About the Level I CFA Exam

The first step on your CFA journey.

The Level I CFA exam is the first step toward the CFA charter. The exam consists of 120 multiple choice questions tested over 2 exam sessions (morning and afternoon). The Level I CFA exam covers the following topic areas, each having their own subcategory in the forum:

Historical Pass Rates

Year Total Pass Fail % Pass
1963 - - - -
1964 1,241 986 255 79%
1965 767 649 118 85%
1966 621 481 140 77%
1967 594 423 171 71%
1968 592 412 180 70%
1969 556 409 147 74%
1970 644 424 220 66%
1971 755 464 291 61%
1972 731 466 265 64%
1973 721 432 289 60%
1974 862 604 258 70%
1975 808 568 240 70%
1976 634 457 177 72%
1977 667 421 246 63%
1978 925 596 329 64%
1979 824 522 302 63%
1980 949 602 347 63%
1981 1,107 677 430 61%
1982 1,532 903 629 59%
1983 1,656 1,082 573 65%
1984 2,075 1,199 876 58%
1985 2,186 1,317 869 60%
1986 2,366 1,405 961 59%
1987 3,095 1,782 1,313 58%
1988 3,927 2,174 1,753 55%
1989 4,149 2,237 1,912 54%
1990 4,415 2,658 1,757 60%
1991 4„950 3,087 1,863 62%
1992 5,002 2,928 2,074 59%
1993 6,588 3,616 2,972 55%
1994 8,445 4,087 4,358 48%
1995 11,341 5,750 5,591 51%
1996 14,381 7,627 6,754 53%
1997 16,833 8,847 7,966 53%
1998 21,744 12,855 8,889 59%
1999 23,199 14,757 8,442 64%
2000 27,625 14,314 13,311 52%
2001 36,317 17,726 18,591 49%
2002 43,882 19,106 24,776 44%
Jun-03 32,027 13,478 18,549 42%
Dec-03 20,657 8,214 12,443 40%
Jun-04 24,211 8,262 15,949 34%
Dec-04 19,566 7,128 12,438 36%
Jun-05 22,915 8,138 14,777 36%
Dec-05 21,127 7,276 13,851 34%
Jun-06 26,467 10,602 15,865 40%
Dec-06 28,082 10,905 17,177 39%
Jun-07 33,599 13,294 20,305 40%
Dec-07 37,573 14,831 22,742 39%
Jun-08 44,063 15,311 28,752 35%
Dec-08 49,797 17,612 32,185 35%
Jun-09 45,682 21,034 24,648 46%
Dec-09 44,209 14,884 29,325 34%
Jun-10 46,863 19,656 37,207 42%
Dec-10 46,785 17,009 29,776 36%
Jun-11 48,068 18,881 29,187 39%
Dec-11 49,380 18,736 30,644 38%
Jun-12 49,445 18,968 30,477 38%
Dec-12 48,981 18,106 30,875 37%
Jun-13 47,502 18,078 29,424 38%
Dec-13 45,693 19,468 26,225 43%
Jun-14 47,005 19,953 27,413 42%
Dec-14 47,175 20,589 26,586 44%
Jun-15 51,134 21,303 29,831 42%
Dec-15 52,315 22,274 30,041 43%
Jun-16 58,677 25,093 33,584 43%
Dec-16 59,627 25,807 33,820 43%
Jun-17 63,283 27,158 35,125 43%
Dec-17 68,086 29,583 38,503 43%
Jun-18 79,507 34,547 44,960 43%
Dec-18 77,245 34,651 42,594 45%
Jun-19 83,656 34,585 49,071 41%
Dec-19 73,688 30,628 43,060 42%
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