CFA Level 1 February 2026 Results (Released March 19): Pass Rate, Insights & What to Do Next

The moment you have been waiting for is finally here. The CFA Institute has officially released the results for the February 2026 CFA Level 1 exam.

Are you reading this with a sense of relief and accomplishment or feeling the sting of disappointment? Whatever the case, you are in the right place.

This guide does more than just report the statistics. We break down exactly what this pass rate means for you. More importantly, we provide a clear, actionable roadmap for your future in the CFA Program.

We split the crowd right here. If you passed, we will help you plan your ascent to Level 2. If you did not pass, we will help you build a strategy to come back stronger.

CFA Level 1 February 2026 Results Overview

The data is in. Earning a spot in the CFA Program remains a significant challenge.

• Results Release Date: March 19, 2026
• Exam Window: Late January to Early February 2026
• Total Candidates: 24,006
• Global Pass Rate: 45 percent

According to the official release from CFA Institute, this pass rate represents a return to competitive standards. It sits slightly above the decade average of 40 percent. That means 55 percent of candidates did not pass.

If you were waiting for the CFA Level 1 results date February confirmation, this is it. The CFA Level 1 Feb 2026 results are now officially out and the CFA Level 1 results March 2026 release is complete.

Understanding Your Score Report

If you are looking at your results online, you will notice a few key data points. The CFA Institute now uses a more transparent scoring model. You will see your scale score, a numerical representation of your performance. This is compared directly against the Minimum Passing Score (MPS).

For this February 2026 exam cycle, the estimated MPS settled around the 1600 mark on the Level 1 scale which runs from 1000 to 1900. If your score fell below that line, you did not pass. If you scored at or above it, congratulations are in order.

CFA Level 1 Pass Rate Trends

To truly understand the weight of a 45 percent pass rate, we need to look at the bigger picture. This number reflects the rigor of the charter.

Historically, CFA Level 1 pass rates have hovered in the 40 to 45 percent range. We saw some volatility during the pandemic years, with rates dipping as low as 22 percent in 2021 due to massive disruptions and deferrals. Results have since stabilized.

The February 2026 rate of 45 percent matches the February and May 2025 cycles. This reinforces that we are back to a new normal of high difficulty. Looking at the CFA Level 1 pass rate trend over the past decade, this result confirms the exam remains one of the toughest in finance.

This context matters for two reasons. For those who passed, it underscores the prestige of your accomplishment. You conquered an exam that eliminates most hopefuls. For those who did not pass, it removes the stigma. You did not fail an easy test. You were bested by one of the most rigorous professional exams in the world. This is a hurdle, not a dead end.

If You Passed the CFA Level 1 Exam, What Next?

Take a breath. You have officially cleared the first and widest hurdle. In the world of finance, momentum is everything. Now, you are asking what next after results? Here is your strategic roadmap for the next 18 months.

Step 1: Don’t Overthink the Result

It is human nature to wonder how close you were to the edge. But obsessing over your scale score or topic breakdown wastes energy now. A pass is a pass. There is no prize for passing by a wide margin. Your goal was to advance and you achieved it. Focus your energy on the future, not the rearview mirror.

Step 2: When Should You Take CFA Level 2?

This is the million-dollar question. You have two main options: August 2026 or November 2026.

The August option is not recommended for most. While registration is open, attempting Level 2 in August gives you roughly five months to prepare. Unless you are studying full-time or recently graduated and still in exam mode, this window is dangerously tight.

The November option is the sweet spot. We strongly recommend targeting the November 2026 exam window. This answers the critical question of when should I take CFA Level 2 after passing with the most realistic timeframe.

Step 3: Why CFA Level 2 Is Much Harder

The reason we advise against rushing is simple. Level 2 is entirely different. Level 1 tests breadth and memorization. You need to know what the tools are. Level 2 tests depth and application. You need to use those tools to solve complex problems.

You will face item sets. These are vignettes followed by multiple-choice questions. This format requires you to analyze a case study, pull relevant data and apply multiple concepts to a single scenario. It demands a higher level of synthesis and integration across topics.

You need the extra months between now and November to let your brain transition from learner to analyst. If you are researching what to do after passing CFA Level 1, the answer is clear: give yourself adequate time for the next challenge.

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Here’s What You Should Do Next If You Did Not Pass CFA Level 1

We know this feeling. It is frustrating demoralizing and maybe a little embarrassing. But we need you to reframe that emotion immediately. This is not a failure of your career goals. It is a failure of process. And processes can be fixed. You are now searching for CFA Level 1 failed what to do and we have the answers.

First: You Are Not Alone

Look at the math again. Fifty-five percent of candidates did not pass. That is more than half. You are in the majority right now.

Many of the most successful charterholders failed at least one level along the way. The CFA charter is not about being perfect on the first try. It is about perseverance. Allow yourself 24 hours to feel disappointed. Then switch into execution mode.

Why Most Candidates Don’t Pass

Based on insights from the CFA Institute and prep providers, failure usually comes down to one of four things:

• Passive learning: Reading the text repeatedly without engaging with the material.
• Poor mock strategy: Taking mocks too late or not taking them under timed conditions.
• Ignoring weak areas: Hoping that Ethics or FRA will just work out on exam day.
• Lack of structure: Trying to piece together free resources without a cohesive plan.

Should You Retake Immediately?

You are allowed to retake the exam as soon as the next window. But the question is, should you? This is the heart of CFA Level 1 retake strategy.

The next available window is May 2026. While you can sit for it, we generally advise against it. There is one exception. If you scored very close to the MPS and feel you were a victim of exam-day nerves rather than a knowledge gap, you might consider it.

Our recommendation: target the November 2026 exam.

Why the wait? Because you need time to unlearn bad habits. Jumping straight into May risks repeating the same mistakes with the same rushed timeline. Giving yourself a window to reset start fresh with new materials and truly practice active learning will set you up for a definitive pass.

What Needs to Change Before Your Retake

As you prepare to register, your study strategy needs a complete overhaul. Here is your new checklist:

• Active learning: Use the Feynman Technique. If you cannot explain a concept simply, you do not understand it well enough.
• Question practice: Aim for thousands of practice questions. Do not just answer them. Analyze why the distractors are wrong.
• Full-length mocks: Take timed mock exams four to six weeks out, not the week before.
• Performance tracking: Stop guessing. Use data to ensure you score above 70 percent in every topic before you sit for the real thing.

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CFA Level 1 Study Strategy Mistakes to Avoid

Whether you are moving on to Level 2 or retaking Level 1 there are common traps that trip up candidates. Avoid these at all costs:

• Studying like Level 1 for Level 2: You cannot memorize your way through Level 2. Stop using flashcards for complex valuation models. Start practicing application.
• Using only free resources: You get what you pay for. Free resources are often incomplete or outdated. The CFA curriculum changes and you need a provider who updates their QBank immediately.
• Ignoring weak areas: If you scored below 50 percent in Fixed Income or Derivatives that needs to be your starting point not an afterthought.
• Not practicing under exam conditions: Doing 20 questions on the couch while watching TV does not count. You need to simulate the four-hour session to build stamina.

Recommended CFA Exam Timeline (2026 to 2027)

To help you visualize the road ahead, here is a strategic timeline based on the February 2026 results. This assumes you take the recommended path to give yourself adequate preparation time.

Level	Suggested Exam Window	Key Consideration
Level 2	November 2026	Allows eight months to transition from memorization to application.
Level 3	August 2027	Provides a nine-month gap to tackle the constructed response essay format.

This timeline is aggressive enough to keep your knowledge fresh but realistic enough to allow for work-life balance.

What Top Candidates Do Differently After Results

The candidates who ultimately earn their charters share one trait. They make decisions quickly and stick to them.

• They immediately plan the next step. They do not wait for motivation to strike. They register for the next appropriate window within days.
• They do not delay decisions. Indecision is the enemy of progress. Pick your date and move forward.
• They use structured prep. Top performers do not rely on luck or last-minute cramming. They follow a system.
• They focus on weak areas. They use their score report as a roadmap not a report card.

Adopt these habits and you will join their ranks.

Frequently Asked Questions

What time are CFA results released?
CFA Institute typically begins emailing results to candidates around 9:00 am Eastern Time (ET) on the official release date. It can take several hours for all candidates globally to receive their individual emails.

What is a good CFA Level 1 score?
With the scale score system, a good score is simply anything above the Minimum Passing Score (MPS). For the February 2026 exam, the MPS was estimated around 1600. Aiming for consistent 70 percent plus scores across topics in your mocks is a reliable target.

Is 45 percent a low pass rate?
No. Historically, 45 percent is on the higher end of the average range. It is well above the pandemic-era lows of 22 percent and slightly above the 10-year average of 40 percent. A look at the CFA Level 1 pass rate 2026 confirms the exam remains highly competitive.

When should I take Level 2 after passing?
We recommend sitting for the November 2026 exam. This provides roughly eight months of study time which is necessary to adapt to the more analytical item-set format of the Level 2 exam. This is the best answer to when should I take CFA Level 2 after passing.

Can I pass CFA Level 1 on second attempt?
Absolutely. Pass rates for repeat candidates are lower than first-time candidates but a focused retake strategy that addresses weak areas and increases active practice significantly improves your odds. Many candidates ask, “Can I pass CFA Level 1 on second attempt?” The evidence says yes with the right preparation.

Should I retake CFA Level 1 immediately?
You can but it is not always wise. If you were far from the passing score, rushing into the next window in May 2026 may not give you enough time to overhaul your study habits. Taking the extra time to prepare for November 2026 often yields better results. This addresses the common question, “Should I retake CFA Level 1 immediately?”.

What is the CFA Level 1 pass rate trend?
The trend shows a return to historical norms. After the pandemic era, volatility rates have stabilized in the 40 to 45 percent range. The CFA Level 1 pass rate trend indicates the exam has settled into a consistent difficulty pattern.

What next after CFA Level 1 results?
Your next step depends on your outcome. If you passed, focus on Level 2 preparation for November 2026. If you did not pass, develop a retake strategy targeting November 2026 with improved study methods.

Conclusion

Regardless of your result today, your journey is far from over. Use the data from this score report as fuel.

If you passed, channel that momentum into the next challenge. If you did not pass, channel that frustration into a disciplined, smarter plan.

AnalystPrep is here to support you on either path.