{"id":15899,"date":"2026-09-18T13:02:32","date_gmt":"2026-09-18T13:02:32","guid":{"rendered":"https:\/\/analystprep.com\/blog\/?p=15899"},"modified":"2026-10-23T14:55:13","modified_gmt":"2026-10-23T14:55:13","slug":"cfa-august-2026-pass-rate","status":"publish","type":"post","link":"https:\/\/analystprep.com\/blog\/cfa-august-2026-pass-rate\/","title":{"rendered":"August 2026 CFA\u00ae Pass Rates and How This Session Compares to Prior Years"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Framework and Macro Considerations (2025 Level III CFA\u00ae Exam \u2013 Reading 1)\",\n  \"description\": \"This CFA Level III lesson covers Capital Market Expectations (CME): Framework and Macro Considerations, with a focus on how macroeconomic analysis supports strategic asset allocation and portfolio management. 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It also covers the Taylor rule, zero and negative interest rates, yield curve dynamics, and interest rate and exchange rate relationships.\",\n  \"uploadDate\": \"2022-10-26\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/ehQwXu6z12M\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=ehQwXu6z12M\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/ehQwXu6z12M\",\n  \"duration\": \"PT1H25M05S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"BlogPosting\",\n  \"headline\": \"CFA August 2026 Pass Rates: Level I, II, III Results and Historical Trends\",\n  \"description\": \"Explore CFA August 2026 pass rates for Levels I, II and III, historical exam trends, first-time versus deferred candidate performance, and 2027 deferral changes.\",\n  \"author\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\",\n    \"url\": \"https:\/\/analystprep.com\/\"\n  },\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\",\n    \"url\": \"https:\/\/analystprep.com\/\"\n  },\n  \"inLanguage\": \"en-US\",\n  \"articleSection\": \"CFA Exam Results\",\n  \"keywords\": [\n    \"CFA August 2026 pass rate\",\n    \"CFA Level 1 August 2026 pass rate\",\n    \"CFA Level 2 August 2026 pass rate\",\n    \"CFA Level 3 August 2026 pass rate\",\n    \"CFA pass rate history 2026\",\n    \"CFA first-time vs deferred pass rate\",\n    \"CFA exam difficulty\",\n    \"CFA deferral changes 2027\"\n  ],\n  \"about\": [\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA August 2026 Exam Pass Rates\"\n    },\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA Pass Rate History\"\n    },\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA Exam Difficulty\"\n    },\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA First-Time and Deferred Candidate Performance\"\n    },\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA 2027 Deferral Policy Changes\"\n    }\n  ],\n  \"mentions\": [\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA Level I August 2026 Results\",\n      \"description\": \"The August 2026 CFA Level I results were released on September 24, 2026, with a pass rate of 43%.\"\n    },\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA Level II August 2026 Results\",\n      \"description\": \"The August 2026 CFA Level II results were released on September 30, 2026, with a pass rate of 45%.\"\n    },\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA Level III August 2026 Results\",\n      \"description\": \"The August 2026 CFA Level III results were released on October 20, 2026, with a pass rate of 47%.\"\n    },\n    {\n      \"@type\": \"Thing\",\n      \"name\": \"CFA 2027 Deferral Policy\",\n      \"description\": \"Beginning with the February 2027 exam cycle, CFA Institute will eliminate the paid deferral option.\"\n    }\n  ],\n  \"isPartOf\": {\n    \"@type\": \"WebSite\",\n    \"name\": \"AnalystPrep\",\n    \"url\": \"https:\/\/analystprep.com\/\"\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Become a CFA Charterholder with AnalystPrep \u2013 Your CFA Partner\",\n  \"description\": \"CFA Level III Equity Portfolio Management | Benchmarks, ESG, Active vs. Passive | AnalystPrep. Master CFA Level III equity portfolio management with a focused review of diversification, ESG, equity segmentation, income strategies, trading costs, shareholder engagement, active vs. passive investing, and benchmark selection. Becoming a CFA Charterholder is about more than just passing exams \u2014 it's about transforming your career. AnalystPrep gives you everything you need: expert-curated study notes, engaging videos, thousands of practice questions, and realistic mock exams that simulate the real thing.\",\n  \"uploadDate\": \"2025-01-17\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/nrJU9Vq6JE4\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=nrJU9Vq6JE4\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/nrJU9Vq6JE4\",\n  \"duration\": \"PT28S\"\n}\n<\/script>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Last updated<\/strong>: September 2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/analystprep.com\/blog\/cfa-level-3-august-2026-final-week-guide\/\">August 2026 CFA exam<\/a> cycle is a little unusual.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re looking for a single day when all the pass rates arrive at once, you won&#8217;t find one.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Instead, the results come in waves.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Level I results<\/strong>: September 24, 2026<\/li>\n\n\n\n<li><strong>Level II results<\/strong>: September 30, 2026<\/li>\n\n\n\n<li><strong>Level III results<\/strong>: October 20, 2026<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s why we&#8217;ve built this page as a live pass-rate tracker.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As each level reports its results, we&#8217;ll update the numbers, compare them with historical trends and explain what they actually mean. Let&#8217;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 <a href=\"https:\/\/analystprep.com\/blog\/mastering-the-cfa-exam-a-complete-guide-to-becoming-a-chartered-financial-analyst\/\">CFA Program<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re researching the CFA August 2026 pass rate, comparing this session with previous years or trying to answer the question &#8220;is the CFA exam getting harder?&#8221;, you&#8217;re in the right place.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bookmark this page and check back after each release date.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/analystprep.com\/blog\/cfa-august-2026-pass-rate\/#August_2026_Pass_Rates_at_a_Glance\" >August 2026 Pass Rates at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/analystprep.com\/blog\/cfa-august-2026-pass-rate\/#This_Session_vs_the_10-Year_Averages\" >This Session vs. the 10-Year Averages<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/analystprep.com\/blog\/cfa-august-2026-pass-rate\/#Whats_Actually_Driving_the_Trend\" >What&#8217;s Actually Driving the Trend?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/analystprep.com\/blog\/cfa-august-2026-pass-rate\/#Level-by-Level_Breakdown\" >Level-by-Level Breakdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/analystprep.com\/blog\/cfa-august-2026-pass-rate\/#What_This_Means_if_Youre_Preparing_for_November_2026_or_February_2027\" >What This Means if You&#8217;re Preparing for November 2026 or February 2027<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/analystprep.com\/blog\/cfa-august-2026-pass-rate\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/analystprep.com\/blog\/cfa-august-2026-pass-rate\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"August_2026_Pass_Rates_at_a_Glance\"><\/span><strong>August 2026 Pass Rates at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>Level<\/strong><strong><\/strong><\/td><td><strong>August 2025<\/strong><strong><\/strong><\/td><td><strong>February 2026<\/strong><strong><\/strong><\/td><td><strong>May 2026<\/strong><strong><\/strong><\/td><td><strong>August 2026<\/strong><strong><\/strong><\/td><\/tr><\/thead><tbody><tr><td>Level I<\/td><td>43%<\/td><td>45%<\/td><td>39%<\/td><td>Pending Sept. 24<\/td><\/tr><tr><td>Level II<\/td><td>44%<\/td><td>N\/A<\/td><td>43%<\/td><td>Pending Sept. 30<\/td><\/tr><tr><td>Level III<\/td><td>50%<\/td><td>50%<\/td><td>50%<\/td><td>Pending Oct. 20<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">As official results become available, we&#8217;ll replace each pending figure with the confirmed number and update the analysis throughout this article.<\/p>\n\n\n\n<div style=\"margin: 18px 0;\">\n  <a style=\"display: block; text-align: center; padding: 14px 18px; border: 2px solid #2F5BFF; border-radius: 18px; color: #ffffff; font-weight: 600; font-size: 16px; text-decoration: none; background-color: #1a73e8;\"\n  href=\"https:\/\/analystprep.com\/free-trial\/\"\n  target=\"_blank\"\n  rel=\"noopener noreferrer\">\n  Prepare for the CFA exam with AnalystPrep\u2019s Free Trial.\n  <\/a>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"This_Session_vs_the_10-Year_Averages\"><\/span><strong>This Session vs. the 10-Year Averages<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When pass rates are released, most candidates immediately compare them to the previous session.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s understandable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s also not always the most useful comparison.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A better question is whether the latest result sits above or below what has historically been normal for that level.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/analystprep.com\/shop\/cfa-level-1-complete-course-by-analystprep\/\">Level I<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>10-year average<\/strong>: <strong>41%<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When the CFA Level 1 pass rate August 2026 is released, we&#8217;ll compare it against more than just May 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;ll compare it against a decade of results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Why?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because one unusually high or unusually low session doesn&#8217;t necessarily signal a trend. Looking at long-run averages helps separate genuine changes from short-term noise.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/analystprep.com\/shop\/cfa-level-2-complete-course-by-analystprep\/\">Level II<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>10-year average<\/strong>: <strong>46%<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Level II pass rates tend to be more stable than many candidates expect.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When the CFA Level 2 pass rate August 2026 arrives, the more interesting question won&#8217;t be whether it moves by one or two percentage points.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/analystprep.com\/shop\/practice-package-cfa-level-iii\/\">Level III<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>10-year average<\/strong>: <strong>51%<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The CFA Level 3 pass rate August 2026 will complete the picture.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Level III generally reports the highest pass rate in the program but that often gets misunderstood.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A higher Level III pass rate doesn&#8217;t mean the exam is easier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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&#8217;re already part of a very selective and highly committed group.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_Actually_Driving_the_Trend\"><\/span><strong>What&#8217;s Actually Driving the Trend?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Every time pass rates are released, the same debate starts all over again.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A low number appears and people say:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;The CFA exam is getting harder.&#8221;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A higher number appears and others respond:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;They must have made the exam easier this year.&#8221;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reality is usually much less dramatic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Is the CFA Exam Getting Harder?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is one of the most searched CFA questions every year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The answer is probably not.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.cfainstitute.org\/\">CFA Institute<\/a> has consistently maintained that exam standards are built around the concept of a &#8220;just competent candidate.&#8221; The goal isn&#8217;t to pass or fail a fixed percentage of candidates. The goal is to identify candidates who meet the required standard.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That means pass rates can rise and fall even when the standard itself remains unchanged.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, if the standard is relatively stable, what&#8217;s causing the movement?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A lot of it comes down to the candidates sitting for the exam.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Practical Skills Module Changed More Than Many People Realize<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since 2024, candidates have been required to complete the <a href=\"https:\/\/www.cfainstitute.org\/programs\/cfa-program\/candidate-resources\/practical-skills-modules\">Practical Skills Module<\/a> before their results can be released.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At first glance, this may seem like a small administrative change.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But changes like this often influence candidate behavior.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The long-term impact is still playing out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The First-Time vs. Deferred Gap Is Impossible to Ignore<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of the most striking trends in recent data has nothing to do with exam difficulty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It has to do with timing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Across multiple exam sessions, first-time candidates consistently outperform candidates who defer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And we&#8217;re not talking about a small difference.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Recent sessions have shown gaps exceeding 20 percentage points.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, some recent Level I sessions reported first-time candidates passing at significantly higher rates than deferred candidates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That trend has become difficult to ignore.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Deferral Rules Are About to Change<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This leads directly to one of the biggest stories of the 2027 cycle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The upcoming <a href=\"https:\/\/www.cfainstitute.org\/about\/press-room\/2026\/deferral-policies-update\">CFA deferral changes 2027<\/a> will eliminate the paid deferral option.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s a major policy shift.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And the timing isn&#8217;t random.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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&#8217;re genuinely prepared to sit for the exam.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Real Lesson Behind the Data<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Don&#8217;t focus exclusively on pass rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Focus on preparation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The candidates who tend to perform well aren&#8217;t necessarily the smartest candidates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They&#8217;re often the candidates who commit to a realistic study plan, stick to it and sit for the exam when they&#8217;re ready.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Level-by-Level_Breakdown\"><\/span><strong>Level-by-Level Breakdown<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Level I<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/analystprep.com\/blog\/cfa-level-i-august-2026-results\/\">August 2026 Result: Pending September 24<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re waiting for the CFA Level 1 pass rate August 2026, you won&#8217;t have to wait much longer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once the official figure is released, we&#8217;ll compare it with both the 10-year average and the recent sequence of 43%, 45%, and 39%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;ll also include any available CFA first-time vs deferred pass rate data published alongside the results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Level II<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/analystprep.com\/blog\/cfa-level-ii-august-2026-results\/\">August 2026 Result: Pending September 30<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The CFA Level 2 pass rate August 2026 will be added here as soon as it becomes available.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;ll also update this section with any first-time versus deferred candidate statistics released by CFA Institute.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Level III<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/analystprep.com\/blog\/cfa-level-ii-august-2026-results\/\">August 2026 Result: Pending October 20<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The CFA Level 3 pass rate August 2026 will complete the August testing-cycle picture.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Framework and Macro Considerations (2025 Level III CFA\u00ae Exam \u2013 Reading 1)\" width=\"1170\" height=\"658\" src=\"https:\/\/www.youtube.com\/embed\/ehQwXu6z12M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">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&#8217;ve seen over the last several years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_This_Means_if_Youre_Preparing_for_November_2026_or_February_2027\"><\/span><strong>What This Means if You&#8217;re Preparing for November 2026 or February 2027<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s natural to look at pass-rate data and wonder what it means for your own chances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Try not to overthink.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A pass rate can tell you something about a group of candidates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It cannot tell you whether <em>you<\/em> are ready.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The candidates who pass rarely spend months obsessing over pass-rate percentages.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They spend those months reviewing weak topics, working practice questions, taking mock exams and refining their study process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Therefore, when the August 2026 numbers arrive, use them for context.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Then get back to the things that actually improve your odds of success.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What is the CFA August 2026 pass rate?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Is the CFA exam getting harder?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What does the CFA pass rate history 2026 look like so far?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before the August 2026 results are released, the most recent figures are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Level I February 2026: 45%<\/li>\n\n\n\n<li>Level I May 2026: 39%<\/li>\n\n\n\n<li>Level II May 2026: 43%<\/li>\n\n\n\n<li>Level III February 2026: approximately 50%<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The August results will add the next chapter to the <strong>CFA pass rate history 2026<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What is the CFA first-time vs deferred pass rate gap?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How will the CFA deferral changes 2027 affect candidates?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beginning with the February 2027 cycle, the paid deferral option will be eliminated. Candidates should register only when they&#8217;re confident they can commit to the exam window and preparation schedule.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Become a CFA Charterholder with AnalystPrep\u2013 Your CFA Partner\" width=\"1170\" height=\"658\" src=\"https:\/\/www.youtube.com\/embed\/nrJU9Vq6JE4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pass rates attract attention because they&#8217;re easy to compare.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But they rarely tell the whole story.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As each level&#8217;s results are released, we&#8217;ll continue updating this page with the latest figures and analysis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Until then, remember something that often gets lost during pass-rate discussions:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You don&#8217;t pass or fail because of a trend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You pass or fail because of your preparation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And that number is entirely within your control.<\/p>\n\n\n\n<div style=\"text-align: center; margin: 30px 0;\">\n  <a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 26px; border-radius: 9999px; background: #1e5bd8; color: #ffffff; font-weight: bold; text-decoration: none;\"\n  href=\"https:\/\/analystprep.com\/free-trial\/\"\n  target=\"_blank\"\n  rel=\"noopener noreferrer\">\n  Start Free Trial \u2192\n  <\/a>\n\n  <p style=\"margin-top: 12px; font-size: 16px; line-height: 1.5;\">\n  Strengthen your CFA exam preparation with AnalystPrep\u2019s study notes, practice questions, and mock exams to review key concepts, assess your progress, and build confidence for exam day.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Last updated: September 2026 The August 2026 CFA exam cycle is a little unusual. If you&#8217;re looking for a single day when all the pass rates arrive at once, you won&#8217;t find one. Instead, the results come in waves. That&#8217;s&#8230;<\/p>\n","protected":false},"author":11,"featured_media":15902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70],"tags":[1150,348,1153,362,406,1159,1154,301,1156,1151,1149,858,754,533,1155,1152,1157,118,1158],"class_list":["post-15899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cfa","tag-cfa-august-2026-pass-rate","tag-cfa-candidate","tag-cfa-deferral-changes-2027","tag-cfa-exam-preparation","tag-cfa-exam-results","tag-cfa-exam-statistics","tag-cfa-first-time-vs-deferred-pass-rate","tag-cfa-institute","tag-cfa-level-1-pass-rate-august-2026","tag-cfa-level-2-pass-rate-august-2026","tag-cfa-level-3-pass-rate-august-2026","tag-cfa-level-i-pass-rate","tag-cfa-level-ii-pass-rate","tag-cfa-level-iii-pass-rate","tag-cfa-pass-rate-history-2026","tag-cfa-pass-rate-trends","tag-cfa-pass-rates","tag-cfa-program-2","tag-is-the-cfa-exam-getting-harder","blog-post","animate"],"acf":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/15899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/comments?post=15899"}],"version-history":[{"count":4,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/15899\/revisions"}],"predecessor-version":[{"id":16005,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/15899\/revisions\/16005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media\/15902"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media?parent=15899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/categories?post=15899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/tags?post=15899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}