CFA Institute Reports Results for CFA Program Level I Testing in May 2025
CFA Institute, the global association of investment professionals, announces that of the 24,227 candidates worldwide who sat for the Level I CFA® Program exam in May 2025, 45 percent have passed. All candidates will be notified of their results today.
Chris Wiese, CFA, Managing Director, Education, CFA Institute, said:
"Congratulations to all successful Level I candidates on reaching this important first milestone. You are one step closer to joining our worldwide community of investment professionals. As you move into Level II, you will learn to apply a deeper level of understanding and analysis to CFA Program curriculum topics.”
“The Level I pass rate again exceeded the 10-year average of 40 percent. First-time candidates achieved a pass rate of 52 percent. Candidates testing after at least one deferral had a pass rate of 28 percent. Staying on schedule remains one of the clearest predictors of exam success.”
“For those who didn't pass this time, I understand how disappointing that is. Many charterholders experienced exam setbacks along the way, so you are not alone. I encourage you to retake the exam while your knowledge is still fresh. Our new How to Pass the CFA Exam video outlines four key success factors that consistently show up in our candidate performance data.”
Successful Level I candidates may now progress to Level II of the CFA Program. Registration for the November 2025 Level II exams is open.
Candidates for the May Level I CFA Program exams attended in person at one of 497 proctored computer-based examination venues located in 397 cities in 110 markets worldwide. Exam Levels I and II were held during the May testing period. Level II results will be released to candidates on 1 July 2025. Historical pass rates can be found here: Exam Results and Pass Rates.
New Test Centers
CFA Program exams are offered globally, with new test center locations added regularly to enable more candidates to access a test center close to home. Starting in November 2025, additional CFA Program test center locations will include:
- Addis Ababa, Ethiopia
- Rabat, Morocco
- Maputo, Mozambique
- Mbabane, Swaziland
- Gurgaon/Gurugram, Haryana, India
- Nashik, Maharashtra, India
- Manipal, Karnataka, India
Chris Wiese, CFA, adds:
“We’re committed to expanding access to the CFA Program and supporting candidates to test in a convenient location. We regularly review our test center locations to ensure the CFA Program remains as accessible as possible. Adding new test centers across Africa and India reflects our continued investment in helping more candidates reach an exam center within their home market.”
About the CFA Program
Enrolling in the CFA Program and earning the CFA charter prepares individuals for a variety of career paths in every sector of the global finance industry. Candidates can access all the essential study tools through the Learning Ecosystem including mock exams, the newly introduced Practical Skills Modules and exam study tips. For more information, visit CFA Program.
About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across more than 160 markets, CFA Institute has 10 offices and 158 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and X at @CFAInstitute.