If you took the CFA exams in August 2026, the results are now available for Level I and Level II.
CFA Institute reported that 43% of the 28,145 candidates who sat for Level I passed. For Level II, 45% of 10,004 candidates passed. Level III results are scheduled for October 20, 2026.
Here is what the August 2026 result tells you, what your scorecard actually means, and what you should do next.
CFA Level I August 2026: What Do the Results Show?
A total of 28,145 candidates sat for the CFA Level 1 exam worldwide. The pass rate among first-time candidates was 49%, compared with 29% for candidates testing after at least one deferral.
CFA Level 1 Results Snapshot
| Metric | August 2026 |
|---|---|
| Candidates | 28,145 |
| CFA Level 1 Pass Rate | 43% |
| First-time Candidate Pass Rate | 49% |
| Candidates After at Least One Deferral | 29% |
One important point: the 43% figure is a population-level result. It does not tell you whether an individual candidate performed well or poorly. Your own score report is much more useful for that.
CFA Institute provides candidates with their pass/fail result, topic-level performance and an overall scale score.
What happens after passing Level I?
You are eligible for CFA Level II, after passing Level I. CFA Institute has confirmed that successful August 2026 Level I candidates may progress to Level II.
But don't treat passing one level as a signal to simply repeat the same preparation process at the next level.
Level I focuses on foundational knowledge. Level II moves towards analysing and evaluating situations using that knowledge.
So the useful question is not just, “I passed. What next?” It is: “What did I learn from the way I prepared, and what needs to change for the next level?”
CFA Level II August 2026 Results
CFA Institute released the August 2026 Level II results on September 30, 2026.
Of the 10,004 candidates who sat for the examination, 52% among first-time candidates and 30% among the deferred candidates passed.
CFA Level 2 Results Snapshot
| Metric | August 2026 |
|---|---|
| Candidates | 10,004 |
| CFA Level 2 Pass Rate | 45% |
| First-time Candidate Pass Rate | 52% |
| Candidates After at Least One Deferral | 30% |
Successful Level II candidates can now progress to Level III, subject to the applicable CFA Program requirements.
Does a higher pass rate mean Level II was easier?
A pass rate tells you the percentage of candidates who passed a particular examination administration. It should not be treated as a direct measure of how difficult the exam was for an individual candidate.
The three CFA levels test different capabilities. CFA Institute describes Level I as testing foundational knowledge, Level II as analysing and evaluating situations, and Level III as integrating and applying concepts to real-world scenarios.
So comparing 43% at Level I with 45% at Level II and concluding that one exam was “easier” would go beyond what the data tells us.
ℹ️ Preparing for CFA Level 3?
If you've passed CFA Level 2 and preparing for the next level, check out the latest updates regarding CFA Level 3 syllabus for 2027.
CFA Level I vs Level II: August 2026
| Metric | Level I | Level II |
|---|---|---|
| Candidates | 28,145 | 10,004 |
| Pass rate | 43% | 45% |
| First-time pass rate | 49% | 52% |
| After at least one deferral | 29% | 30% |
| Result Date | September 24 | September 30 |
The candidate population is different, and the two examinations assess different stages of the CFA Program. That is why your own score report matters more than comparing your result with someone else's level.
What Does Your CFA Scorecard Show?
This is the part many candidates overlook. CFA Institute's score reporting includes:
- Pass or Do Not Pass
- Overall scale score
- Performance by topic area
- Comparison of your performance with the Minimum Passing Score (MPS)
- From the August 2025 administration, a graphical comparison of individual topic performance with the group average is also included.
The scale score helps candidates understand how their performance compares with the MPS. CFA Institute defines the MPS as the score required to pass the exam. It also explains that the MPS is set for each level after an exam administration and that equating is used to maintain comparability across administrations when appropriate.
Does the scorecard show topic-wise performance?
Yes. It shows.
Your result includes a breakdown of performance by topic area. That information can help you identify where your preparation was relatively stronger or weaker.
But don't make the mistake of adding up topic-level percentages and trying to calculate whether you “should have passed.”
CFA Institute's score report is designed to give you performance information, not to provide enough measurement data to reconstruct the examination result yourself.
💡 Did not pass CFA Level II?
Did you miss out on passing CFA Level 2 by a small margin? Check out our CFA result analyzer to know your strengths and weaknesses before you get started with your next attempt?
What Should You Do After CFA Level I Results?
If you have passed
First, understand your score report.
Then:
- Review your topic-level performance.
- Understand the requirements for progressing to Level II.
- Decide your next examination window.
- Start preparing for the different demands of Level II.
- Continue developing practical finance skills alongside exam preparation.
Passing Level I is an important milestone. But the CFA Program itself consists of three levels, each building on the previous one.
If you have not passed
Don't immediately repeat the same study plan. Start with your score report.
Ask yourself:
- Which topics were relatively weak?
- Was the problem knowledge, revision or application?
- How did your mock-exam performance compare with the actual exam?
- Did your preparation schedule leave enough time for practice?
- What would you change if you had to prepare again?
The objective is not simply to study more next time. It is to understand what did not work the first time.
What Should You Do After CFA Level II Results?
The same principle applies, but the next step is Level III for candidates who have passed Level II.
CFA Institute says successful August 2026 Level II candidates may progress to Level III, with registration for the February 2027 Level III examination open.
If you did not pass, your result is still useful information.
Look at your topic-level performance and your preparation process before deciding how to approach a retake.
A failed attempt does not tell you that you cannot clear the CFA Program. It tells you that the particular preparation and examination outcome did not meet the passing standard on that attempt.
The next question is what you do with that information.
How Does August 2026 Compare With Previous CFA Results?
For Level I, CFA Institute reported a 39% pass rate in May 2026, compared with 43% in August 2026. CFA Institute currently reports a 10-year average pass rate of 41% for Level I and 45% for Level II. That provides context, but historical averages should not be used to predict an individual's result. The useful comparison is with your own preparation and performance.
CFA Level III August 2026 Results
Level III results have not yet been released. CFA Institute has scheduled the August 2026 Level III results for October 20, 2026. Once the official result is released, the pass rate and candidate information can be added here.
What the August 2026 CFA Results Actually Tell Students
1. A pass rate is not your score
Whether the overall pass rate is 43% or 45% does not tell you how close you were to passing. Your score report is the more relevant document.
2. Your preparation process matters
CFA Institute reported substantially different pass rates for first-time candidates and candidates who had previously deferred in both Level I and Level II. It specifically linked staying on schedule with exam preparation to exam success.
That does not establish that deferring itself causes a lower score. But it does provide a useful reason to take your preparation schedule seriously.
3. The result should lead to a decision
If you passed, decide how you will approach the next level. If you didn't, diagnose what happened before starting again. Either way, the result is not the end of the process. It is information.
The Final Takeaway
The August 2026 CFA results are more than pass-rate numbers. Whether you passed or not, your scorecard can help you understand what worked, what needs improvement and how to approach the next attempt or level. Use the result as feedback, not just a verdict.
FAQs
Q: When were the CFA Level I August 2026 results released?
A: CFA Institute released the Level I results on September 24, 2026.
Q: What was the CFA Level I August 2026 pass rate?
A: The Level I pass rate was 43%, based on 28,145 candidates.
Q: When were the CFA Level II August 2026 results released?
A: CFA Institute released the Level II results on September 30, 2026.
Q: What was the CFA Level II August 2026 pass rate?
A: The Level II pass rate was 45%, based on 10,004 candidates.
Q: How do I check my CFA results?
A: CFA Institute says candidates can access their official result by signing in to their CFA Program account. Results include the pass/fail outcome and score information.
Q: Does the CFA scorecard show topic-wise performance?
A: Yes. CFA Institute provides a breakdown of performance by topic area along with the overall scale score.
Q: When will the CFA Level III August 2026 results be released?
A: The scheduled date is October 20, 2026.
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