The pass rate for the CFA Level 1 exam has dropped to 39%.

The CFA Association announced on Tuesday that 39% of candidates passed the Level I exam in May, lower than the 45% in February and also lower than the 43% in the exams in November and August last year. Although this pass rate is lower than the average of 40% over the past decade, it is still higher than the low point set in 2021. According to CFA data, more than 31,000 candidates took the Level I exam in May, making it the largest exam of its kind since 2019.