CFA Institute Reports Results for CFA® Program Level I Testing in February 2024

CFA Institute, the global association of investment professionals, announces that of 16,932 candidates worldwide who sat for the Level I CFA® Program exam in February 2024, 44 percent have passed. All candidates will be notified of their results today.

“My warm congratulations to all of today’s successful Level I CFA Program exam candidates,” said Chris Wiese, CFA, Managing Director, Education, at CFA Institute. “We note a return of pass rates to a level slightly above the 10-year average of 40 percent. Exam difficulty remains constant across all CFA exams, and we are pleased to see more candidates achieve the passing standard and a bounce back in the overall pass rate for Level I candidates.”

“When we conducted our analysis of the results for this particular cohort, we found that first-time testers scored above the average pass rate, with a pass rate of 52 percent. Those candidates who sat the exam after having previously deferred their exam at least once, on the other hand, had an average passing rate of 28 percent.”

“Given the stark difference in exam outcomes, we urge candidates to stay on schedule where possible and devote the requisite study time. Preparation remains the key predictor of exam success. We encourage all candidates to focus on the study habits that lead to successful outcomes on the CFA exams.”

New Practical Skills Modules

 

February Level I test takers are the first CFA Program candidate cohort to benefit from new Practical Skills Modules. The required modules allow candidates to apply curriculum learnings to real-world, on-the-job scenarios through 10-20 hours of video content and practice case studies. Practical Skills Modules are accessed via the candidate Learning Ecosystem.

First Candidates to Access Improved Study Materials

Candidates who sat a Level I CFA exam in February accessed the newly updated curriculum, which uses improved instructional design. The new curriculum is designed to make learning more efficient, to include more opportunities for practice, and to enhance on-the-job applicability. CFA Program study content already familiar to most candidates from their educational studies or work experience is now segregated and available as a separate pack of preparatory materials.

Candidates for the February Level I CFA Program exams attended in person at one of 471 proctored computer-based examination venues located in 378 cities in 108 markets worldwide. Exam Levels I and III were held during the February testing period. Level III results will be released to candidates on 11 April. Historical pass rates can be found at the following link: Exam Results and Pass Rates.