1963 - 2025

CANDIDATE EXAMINATION RESULTS

CFA Candidates LEVEL I LEVEL II LEVEL III

Year Total % Pass Total Pass Fail % Pass Total Pass Fail % Pass Total Pass Fail % Pass
1963 284 94% - - - 0% - - - 0% 284 268 16 94%
1964 1,732 84% 1,241 986 255 79% 302 283 19 94% 189 179 10 95%
1965 1,993 83% 767 649 118 85% 865 678 187 78% 361 329 32 91%
1966 2,010 75% 621 481 140 77% 708 469 239 66% 681 563 118 83%
1967 1,693 83% 594 423 171 71% 556 496 60 89% 543 491 52 90%
1968 1,579 73% 592 412 180 70% 447 334 113 75% 540 414 126 77%
1969 1,316 74% 556 409 147 74% 413 322 91 78% 347 237 110 68%
1970 1,409 67% 644 424 220 66% 372 285 87 77% 393 238 155 61%
1971 1,458 69% 755 464 291 61% 341 253 88 74% 362 288 74 80%
1972 1,486 70% 731 466 265 64% 461 354 107 77% 294 214 80 73%
1973 1,630 60% 721 432 289 60% 565 324 241 57% 344 222 122 65%
1974 1,797 74% 862 604 258 70% 511 377 134 74% 424 355 69 84%
1975 1,841 75% 808 568 240 70% 563 421 142 75% 470 393 77 84%
1976 1,706 76% 634 457 177 72% 641 477 164 74% 431 363 68 84%
1977 1,993 74% 667 421 246 63% 632 510 122 81% 694 540 154 78%
1978 2,008 73% 925 596 329 64% 444 379 65 85% 639 481 158 75%
1979 1,876 76% 824 522 302 63% 550 460 90 84% 502 441 61 88%
1980 1,985 73% 949 602 347 63% 528 407 121 77% 508 437 71 86%
1981 2,253 71% 1,107 677 430 61% 684 580 104 85% 462 340 122 74%
1982 2,886 64% 1,532 903 629 59% 714 489 225 68% 640 469 171 73%
1983 3,243 65% 1,655 1,082 573 65% 978 637 341 65% 610 392 218 64%
1984 4,030 63% 2,075 1,199 876 58% 1,147 701 446 61% 808 658 150 81%
1985 4,285 67% 2,186 1,317 869 60% 1,309 965 344 74% 790 579 211 73%
1986 4,837 65% 2,366 1,405 961 59% 1,379 884 495 64% 1,092 845 247 77%
1987 5,702 62% 3,095 1,782 1,313 58% 1,555 995 560 64% 1,052 755 297 72%
1988 7,091 59% 3,927 2,174 1,753 55% 1,946 1,163 783 60% 1,218 864 354 71%
1989 8,064 62% 4,149 2,237 1,912 54% 2,484 1,590 894 64% 1,431 1,133 298 79%
1990 8,760 64% 4,415 2,658 1,757 60% 2,522 1,594 928 63% 1,823 1,360 463 75%
1991 9,868 62% 4,950 3,087 1,863 62% 3,002 1,618 1,384 54% 1,916 1,436 480 75%
1992 10,518 65% 5,002 2,928 2,074 59% 3,503 2,258 1,245 64% 2,013 1,658 355 82%
1993 12,809 59% 6,588 3,616 2,972 55% 3,679 2,061 1,618 56% 2,542 1,936 606 76%
1994 15,413 52% 8,445 4,087 4,358 48% 4,418 2,109 2,309 48% 2,550 1,859 691 73%
1995 19,517 52% 11,341 5,750 5,591 51% 5,518 2,535 2,983 46% 2,658 1,860 798 70%
1996 24,600 58% 14,381 7,627 6,754 53% 7,098 4,596 2,502 65% 3,121 1,999 1,122 64%
1997 30,642 55% 16,833 8,847 7,986 53% 8,493 5,011 3,482 59% 5,316 3,119 2,197 59%
1998 38,689 60% 21,744 12,855 8,889 59% 10,295 6,433 3,862 62% 6,650 3,895 2,755 59%
1999 45,143 60% 23,199 14,757 8,442 64% 13,496 7,329 6,167 54% 8,448 5,015 3,433 59%
2000 53,345 55% 27,625 14,314 13,311 52% 16,036 8,636 7,400 54% 9,684 6,274 3,410 65%
2001 65,707 54% 36,317 17,726 18,591 49% 17,897 8,322 9,575 46% 11,493 9,410 2,083 82%
2002 76,231 47% 43,882 19,106 24,776 44% 22,163 10,418 11,745 47% 10,186 5,924 4,262 58%
2003A 67,279 49% 32,027 13,478 18,549 42% 22,232 10,432 11,800 47% 13,020 8,816 4,204 68%
2003B 20,657 40% 20,657 8,214 12,443 40%
2004A 61,559 40% 24,211 8,262 15,949 34% 23,896 7,649 16,247 32% 13,452 8,669 4,783 64%
2004B 19,566 36% 19,566 7,128 12,438 36%
2005A 58,908 48% 22,915 8,138 14,777 36% 24,891 13,938 10,953 56% 11,102 6,083 5,019 55%
2005B 21,127 34% 21,127 7,276 13,851 34%
2006A 63,249 52% 26,467 10,602 15,865 40% 20,499 9,751 10,748 48% 16,283 12,314 3,969 76%
2006B 28,082 39% 28,082 10,905 17,177 39%
2007A 71,897 42% 33,599 13,294 20,305 40% 25,521 10,156 15,365 40% 12,777 6,399 6,378 50%
2007B 37,573 39% 37,573 14,831 22,742 39%
2008A 92,081 42% 44,063 15,311 28,752 35% 33,449 15,243 18,206 46% 14,569 7,720 6,849 53%
2008B 49,797 35% 49,797 17,612 32,185 35%
2009A 104,116 45% 45,682 21,034 24,648 46% 38,998 15,892 23,106 41% 19,436 9,597 9,839 49%
2009B 44,209 34% 44,209 14,884 29,325 34%
2010A 111,731 42% 46,863 19,656 27,207 42% 43,406 16,995 26,411 39% 21,462 9,881 11,581 46%
2010B 46,785 36% 46,785 17,009 29,776 36%
2011A 115,027 43% 48,068 18,881 29,187 39% 44,175 19,009 25,166 43% 22,784 11,567 11,217 51%
2011B 49,380 38% 49,380 18,736 30,644 38%
2012A 119,446 43% 49,445 18,968 30,477 38% 45,247 19,194 26,053 42% 24,754 12,870 11,884 52%
2012B 48,981 37% 48,981 18,106 30,875 37%
2013A 118,142 42% 47,502 18,078 29,424 38% 44,874 19,311 25,563 43% 25,766 12,607 13,159 49%
2013B 45,693 43% 45,693 19,469 26,224 43%
2014A 118,683 46% 47,005 19,592 27,413 42% 44,796 20,644 24,152 46% 26,882 14,535 12,347 54%
2014B 47,175 44% 47,175 20,589 26,586 44%
2015A 125,443 46% 51,134 21,303 29,831 42% 46,841 21,509 25,332 46% 27,468 14,664 12,804 53%
2015B 52,315 43% 52,315 22,274 30,041 43%
2016A 137,791 46% 58,677 25,093 33,584 43% 50,230 23,321 26,909 46% 28,884 15,606 13,278 54%
2016B 59,627 43% 59,627 25,807 33,820 43%
2017A 151,853 47% 63,283 27,158 36,125 43% 56,939 26,919 30,020 47% 31,631 17,173 14,458 54%
2017B 68,086 43% 68,086 29,583 38,503 43%
2018A 179,241 46% 79,507 34,547 44,960 43% 64,216 28,872 35,344 45% 35,518 19,920 15,598 56%
2018B 77,245 45% 77,245 34,651 42,594 45%
2019A 196,768 45% 83,656 34,585 49,071 41% 74,735 32,954 41,781 44% 38,377 21,380 16,997 56%
2019B 73,688 42% 73,688 30,628 43,060 42%
2020B 55,678 52% 26,212 12,806 13,406 49% 18,136 10,025 8,111 55% 11,330 6,290 5,040 56%
2021 February 28,683 44% 28,683 12,510 16,173 44%
2021 May 80,674 36% 26,005 6,506 19,499 25% 33,066 13,300 19,766 40% 21,603 9,088 12,515 42%
2021 July 28,849 22% 28,849 6,468 22,381 22%
2021 August 29,360 29% 16,026 4,211 11,815 26% 10,565 3,064 7,501 29% 2,769 1,169 1,600 42%
2021 November 62,403 37% 28,170 7,607 20,563 27% 18,047 8,290 9,757 46% 16,186 6,989 9,197 43%
2022 February 30,691 39% 18,992 6,801 12,191 36% 11,699 5,132 6,567 44%
2022 May 31,787 42% 19,403 7,315 12,088 38% 12,384 6,047 6,337 49%
2022 August 45,087 41% 19,103 7,032 12,071 37% 15,608 6,317 9,291 40% 10,376 5,032 5,344 48%
2022 November 37,250 38% 24,937 8,932 16,005 36% 12,313 5,382 6,931 44%
2023 February 31,817 43% 16,959 6,441 10,518 38% 14,858 7,102 7,756 48%
2023 May 39,247 44% 23,352 9,042 14,310 39% 15,895 8,291 7,604 52%
2023 August 48,398 42% 23,289 8,713 14,576 37% 9,074 3,999 5,075 44% 16,035 7,585 8,450 47%
2023 November 43,538 38% 28,953 10,104 18,849 35% 14,585 6,377 8,208 44%
2024 February 30,551 46% 16,932 7,415 9,517 44% 13,619 6,734 6,885 49%
2024 May 35,420 51% 21,116 9,666 11,450 46% 14,304 8,386 5,918 59%
2024 August 50,763 46% 24,937 11,050 13,887 44% 8,879 4,166 4,713 47% 16,947 8,081 8,866 48%
2024 November 39,993 42% 26,404 11,293 15,111 43% 13,589 5,324 8,265 39%
2025 February 30,979 46% 19,848 8,935 10,913 45% 11,131 5,441 5,690 49%
2025 May 39,227 48% 24,227 10,916 13,311 45% 15,000 8,062 6,938 54%
2025 August 50,628 45% 26,192 11,262 14,930 43% 9,898 4,359 5,539 44% 14,538 7,247 7,291 50%
2025 November 26,752 43% 26,752 11,402 15,350 43%
1963-2025 4,064,404 45% 2,369,136 981,159 1,387,977 41% 1,064,818 490,016 574,802 46% 630,450 344,839 285,611 55%

2016-2025* 1,842,074 44% 1,079,110 438,479 640,631 41% 466,778 212,540 254,238 46% 296,186 150,884 145,302 51%
* 10 year average pass rate

Note:
A = June Examination (Levels I, II, and III)
B = December Examination (Level I only)

Last Saved: 10/21/2025 12:48:58 PM by Jill Melton