CFA Institute Reports Results for CFA® Program Level I Testing in August 2026
CFA Institute, the global association of investment professionals, announces that of the 28,145 candidates worldwide who sat for the Level I CFA® Program exam in August 2026, 43 percent have passed. All candidates will be notified of their results today.
Chris Wiese, CFA, Managing Director, Education, CFA Institute, said:
“The results from this testing window represent a strong outcome for candidates. 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. We congratulate everyone who passed and recognize the dedication, discipline, and commitment that contributed to their success.”
“Passing the Level I exam is a significant achievement. Anyone who has sat for the exam understands the effort required to pass at each level, and successful candidates can be proud of what they have accomplished. Their result reflects months of focused preparation, persistence, and the ability to perform under pressure. We look forward to supporting candidates as they continue their CFA Program studies.”
First-time candidates achieved a pass rate of 49 percent, while candidates testing after at least one deferral had a pass rate of 29 percent. The results continue to highlight the benefits of staying on schedule in exam preparation and following a consistent study plan.
Successful Level I candidates may now progress to Level II of the CFA Program. Registration for the May 2027 Level II exams is open.
Candidates for the August Level I CFA Program exams attended in person at one of 519 proctored computer-based examination venues located in 412 cities in 116 markets worldwide. CFA Exam Levels II and III were also administered during the August testing period. Level II results will be released to candidates on 30 September 2026. Level III results will be released to candidates on 20 October 2026. Historical pass rates can be found here: Exam Results and Pass Rates.
About the CFA Program
The CFA Program is a rigorous self-study program that covers a wide range of investment management education essentials from ethics to quantitative analysis to portfolio management and wealth planning. 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 essential study tools through the Learning Ecosystem including mock exams and the newly introduced Practical Skills Modules. Candidates preparing to sit for an exam after a deferral may find CFA Exam Study Tips helpful. Find out more about the 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 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and subscribe on YouTube.