longer asking for more content. They are asking for clarity. Am I ready? What are my weak areas? How long should I actually study for the next level?

This is where tools that help candidates evaluate readiness, identify gaps and map out a study plan become valuable. Many candidates use platforms like AnalystPrep not as a shortcut, but as a way to bring discipline and visibility into their preparation process.

No matter which path you choose, the key takeaway from the November 2025 CFA Level I exam results is simple. Results are not the end of the story. They are a data point. What you do with that data determines what comes next.

Related Resources

• CFA Level I resources
• CFA Level II study resources
• CFA Level III resources
• CFA Level I retake guide
• Pass rate overview

Frequently Asked Questions About the November 2025 CFA Level I Exam Results

What is the meaning of the results for November 2025 candidates?

The meaning of the results goes beyond whether you passed or failed. The November 2025 sitting confirmed that CFA Level I remains selective and demanding. With a pass rate below 50 percent, the exam continues to reward disciplined preparation rather than last-minute effort. If you passed, it means your study approach aligned well with the exam’s depth and structure. If you did not, it highlights areas where your preparation strategy, not your potential, needs adjustment.

What was the CFA Level I November 2025 pass rate?

The CFA Level I November 2025 pass rate was 43 percent. This means fewer than half of all candidates worldwide passed the exam. While that may seem low, it is consistent with recent years and slightly above the long-term average. The CFA Level I pass rate of 43 percent confirms that the exam remains a strong filter and that success depends on preparation quality rather than luck.

When were the CFA Level 1 results released?

The CFA Level 1 results for November 2025 were released in January 2026. Candidates were notified directly through their CFA Institute accounts. If you were searching for “CFA Level 1 results January 2026,” that refers to this official release window.

I passed. What should I do after passing CFA Level I?

If you passed, your next step is to begin planning for Level II. You are now eligible to register for the next exam, but timing matters.

Here is what to do after passing CFA Level I:

• Review how you prepared and identify what worked well
• Learn how Level II differs in structure and depth
• Choose an exam window that allows enough preparation time
• Begin building a study plan early rather than rushing into registration

Passing Level I is a major milestone, but Level II requires a different approach. Thoughtful planning now can save you from setbacks later.

What are my CFA Level I retake options if I did not pass?

If you did not pass, you are not alone. Most candidates do not pass Level I on their first attempt. Your CFA Level I retake options depend on the available exam windows and your readiness.

Before registering again, it is important to:

• Analyze your topic-level performance
• Identify weak areas and gaps in understanding
• Adjust your study method, not just your study hours
• Give yourself enough time to rebuild your foundation

Retaking without changing your strategy often leads to the same result. A focused, structured reset gives you the best chance of success.

Should I take CFA Level II in August or November?

Many candidates ask about CFA Level II August vs November. There is no one-size-fits-all answer, but timing should be based on readiness, not enthusiasm.

August may work if:

• You already have a strong foundation
• You can commit to consistent study immediately
• You are comfortable with the faster pace

November is often better if:

• You want more time to adapt to Level II’s complexity
• You are balancing work or other commitments
• You prefer a less compressed preparation schedule

For most candidates coming off a November Level I exam, November of the following year provides a more realistic timeline.

When should I take CFA Level II after passing Level I?

If you are asking, “When should I take CFA Level II?” the honest answer is: when you can prepare properly.

Rushing into the next exam window can be tempting, but Level II is not just harder. It is different. The exam emphasizes application, integration and deeper analysis across topics. Most successful candidates choose a timeline that allows them to change how they study, not just how long they study.

A later exam window is often the smarter choice if it gives you time to build confidence and consistency.

Is CFA Level I vs Level II difficulty really that different?

Yes. CFA Level I vs Level II difficulty is one of the biggest shifts in the program.

Level I focuses on foundational knowledge and individual concepts. Level II tests how well you can apply those concepts in real-world style scenarios using item sets. You are expected to analyze, connect topics and interpret information rather than recall definitions.

Many candidates who passed Level I underestimate this change. Success at Level II depends far more on practice, exam-style application and strategic review.

Is the CFA Level I pass rate of 43% a sign the exam is getting easier or harder?

The CFA Level I pass rate of 43 percent does not indicate that the exam is becoming easier. Instead, it shows consistency. After years of fluctuation during the pandemic period, pass rates have stabilized in the low to mid 40 percent range.

This means the exam remains demanding, structured and fair. Performance continues to reflect preparation quality, study discipline and exam strategy rather than changes in exam difficulty.