August 2026 CFA® Pass Rates and How This Session Compares to Prior Years

Last updated: September 2026

The August 2026 CFA exam cycle is a little unusual.

If you’re looking for a single day when all the pass rates arrive at once, you won’t find one.

Instead, the results come in waves.

• Level I results: September 24, 2026
• Level II results: September 30, 2026
• Level III results: October 20, 2026

That’s why we’ve built this page as a live pass-rate tracker.

As each level reports its results, we’ll update the numbers, compare them with historical trends and explain what they actually mean. Let’s be honest, a pass rate by itself is just a number. The real question is what that number tells you about the exam, the candidates who sat for it and the direction of the CFA Program.

If you’re researching the CFA August 2026 pass rate, comparing this session with previous years or trying to answer the question “is the CFA exam getting harder?”, you’re in the right place.

Bookmark this page and check back after each release date.

August 2026 Pass Rates at a Glance

Level	August 2025	February 2026	May 2026	August 2026
Level I	43%	45%	39%	Pending Sept. 24
Level II	44%	N/A	43%	Pending Sept. 30
Level III	50%	50%	50%	Pending Oct. 20

As official results become available, we’ll replace each pending figure with the confirmed number and update the analysis throughout this article.

This Session vs. the 10-Year Averages

When pass rates are released, most candidates immediately compare them to the previous session.

That’s understandable.

It’s also not always the most useful comparison.

A better question is whether the latest result sits above or below what has historically been normal for that level.

Level I

10-year average: 41%

When the CFA Level 1 pass rate August 2026 is released, we’ll compare it against more than just May 2026.

We’ll compare it against a decade of results.

Why?

Because one unusually high or unusually low session doesn’t necessarily signal a trend. Looking at long-run averages helps separate genuine changes from short-term noise.

Level II

10-year average: 46%

Level II pass rates tend to be more stable than many candidates expect.

When the CFA Level 2 pass rate August 2026 arrives, the more interesting question won’t be whether it moves by one or two percentage points.

The real question will be whether it continues the recent pattern of hovering below the long-term average or begins to move back toward it.

Level III

10-year average: 51%

The CFA Level 3 pass rate August 2026 will complete the picture.

Level III generally reports the highest pass rate in the program but that often gets misunderstood.

A higher Level III pass rate doesn’t mean the exam is easier.

It usually reflects the fact that everyone sitting for the exam has already survived Levels I and II. By the time a candidate reaches Level III, they’re already part of a very selective and highly committed group.

What’s Actually Driving the Trend?

Every time pass rates are released, the same debate starts all over again.

A low number appears and people say:

“The CFA exam is getting harder.”

A higher number appears and others respond:

“They must have made the exam easier this year.”

The reality is usually much less dramatic.

Is the CFA Exam Getting Harder?

This is one of the most searched CFA questions every year.

The answer is probably not.

The CFA Institute has consistently maintained that exam standards are built around the concept of a “just competent candidate.” The goal isn’t to pass or fail a fixed percentage of candidates. The goal is to identify candidates who meet the required standard.

That means pass rates can rise and fall even when the standard itself remains unchanged.

So, if the standard is relatively stable, what’s causing the movement?

A lot of it comes down to the candidates sitting for the exam.

The Practical Skills Module Changed More Than Many People Realize

Since 2024, candidates have been required to complete the Practical Skills Module before their results can be released.

At first glance, this may seem like a small administrative change.

But changes like this often influence candidate behavior.

Candidates are now engaging with the curriculum differently, navigating additional requirements and approaching exam preparation within a slightly different framework than candidates did just a few years ago.

The long-term impact is still playing out.

The First-Time vs. Deferred Gap Is Impossible to Ignore

One of the most striking trends in recent data has nothing to do with exam difficulty.

It has to do with timing.

Across multiple exam sessions, first-time candidates consistently outperform candidates who defer.

And we’re not talking about a small difference.

Recent sessions have shown gaps exceeding 20 percentage points.

For example, some recent Level I sessions reported first-time candidates passing at significantly higher rates than deferred candidates.

That trend has become difficult to ignore.

The Deferral Rules Are About to Change

This leads directly to one of the biggest stories of the 2027 cycle.

The upcoming CFA deferral changes 2027 will eliminate the paid deferral option.

That’s a major policy shift.

And the timing isn’t random.

The persistent performance gap between first-time and deferred candidates has become one of the strongest arguments for encouraging candidates to register only when they’re genuinely prepared to sit for the exam.

The Real Lesson Behind the Data

Don’t focus exclusively on pass rates.

Focus on preparation.

The candidates who tend to perform well aren’t necessarily the smartest candidates.

They’re often the candidates who commit to a realistic study plan, stick to it and sit for the exam when they’re ready.

Level-by-Level Breakdown

Level I

August 2026 Result: Pending September 24

If you’re waiting for the CFA Level 1 pass rate August 2026, you won’t have to wait much longer.

Once the official figure is released, we’ll compare it with both the 10-year average and the recent sequence of 43%, 45%, and 39%.

We’ll also include any available CFA first-time vs deferred pass rate data published alongside the results.

Level II

August 2026 Result: Pending September 30

The CFA Level 2 pass rate August 2026 will be added here as soon as it becomes available.

We’ll compare the figure with May 2026 and examine whether Level II continues to perform below its long-term average or begins moving back toward historical norms.

We’ll also update this section with any first-time versus deferred candidate statistics released by CFA Institute.

Level III

August 2026 Result: Pending October 20

The CFA Level 3 pass rate August 2026 will complete the August testing-cycle picture.

This section will also examine how the result fits into the broader CFA pass rate history 2026 discussion and whether Level III continues the remarkably consistent pattern we’ve seen over the last several years.

What This Means if You’re Preparing for November 2026 or February 2027

It’s natural to look at pass-rate data and wonder what it means for your own chances.

Try not to overthink.

A pass rate can tell you something about a group of candidates.

It cannot tell you whether you are ready.

The candidates who pass rarely spend months obsessing over pass-rate percentages.

They spend those months reviewing weak topics, working practice questions, taking mock exams and refining their study process.

Therefore, when the August 2026 numbers arrive, use them for context.

Then get back to the things that actually improve your odds of success.

Frequently Asked Questions

What is the CFA August 2026 pass rate?

The August 2026 CFA pass rates will be released in stages. Level I results arrive on September 24, Level II results on September 30 and Level III results on October 20. This article will be updated after each release.

Is the CFA exam getting harder?

There is little evidence that CFA Institute is deliberately making the exam harder. Pass-rate fluctuations are generally driven by differences in candidate preparedness and cohort composition rather than changes to the required competency standard.

What does the CFA pass rate history 2026 look like so far?

Before the August 2026 results are released, the most recent figures are:

• Level I February 2026: 45%
• Level I May 2026: 39%
• Level II May 2026: 43%
• Level III February 2026: approximately 50%

The August results will add the next chapter to the CFA pass rate history 2026.

What is the CFA first-time vs deferred pass rate gap?

Recent sessions have shown that first-time candidates consistently outperform deferred candidates, often by more than 20 percentage points. This trend has become one of the most closely watched patterns in modern CFA results data.

How will the CFA deferral changes 2027 affect candidates?

Beginning with the February 2027 cycle, the paid deferral option will be eliminated. Candidates should register only when they’re confident they can commit to the exam window and preparation schedule.

Conclusion

Pass rates attract attention because they’re easy to compare.

But they rarely tell the whole story.

The CFA August 2026 pass rate will ultimately be remembered as part of a much bigger conversation about candidate preparedness, exam commitment, deferrals and long-term trends across the CFA Program.

As each level’s results are released, we’ll continue updating this page with the latest figures and analysis.

Until then, remember something that often gets lost during pass-rate discussions:

You don’t pass or fail because of a trend.

You pass or fail because of your preparation.

And that number is entirely within your control.