{"id":9313,"date":"2021-11-22T15:16:13","date_gmt":"2021-11-22T15:16:13","guid":{"rendered":"https:\/\/analystprep.com\/blog\/?p=9313"},"modified":"2026-02-18T10:41:10","modified_gmt":"2026-02-18T10:41:10","slug":"how-difficult-is-it-to-pass-the-cfa-exam","status":"publish","type":"post","link":"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/","title":{"rendered":"How Difficult Is It to Pass the CFA\u00ae Exam?"},"content":{"rendered":"\n<p>If you are a financial professional earning a CFA charter will enhance your career and help you stand out. One of the first and most common questions candidates ask is how easy it is to pass the CFA exam.<\/p>\n\n\n\n<p>Let us explore how high the pass rate is and what charterholders have to say about the challenges of taking the exam.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 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\/how-difficult-is-it-to-pass-the-cfa-exam\/#How_High_is_the_CFA_Pass_Rate\" >How High is the CFA Pass Rate?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#CFA_Exam_Pass_Rates_in_2019\" >CFA Exam Pass Rates in 2019<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#CFA_Exam_Pass_rates_in_2020\" >CFA Exam Pass rates in 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#CFA_Exam_Pass_rates_in_2021\" >CFA Exam Pass rates in 2021<\/a><\/li><\/ul><\/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\/how-difficult-is-it-to-pass-the-cfa-exam\/#How_Challenging_is_the_CFA_Exam\" >How Challenging is the CFA Exam?<\/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\/how-difficult-is-it-to-pass-the-cfa-exam\/#What_do_CFA_Charterholders_Say\" >What do CFA Charterholders Say?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#Think_of_CFA_Exam_Preparation_as_Long-term_Training\" >Think of CFA Exam Preparation as Long-term Training<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#Be_Prepared_to_Make_Sacrifices\" >Be Prepared to Make Sacrifices<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#Having_Work_Experience_Makes_Studying_Easier\" >Having Work Experience Makes Studying Easier<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#What_can_I_do_to_Increase_my_Chances_of_Passing_the_CFA_Exam\" >What can I do to Increase my Chances of Passing the CFA Exam?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#I_Set_up_a_Study_Routine_and_Adhere_to_it\" >I. Set up a Study Routine and Adhere to it<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#II_Pay_Attention_to_the_Core_Areas_of_Study_and_Expected_Learning_Outcomes\" >II. Pay Attention to the Core Areas of Study and Expected Learning Outcomes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/analystprep.com\/blog\/how-difficult-is-it-to-pass-the-cfa-exam\/#Practice_Taking_the_Exam_Using_Mock_Tests\" >Practice Taking the Exam Using Mock Tests<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_High_is_the_CFA_Pass_Rate\"><\/span>How High is the CFA Pass Rate?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The CFA Institute determines a minimum pass score using a unique method applied to all exam levels but is not made known to the public.<\/p>\n\n\n\n<div style=\"margin:18px 0 26px; text-align:center;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"display:inline-block;padding:12px 18px;border:2px solid #2563eb;border-radius:14px;color:#2563eb;text-decoration:none;font-weight:500;font-size:15px;line-height:1.2;background:#ffffff;\">\n    Practice CFA exam questions to improve your pass rate.\n  <\/a>\n<\/div>\n\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CFA_Exam_Pass_Rates_in_2019\"><\/span>CFA Exam Pass Rates in 2019<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The CFA Institute provided the following data for the exams carried out in 2019:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Level I (June) \u2013 41%<\/li>\n\n\n\n<li>Level I (December) \u2013 42%<\/li>\n\n\n\n<li>Level II \u2013 44%<\/li>\n\n\n\n<li>Level III \u2013 56%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CFA_Exam_Pass_rates_in_2020\"><\/span>CFA Exam Pass rates in 2020<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Due to the worldwide Coronavirus outbreak in 2020, all CFA exams (all three levels) were only conducted in December. The June 2020 exams were rescheduled.<\/p>\n\n\n\n<p>The <strong>December 2020 <\/strong>CFA exam pass rates were as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Level I &#8211; 49%<\/li>\n\n\n\n<li>Level II &#8211; 55%<\/li>\n\n\n\n<li>Level III &#8211; 56%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CFA_Exam_Pass_rates_in_2021\"><\/span>CFA Exam Pass rates in 2021 <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The computer-based <strong>Feb level I<\/strong> test was the first CFA exam held in 2021 and the pass rate was 44%. <\/p>\n\n\n\n<p><strong>May 2021<\/strong> CFA exam pass rates were as follows: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Level I- 25%<\/li>\n\n\n\n<li>Level II- 40%<\/li>\n\n\n\n<li>Level III- 42%<\/li>\n<\/ul>\n\n\n\n<p>In <strong>July 2021<\/strong>, only Level I of the CFA exams were held and the pass rate was 22%.<\/p>\n\n\n\n<p><strong>August 2021<\/strong> CFA exam pass rates were as follows : <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Level I &#8211; 26%<\/li>\n\n\n\n<li>Level II &#8211; 29%<\/li>\n\n\n\n<li>Level 3 &#8211; 39%<\/li>\n<\/ul>\n\n\n\n<p>The CFA Institute has made changes to how they will release the pass rates. The CFA Institute will announce the level I pass rates four times in 2022 due to the additional exam sittings for 2021. The pass rates for Levels II and III will be made known for every exam window.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-analystprep wp-block-embed-analystprep\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/analystprep.com\/shop\/cfa-unlimited-package-for-level-1-2-3\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Challenging_is_the_CFA_Exam\"><\/span>How Challenging is the CFA Exam?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As evidenced by the pass rate data, the CFA exam is not easy. Each level also gets progressively more challenging, and the number of candidates who successfully register and pass all three exam levels is negligible. It is possible to attain this success, but you should be prepared for the challenge when enrolling in the CFA program.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_do_CFA_Charterholders_Say\"><\/span>What do CFA Charterholders Say?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Think_of_CFA_Exam_Preparation_as_Long-term_Training\"><\/span>Think of CFA Exam Preparation as Long-term Training<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Former CFA Program candidates and successful charterholders say that preparing for the exam is a long-term commitment that takes a lot of time. Think of it as preparing for a marathon, where you need to commit and consistently put in the work.<\/p>\n\n\n\n<p>As a candidate, you should keep in mind that the exam tests your knowledge and skill to apply this knowledge to solve real-life problems. Therefore, you will not pass by cramming for the CFA exams. Consequently, you need to put in the recommended 300 hours of study for each level to develop the required skills.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Be_Prepared_to_Make_Sacrifices\"><\/span>Be Prepared to Make Sacrifices<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Candidates need to make sacrifices in their lives to put in at least 300 hours of study for each level. This is more challenging if you study while working full time and giving up leisure and social time.<\/p>\n\n\n\n<p>As a candidate, it is essential to have time management and organization skills to balance studies and other responsibilities. For example, creating a study plan as early as possible and adhering to it will help you put in the required hours.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Having_Work_Experience_Makes_Studying_Easier\"><\/span>Having Work Experience Makes Studying Easier<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The CFA Program curriculum helps candidates in financial investments and portfolio management careers stand out. Consequently, the information is relevant, and working candidates can relate the concepts to real life. Candidates can retain the information better when applying what they learn.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_can_I_do_to_Increase_my_Chances_of_Passing_the_CFA_Exam\"><\/span>What can I do to Increase my Chances of Passing the CFA Exam?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You should prepare for the CFA exams and be ready to put in many hours of study and practice for each level. The following study tips will help you have the best chance of success.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"I_Set_up_a_Study_Routine_and_Adhere_to_it\"><\/span>I. Set up a Study Routine and Adhere to it<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>To pass your exams, you need to understand the material and have the skills to apply this knowledge. The exam will test how to apply what you learned to different scenarios.<\/p>\n\n\n\n<p>Setting up a study routine will help you attain this high level of understanding and application skills, and starting a study routine as early as possible will go a long way in helping you achieve this.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"II_Pay_Attention_to_the_Core_Areas_of_Study_and_Expected_Learning_Outcomes\"><\/span>II. Pay Attention to the Core Areas of Study and Expected Learning Outcomes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As discussed above, there are some core areas of the curriculum that you need to master in your studies. During your study sessions, you should pay more attention to these topics to master them.<\/p>\n\n\n\n<p>Specific learning outcomes refer to what you should be able to do by the end of your curriculum. The actual knowledge, skills, and abilities that the lecturer or instructor intends for you to learn or develop. Specific learning outcomes are measurable and tested, for example, asking you to explain, identify or analyze a concept.<\/p>\n\n\n\n<p>Close attention to the core areas of study and understanding the expected learning outcomes will help you have a more focused study session.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Practice_Taking_the_Exam_Using_Mock_Tests\"><\/span>Practice Taking the Exam Using Mock Tests<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You must be familiar with the terms used in the tests and how to answer the questions effectively. Practice using mock exams and practice questions as many times as possible, leading to your scheduled test. Taking mock exams will enable you to identify any knowledge gaps and adjust your study sessions. You will also understand the terms used during testing, the calculations required, and how to apply the knowledge to solve problems.<\/p>\n\n\n\n<p>Contact us at <a href=\"https:\/\/analystprep.com\/shop\/cfa-level-1-learn-practice-package\/\" target=\"_blank\" rel=\"noreferrer noopener\">AnalystPrep.com<\/a> and access our extensive computer-based mock exam database. Our simulated exams are mimic the test at the end of your course and equip you with experience to help you pass any level.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-analystprep wp-block-embed-analystprep\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/analystprep.com\/shop\/cfa-level-1-learn-practice-package\n<\/div><\/figure>\n\n\n\n<div style=\"text-align:center; margin-top:32px;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"display:inline-block;padding:16px 40px;background-color:#2563eb;color:#ffffff;text-decoration:none;border-radius:14px;font-weight:700;font-size:17px;\">\n     Start Free Trial \u2192\n  <\/a>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>If you are a financial professional earning a CFA charter will enhance your career and help you stand out. One of the first and most common questions candidates ask is how easy it is to pass the CFA exam. Let&#8230;<\/p>\n","protected":false},"author":4,"featured_media":9319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70,73],"tags":[118,104],"class_list":["post-9313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cfa","category-study-tips","tag-cfa-program-2","tag-study-tips","blog-post","animate"],"acf":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/9313","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/comments?post=9313"}],"version-history":[{"count":9,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/9313\/revisions"}],"predecessor-version":[{"id":14046,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/9313\/revisions\/14046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media\/9319"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media?parent=9313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/categories?post=9313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/tags?post=9313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}