CFA Institute reports results for CFA Program Level I testing in February 2025
CFA Institute, the global association of investment professionals, announces that of the 19,848 candidates worldwide who sat for the Level I CFA® Program exam in February 2025, 45 percent have passed. All candidates will be notified of their results today.
Chris Wiese, CFA, Managing Director, Education, CFA Institute, said:
"My congratulations to all candidates receiving news of their Level I CFA exam success. Your commitment is really paying off, and I wish you every success as you move forward to Level II of the CFA Program and deepen your expertise in investment analysis. For those who didn't pass, I understand the disappointment, and I encourage you to keep going with your exam journey while your Level I learnings remain fresh. All the essential material that you need to prepare for your exam is available in our Learning Ecosystem.”
“I note that February’s Level I candidates had a passing rate notably above the 10-year average of 40 percent. In line with previous cohorts, first-time testers fared best, with an overall pass rate of 52 percent. Test takers with at least one deferral behind them had a passing rate of 30 percent. Again, we encourage candidates to stay on schedule, if at all possible.”
Today’s successful Level I candidates may now progress to Level II of the CFA Program. Registration for the August 2025 Level II exams is open.
Candidates for the February Level I CFA Program exams attended in person at one of 482 proctored computer-based examination venues located in 390 cities in 109 markets worldwide. Exam Levels I and III were held during the February testing period. Level III results will be released to candidates on 22 April 2025. Historical pass rates can be found at the following link: Exam Results and Pass Rates.
New Scale Score for Candidates
Beginning with the February 2025 CFA Program exams, candidates will now receive an enhanced score report that includes a scale score – an overall numeric result that enables candidates to see how well they performed compared to the Minimum Passing Score.
Chris Wiese, CFA added:
“A scaled score will be familiar to those who have taken college or graduate school standardized tests in the past. We are providing a scaled score to CFA Program candidates so they can clearly see how well they performed on the exam overall, and how close they came to achieving the passing score or how far they exceeded it. This additional information provides candidates with actionable information they can apply to their study and exam habits and use at their next exam administration.”
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For further information, please contact [email protected].
Notes to Editors
More information about the CFA Program exam scale score is available in The CFA Program – Understanding Your Exam Results: here.
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 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 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 10 offices and 160 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and X at @CFAInstitute.