The February 2025 CFA Level I exam has seen higher pass rate than usual, exceeding past averages.
With 45% of candidates passing, this was an improvement over the 43% seen in November 2024.
According to the CFA Institute, the February exams were administered across 482 computer-based testing centres.
These centres were located in 390 cities across 109 different markets worldwide.
In an update to the examination process, candidates were given a new score report starting with the February 2025 session.
This report now includes a scale score, offering candidates insight into their results. It also provides a comparison to the minimum required passing score for clearer performance context.
CFA managing director, education, CFA Institute Chris Wiese said: “I note that February’s Level I candidates had a passing rate notably above the 10-year average of 40%. In line with previous cohorts, first-time testers fared best, with an overall pass rate of 52%.
“Test takers with at least one deferral behind them had a passing rate of 30%. Again, we encourage candidates to stay on schedule, if at all possible.”
“A scaled score will be familiar to those who have taken college or graduate school standardised tests in the past.
“We are providing a scaled score to CFA Program candidates so they can clearly see how well they performed on the exam overall, and how close they came to achieving the passing score or how far they exceeded it.
“This additional information provides candidates with actionable information they can apply to their study and exam habits and use at their next exam administration.”
