Clevency
Current candidate numbers
| Exam window | Approx registered | Approx sat | Pass rate |
|---|---|---|---|
| Feb 2025 | ~45,000 | ~40,500 | 44% |
| May 2025 | ~55,000 | ~49,000 | 42% |
| Aug 2025 | ~50,000 | ~44,500 | 45% |
| Nov 2025 | ~40,000 | ~36,000 | 43% |
| 2025 total | ~190,000 | ~170,000 | ~43% avg |
| Aug 2026 (latest reported) | ~48,000 | ~43,000 | 44% |
The sat/registered gap of roughly 10% reflects deferrals, cancellations, and no-shows — standard across all windows.
Historical trend data
| Year | Level 1 registrants (approx) | vs peak |
|---|---|---|
| 2015 | 170,000 | −39% |
| 2017 | 215,000 | −23% |
| 2018 | 265,000 | −5% |
| 2019 (peak) | 280,000 | 100% |
| 2020 (pandemic cancellations) | n/a — most windows cancelled | — |
| 2021 (first full computer-based year) | 225,000 | −20% |
| 2022 | 205,000 | −27% |
| 2023 | 180,000 | −36% |
| 2024 | 185,000 | −34% |
| 2025 | 190,000 | −32% |
Why did the numbers drop so sharply?
Three forces explain the drop:
- China contraction. Mainland China had been the single largest source of Level 1 registrations through 2019. Registrations from China fell roughly 60% between 2019 and 2023, driven by a cooling domestic financial sector, visa and travel disruption, and regulatory pressure on finance-industry hiring. CFA Institute has acknowledged the China effect publicly.
- Pandemic hangover. The 2020 cancellations pushed many potential candidates to defer or abandon plans. The pipeline effect has taken multiple cycles to work through.
- Shift to computer-based testing. The move from paper to CBT (completed by 2021) raised the per-attempt cost and shifted exam logistics — centres are smaller and more expensive to operate, so registration limits became tighter. Some candidates who would have sat paper-based mass exams in 2019 found CBT availability more constrained.
Geographic breakdown
| Region | Share of registrations (approx) | Trend |
|---|---|---|
| Asia-Pacific | ~45% | Still largest region; China down, India up |
| Americas (US + Canada + LatAm) | ~30% | Stable |
| EMEA (Europe + MENA + Africa) | ~25% | Steady growth, especially MENA |
By country, the US and India are now vying for the largest single-country share, both at roughly 20–22% of global registrations. Mainland China sits at around 12–15% (down from ~28% in 2019). The UK, Canada, and Hong Kong round out the top six.
What candidate volume means for you as a test-taker
Lower candidate numbers do not translate into higher pass rates. CFA Institute uses the Modified Angoff method to set the Minimum Passing Score, which anchors to question difficulty rather than cohort size. Historical data confirms this: pass rates have held in the 40–45% band across cohort sizes from 170,000 to 280,000.
What does change at smaller cohort sizes is the registration experience — fewer waitlists, more scheduling flexibility, less competition for preferred test centres. If you have scheduling constraints, current cohort sizes work in your favour.
First-time vs retaker split
Independent surveys suggest the Level 1 cohort typically breaks down as:
- First-time sitters: ~55–60%
- Retakers (previous fail): ~30%
- Deferrers (previously registered, didn't sit): ~10–15%
Pass rates diverge sharply: first-timers around 49%, retakers around 29%. The composite pass rate CFA Institute publishes blends both.
What CFA Institute is doing about it
CFA Institute's recent initiatives — the shortened Level 1 (dropping from 10 to 8 hours in the pre-CBT era), additional exam windows, the Investment Foundations certificate as a feeder credential, and the Practical Skills Modules introduced in 2024 — all aim to broaden the funnel. Candidate numbers in 2024–2025 ticked up slightly from the 2023 trough, suggesting these interventions are working, albeit slowly.
Frequently asked questions
How many people sit CFA Level 1 in a single window?
Between 36,000 and 50,000, depending on the window. May and August tend to be the largest windows globally; February is the smallest.
Is the number of CFA candidates increasing or decreasing?
Decreasing from the 2019 peak but stabilising since 2023. The 2025 figure of ~190,000 is roughly 32% below peak but up from the 2023 low of ~180,000.
Which country has the most CFA Level 1 candidates?
The US and India are the current top two, each at roughly 20–22% of global registrations. China was historically largest; its share has roughly halved since 2019.
Does a smaller cohort make the exam easier?
No. CFA Institute sets the Minimum Passing Score based on question difficulty (via the Modified Angoff method), not cohort size. Pass rates have been stable through large swings in registration volume.
How many of the registered candidates actually show up?
Roughly 90%. The 10% gap reflects deferrals, cancellations, and no-shows. CFA Institute reports both figures separately.
What percentage of candidates are first-time sitters?
Roughly 55–60% in a typical Level 1 window. The rest are retakers or deferrers. First-timers pass at a materially higher rate (~49% vs ~29%).