CFA Institute Reports Results for CFA® Program Level I Testing in May 2026
CFA Institute, the global association of investment professionals, announces that of the 31,566 candidates worldwide who sat for the Level I CFA® Program exam in May 2026, 39 percent have passed. All candidates will be notified of their results today.
Chris Wiese, CFA, Managing Director, Education, CFA Institute, said:
“More than 31,000 candidates sat for the Level I exam in this testing window, making it one of the largest cohorts in recent years and reflecting the enduring appeal of the CFA charter among aspiring investment professionals. While the pass rate was lower than in recent exam cycles, it remains close to the Level I exam's long-term average of 40 percent, and reflects candidates' readiness to demonstrate the knowledge, skills, and ethical foundations required to progress in the CFA Program.”
“Anyone who has taken Level I knows there is some doubt when you walk into the exam room. Candidates who passed this testing window can be proud of what they achieved and take confidence from the result. Level I is a demanding exam, and their success is a strong indication that they are ready for the next step.”
First-time candidates achieved a pass rate of 45 percent, while candidates testing after at least one deferral had a pass rate of 25 percent. Remaining on track with CFA Program study and exam preparation remains the clearest indicator of exam success.
Successful Level I candidates may now progress to Level II of the CFA Program. Registration for the November 2026 Level II exams is open.
Candidates for the May Level I CFA Program exams attended in person at one of 524 proctored computer-based examination venues located in 425 cities in 115 markets worldwide. CFA Exam Level II was also administered during the May testing period. Level II results will be released to candidates on 25 June 2026. Historical pass rates can be found here: Exam Results and Pass Rates.
Chris Wiese discusses how CFA Institute sets the standard for CFA Program exams in this edition of Inside the CFA Program.
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. For more about the CFA Program, 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 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and subscribe on YouTube.