CFA Level I August 2026 Results Are Out: 43% Pass Rate

CFA Institute released CFA Program Level I results for the August 2026 testing window on 24 September 2026. 43% of the 28,145 candidates who sat passed — above the Level I exam's 10-year average of roughly 41%.

The number worth pausing on: first-time candidates passed at 49%, while deferred retakers managed just 29% — a 20-point gap. CFA Institute's data keeps showing the same pattern, and it's a big part of why the Program is tightening its deferral rules from 2027. If you're on the fence about deferring, this is the case against it.

"The results from this testing window represent a strong outcome for candidates," said Chris Wiese, CFA, Managing Director of Education at CFA Institute. "With a pass rate above the Level I exam's 10-year average, successful candidates demonstrated the knowledge, analytical skills, and ethical judgement expected at this stage of the CFA Program."

Passed? You can move on to Level II — check the full 2027 exam calendar and deadlines to plan your next sitting.

Didn't pass this time? You can retake at an upcoming Level I window. Rebuild momentum with the essentials — practise free CFA questions by topic (no signup) and download the free CFA Level I formula sheet.

Source: CFA Institute press room, 24 September 2026.