CFA Level 1 Pass Rate — Global and India Context
CFA Institute publishes global pass rates per exam window. India-specific pass rates are not published separately, but Indian candidates broadly track the global average. The pass rate has ranged from 36% to 44% across 2023-2025 windows — meaning 56-64% of test-takers fail Level 1 on each attempt.
CFA Level 1 Historical Pass Rates
| Exam Window | Pass Rate | Notes |
|---|---|---|
| Feb 2025 | 44% | Highest recent window |
| May 2025 | 41% | Standard window |
| Aug 2025 | 39% | Consistent with recent trend |
| Nov 2025 | 36% | Typically lowest — November cohort largest |
| 2024 Average | ~40% | Stable across four 2024 windows |
| 2023 Average | ~41% | Post-pandemic normalisation |
Why November Pass Rates Are Lower
The November window attracts the largest candidate pool globally — many first-time takers schedule November as their primary attempt. A larger and more diverse candidate pool (including underprepared candidates) mathematically lowers the average pass rate. The exam difficulty is standardised across windows via Item Response Theory — the lower November pass rate reflects cohort composition, not harder questions.
What Determines Your Pass Probability
| Factor | Impact | What to Do |
|---|---|---|
| Study hours | Very high — under 200 hrs = fail risk | Minimum 250 hrs; target 300+ |
| FRA preparation | High — 13-17% of exam | Don't underestimate; use Schweser + CFAI practice |
| Ethics score | High — can be borderline differentiator | Read CFAI Ethics volume; do 200+ ethics Qs |
| Mock exam scores | High predictor | Score 70%+ on 3+ mocks before exam |
| Calculator practice | Medium — TVM, bonds, stats | TI BA II+ proficiency is mandatory |
| Study material quality | Medium | CFAI + one prep provider (Schweser/Kaplan) |
| Exam anxiety / time management | Medium | Timed mocks simulate real 270-Q exam pace |
How Indian Candidates Can Beat the Average
- Start 6 months before the window — not 3 months
- Do NOT skip FRA (Financial Reporting & Analysis) — 13-17% weight, heavy calculation
- Use the CFA Institute's official question bank (EOC questions) alongside Schweser
- Complete 3+ full-length mocks (180 questions each, 4.5 hours) in test conditions
- Score 70%+ on mocks before sitting the exam — candidates who pass typically score 75%+ on mocks
- Revise Ethics in the final 2 weeks — it's the most-flagged topic for borderline candidates
First Attempt vs Multiple Attempts
CFA statistics show that candidates who pass do so across 1-3 attempts. First-attempt pass probability is approximately 40%. Second-attempt (after one fail): slightly higher as candidates know the format. Candidates who fail twice and persist still have a significant pass rate on the third attempt. The key variable is study hours and quality of preparation — not inherent aptitude.