CFA Institute Reports Results for CFA Program Level I Testing in August 2025

CFA Institute, the global association of investment professionals, announces that of the 26,192 candidates worldwide who sat for the Level I CFA® Program exam in August 2025, 43 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. Achieving this milestone is testament to your dedication and marks the beginning of your journey toward joining our global community of CFA charterholders.”

“The Level I pass rate again exceeded the 10-year average of 41 percent. First-time candidates achieved a pass rate of 50 percent. Candidates testing after at least one deferral had a pass rate of 29 percent. Our data consistently shows that staying on schedule is one of the strongest predictors of exam success.”

Successful Level I candidates may now progress to Level II of the CFA Program. Registration for the May 2026 Level II exams is open.

Candidates for the August Level I CFA Program exams attended in person at one of 502 proctored computer-based examination venues located in 400 cities in 114 markets worldwide. CFA Exam Levels II and III were also held during the August testing period. Level II results will be released to candidates on 9 October 2025.  Level III results will be released on 23 October. Historical pass rates can be found here: Exam Results and Pass Rates.

AI and the Future Investment Professional

Chris Wiese, CFA comments:

“CFA Institute is committed to educating investment professionals to harness AI’s potential responsibly. AI can augment decision-making, but human professionals must challenge, validate, and interpret AI outputs, especially in complex or novel scenarios.”

“We at CFA Institute continue to believe that a combination of trust, human relationships, sound ethical judgment, and professionalism are as important as ever in financial markets. Our own research shows that AI will continue to grow in utility and efficacy for investment managers — just as it is across a range of disciplines and industries — and we are committed to keeping our members, candidates, and the profession abreast of these opportunities.”

To become a CFA charterholder, successful candidates must pass all three levels of the CFA Program exams, complete all required practical skills modules, have 4,000 hours of qualifying work experience, provide a minimum of two references, and continue to make an annual attestation of commitment to the CFA Institute Code of Ethics and Standards of Professional Conduct.