CFA Level 2 Pass Rate History: 2026 Results and Trends

Short answer

The CFA Level 2 pass rate was 45% in August 2026, in line with its 10-year average. The two previous windows were lower: 43% in May 2026 and 42% in November 2025. First-time candidates passed at 52% in August 2026, compared with 30% for candidates who had deferred at least once.

Level 2 pass rates move within a fairly narrow band in normal years, usually somewhere in the low-to-mid 40s. The numbers are useful for setting expectations, but the more interesting story is inside them: who passes, who does not, and why a 45% rate at Level 2 describes a much stronger field than the same number at Level 1.

Recent CFA Level 2 pass rates

Exam window	Level 2 pass rate
August 2026	45%
May 2026	43%
November 2025	42%
August 2025	44%

Source: CFA Institute results announcements. Level 2 is offered in May, August and November.

The August 2026 window had more than 10,000 Level 2 candidates. CFA Institute described the 45% result as matching the 10-year average, after the November 2025 window had produced the lowest Level 2 rate since 2022.

The longer history

Period	Level 2 pass rate	Context
2015	46%	Single annual paper-based exam
2016	46%	Single annual paper-based exam
2017	47%	Single annual paper-based exam
2018	45%	Single annual paper-based exam
2019	44%	Last full paper-based year
2021	As low as 29% in one window	Pandemic backlog and the move to computer-based testing
2022–2026	Mostly low-to-mid 40s	Multiple computer-based windows per year

Two things stand out. First, the pre-pandemic paper era was remarkably stable, with every year between 44% and 47%. Second, 2021 was an outlier. Candidates who had been deferred through 2020 were compressed into the first computer-based windows, many with interrupted preparation, and pass rates fell sharply. Since then, rates have returned to roughly the long-run norm, with more window-to-window movement than the paper era because each window is smaller. CFA Institute publishes every window since 1963 in its historical results document if you want the full series.

First-time vs deferred candidates

The headline rate hides the biggest split in the data. In August 2026, first-time Level 2 candidates passed at 52%. Candidates sitting after at least one deferral passed at 30%.

Part of that gap is selection: candidates who defer are more likely to have been behind on preparation in the first place. But part of it is probably causal. Deferral breaks study momentum, and Level 2 relies heavily on Level 1 knowledge that fades over time. If you are on schedule and preparing properly, the 52% figure is a better guide to your odds than the headline 45%. The same pattern appears at every level, as we show in how many people sit CFA Level 1.

Why Level 2 feels harder than its pass rate suggests

Level 2's pass rate is similar to Level 1's, but most candidates find it the harder exam. The reason is the candidate pool. Everyone sitting Level 2 has already passed Level 1, so a 45% pass rate at Level 2 means more than half of an already-filtered group did not reach the standard.

The format adds to the difficulty. Level 2 has 88 questions in 22 item sets, each built around a case-study vignette. A misread vignette can cost several questions at once, and questions focus on choosing the right model and spotting flawed inputs rather than straightforward calculation. Our comparison of Level 2 vs Level 1 covers the differences in detail.

What the numbers mean for your preparation

Plan for the long-run rate, not a lucky window. Window-to-window movements of a few points are mostly driven by who sits, not by the exam getting easier or harder. Choose your window for your preparation timeline.

Avoid deferring if you can. The 22-point gap between first-time and deferred candidates is the most actionable number in the data. If you are behind, a focused final month is often better than a deferral.

Focus on the areas where marks disappear. At Level 2, Equity valuation, Financial Statement Analysis and Fixed Income are where well-prepared candidates still lose marks. See our guides on equity valuation models and Level 2 fixed income.

Take timed item-set mocks. The skill being tested is working inside a vignette under time pressure. Full timed mocks, reviewed at the sub-topic level, are the closest you can get to the real thing.

Frequently asked questions

What is the CFA Level 2 pass rate in 2026?

The Level 2 pass rate was 45% in August 2026 and 43% in May 2026.

What is the average CFA Level 2 pass rate?

The 10-year average is about 45%. Pre-pandemic annual exams ranged from 44% to 47%.

What was the lowest CFA Level 2 pass rate?

The lowest recent results came in 2021, when one window fell to 29% as pandemic-deferred candidates sat the first computer-based exams.

Do first-time candidates pass Level 2 at a higher rate?

Yes. In August 2026, first-time Level 2 candidates passed at 52%, compared with 30% for candidates who had deferred at least once.

Is CFA Level 2 harder than Level 1?

Most candidates find it harder. The pass rates are similar, but the Level 2 pool has already passed Level 1, and the item-set format tests deeper application.

How often is CFA Level 2 offered?

Level 2 is offered three times a year, in May, August and November.

Does the exam window affect my chances of passing?

Not in a way you can plan around. Differences between windows are usually a few percentage points and mostly reflect who sits. Your preparation matters far more.