Level I CFA® Program Exam Pass Rate Hits Record Low
The CFA Institute announced the pass rates for the May 2021 Level I CFA exam, and only 25% of the nearly 26,000 test-takers passed, marking the lowest rate since the test began in 1963. The root of this decline is still being researched–from the recent computer-based testing to shifting study habits. To ensure we are fully supporting our students. Let’s review how the features in UWorld’s CFA test prep can better prepare you for the exam.
History of CFA Program Exam Pass Rates
The last decade of Level I CFA exams averaged a 42% passing rate, with February 2021 and December 2020’s Level I exams producing respective pass rates of 44% and 49%. The average pass rate of all three exams since the test began is 46%. In 2019, the pass rates for the two exam sessions were 41% and 42%.
Additionally, there were significantly fewer candidates taking the Level I exam in 2020 and 2021 compared to previous years. February 2021 had a total of 28,683 candidates, and December 2020 had 26,212. The 2017-2019 Level I exams averaged 74,244 candidates.
In February 2021, the exam switched to computer-based testing. According to CFA Institute spokesman Matthew Hickerson, “The degree of difficulty of the May Level I exam was consistent with previous Level I exam administrations, and this is the case whether we look back to paper-based testing or computer-based testing, which we introduced in February this year.”
However, the delays in testing caused by COVID-19 may have affected the scores of the May 2021 exam. According to the CFA Institute, the virus forced many candidates preparing for the Level I exam to defer their test, with several doing so twice. “While some impacted candidates were able to pass, we believe the stop-start nature of the deferred candidates’ studies is reflected in the overall passing rate,” the organization said.
Preparing for the CFA Exam
While the CFA exam is difficult, you can pass the exam with confidence if you prepare thoroughly. UWorld’s CFA Program Exam Review offers exam prep materials and courses to help you develop a study plan that best meets your needs.
Why UWorld?
UWorld’s CFA Program Exam Review prepares you to pass the first time. Highlights of our courses include:
World-renowned Expert Instructors
Our team of instructors, comprised of top university professors and subject matter experts, is invested in your success. They’re even involved in creating the CFA study material, delivering lectures, and mentoring you every step of the way.
Expert Mentoring
Learn from highly accredited CFA Program experts who provide professional 1:1 mentoring. Post your CFA exam-related questions and receive a response within 48 hours.
Practice Questions
We use predictive scoring and mimic actual exam day with a diverse set of CFA practice questions at varying difficulty levels, all with detailed answer explanations.
Our Access Until You Pass Guarantee
You’ll enjoy unlimited access and free online updates with all course packages until you pass the CFA exam. No gimmicks and no fine print.
Learn more about UWorld’s CFA Program Exam Review and choose the course that’s right for you.