CFA Institute Reports Results for CFA® Program Level I Testing in November 2025
CFA Institute, the global association of investment professionals, announces that of the 26,752 candidates worldwide who sat for the Level I CFA® Program exam in November 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 candidates who have passed Level I. Your hard work has paid off, positioning you for continued success as you move into the new year. Well done and keep up the momentum.”
“The Level I pass rate exceeded the 10-year average of 41 percent. First-time candidates achieved a pass rate of 49 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 November Level I CFA Program exams attended in person at one of 518 proctored computer-based examination venues located in 415 cities in 115 markets worldwide. CFA Exam Level II was also administered during the November testing period. Level II results will be released to candidates on 15 January 2026. Historical pass rates can be found here: Exam Results and Pass Rates.
CFA Program Question Slam
On Wednesday 14 January, current and prospective CFA Program candidates can join a live webinar and open Q&A about the CFA Program. The one-hour session will discuss who the CFA Program is for, what the learning experience is like, and how earning the CFA charter can empower individuals to build their future in finance. Webinar registration is available at CFA Program Question Slam.
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 standards 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 9 offices and 158 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn.