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CFA Institute Reports Results for CFA® Program Level I Testing in February 2026

NEW YORK--(BUSINESS WIRE)--CFA Institute, the global association of investment professionals, announces that of the 24,006 candidates worldwide who sat for the Level I CFA® Program exam in February 2026, 45 percent have passed. All candidates will be notified of their results today.

Chris Wiese, CFA, Managing Director, Education, CFA Institute, said:

“Passing Level I is an important accomplishment, and we commend each successful candidate for the focus and perseverance required to reach this point. Earning this milestone marks the beginning of deeper expertise and continued growth as they advance in their professional journey.”

“The overall Level I pass rate exceeded the 10-year average of 40 percent. First-time candidates achieved a pass rate of 50 percent, while candidates testing after at least one deferral had a pass rate of 30 percent. Again, our data shows that staying on schedule remains 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 August 2026 Level II exams is open.

Candidates for the February Level I CFA Program exams attended in person at one of 503 proctored computer-based examination venues located in 409 cities in 112 markets worldwide. CFA Exam Level III was also administered during the February testing period. Level III results will be released to candidates on 7 April 2026. Historical pass rates can be found here: Exam Results and Pass Rates.

In the latest edition of Inside the CFA Program, Chris Wiese discusses how CFA Program exam questions are developed, blending investment practitioner expertise with academic rigor.

CFA Program Question Slam
On Thursday 2 April, current and prospective CFA Program candidates can join a live webinar and Q&A about what the CFA Program learning experience is like, how studying for the CFA Program can support career goals, and the kinds of career paths that CFA charterholders are building in global finance. Webinar registration is available at CFA Program Question Slam.

Notes to Editors
Beginning with the February 2027 exam cycles, CFA Institute will eliminate the paid deferral option for CFA Program candidates. Current deferral policies apply to CFA Program exams taken before that time.

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 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 9 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn, and subscribe on YouTube.

Contacts

For further information, please contact pr@cfainstitute.org.

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Contacts

For further information, please contact pr@cfainstitute.org.

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