1963 - 2023

CANDIDATE EXAMINATION RESULTS

CFA Candidates LEVEL I LEVEL II LEVEL III

Year Total% Pass TotalPass Fail % PasTot Pass Fa% PasTotaPass Fa% Pass

1963 284 94% - - - 0% - - - 0% ### 268### 94%

1964 1,73284% 1,241 986 255 79% ### 283### 94% ### 179### 95%

1965 1,99 83% 767 649 118 85% ### 678### 78% ### 329### 91%

1966 2,01075% 621 481 140 77% ### 469### 66% ### 563### 83%

1967 1,69 83% 594 423 171 71% ### 496### 89% ### 491### 90%

1968 1,57973% 592 412 180 70% ### 334### 75% ### 414### 77%

1969 1,31674% 556 409 147 74% ### 322### 78% ### 237### 68%

1970 1,40 67% 644 424 220 66% ### 285### 77% ### 238### 61%

1971 1,45869% 755 464 291 61% ### 253### 74% ### 288### 80%

1972 1,48670% 731 466 265 64% ### 354### 77% ### 214### 73%

1973 1,63 60% 721 432 289 60% ### 324### 57% ### 222### 65%

1974 1,79774% 862 604 258 70% ### 377### 74% ### 355### 84%

1975 1,84175% 808 568 240 70% ### 421### 75% ### 393### 84%

1976 1,70676% 634 457 177 72% ### 477### 74% ### 363### 84%

1977 1,99 74% 667 421 246 63% ### 510### 81% ### 540### 78%

1978 2,00873% 925 596 329 64% ### 379### 85% ### 481### 75%

1979 1,87676% 824 522 302 63% ### 460### 84% ### 441### 88%

1980 1,98573% 949 602 347 63% ### 407### 77% ### 437### 86%

1981 2,25371% 1,107 677 430 61% ### 580### 85% ### 340### 74%

1982 2,88664% 1,532 903 629 59% ### 489### 68% ### 469### 73%

1983 3,24365% 1,65 1,082 573 65% ### 637### 65% ### 392### 64%

1984 4,03063% 2,0751,199 876 58% 1,1 701### 61% ### 658### 81%

1985 4,28567% 2,18 1,317 869 60% 1,3 965### 74% ### 579### 73%

1986 4,83765% 2,3661,405 961 59% 1,3 884### 64% 1,09 845### 77%

1987 5,70262% 3,0951,782 1,313 58% 1,5 995### 64% 1,05 755### 72%

1988 7,09159% 3,9272,174 1,753 55% 1,9 1,163

### 60% 1,21 864### 71%

1989 8,06462% 4,14 2,237 1,912 54% 2,4 1,590

### 64% 1,431,133
### 79%

1990 8,76064% 4,41 2,658 1,757 60% 2,5 1,594

### 63% 1,821,360
### 75%

1991 9,86 62% 4,9503,087 1,863 62% 3,0 1,618 1, 54% 1,911,436
### 75%

1992 10,5165% 5,0022,928 2,074 59% 3,5 2,258 1, 64% 2,011,658

### 82%

1993 12,8059% 6,58 3,616 2,972 55% 3,6 2,061 1, 56% 2,541,936
### 76%

1994 15,4152% 8,4454,087 4,358 48% 4,4 2,109 2, 48% 2,551,859

### 73%

1995 19,5152% 11,345,750 5,591 51% 5,5 2,535 2, 46% 2,651,860

### 70%

1996 24,6 58% 14,387,627 6,754 53% 7,0 4,596 2, 65% 3,121,999 1, 64%

1997 30,6 55% 16,838,847 7,986 53% 8,4 5,011 3, 59% 5,313,119 2, 59%

1998 38,6860% 21,7412,855 8,889 59% 10, 6,433 3, 62% 6,653,895 2, 59%

1999 45,1460% 23,1914,757 8,442 64% 13, 7,329 6, 54% 8,445,015 3, 59%

2000 53,3455% 27,6214,314 13,311 52% 16, 8,636 7, 54% 9,686,274 3, 65%

2001 65,7054% 36,3 17,726 18,591 49% 17, 8,322 9, 46% 11,49,410 2, 82%

2002 76,2347% 43,8819,106 24,776 44% 22, 10,41 1147% 10,15,924 4, 58%

2003A 67,2749% 32,0213,478 18,549 42% 22, 10,43 1147% 13,08,816 4, 68%

2003B 20,6540% 20,658,214 12,443 40%

2004A 61,5540% 24,218,262 15,949 34% 23, 7,649 1632% 13,48,669 4, 64%

2004B 19,5636% 19,567,128 12,438 36%

2005A 58,9048% 22,918,138 14,777 36% 24, 13,93 1056% 11,16,083 5, 55%

2005B 21,1 34% 21,1 7,276 13,851 34%

2006A 63,2 52% 26,4610,602 15,865 40% 20, 9,751 1048% 16,212,3143, 76%

2006B 28,0839% 28,0810,905 17,177 39%

2007A 71,8942% 33,5913,294 20,305 40% 25, 10,15 1540% 12,76,399 6, 50%
2007B 37,5739% 37,5714,831 22,742 39%

2008A 92,0842% 44,0615,311 28,752 35% 33, 15,24 1846% 14,57,720 6, 53%

2008B 49,7935% 49,7917,612 32,185 35%

2009A 104,145% 45,6821,034 24,648 46% 38, 15,89 2341% 19,49,597 9, 49%

2009B 44,2 34% 44,2 14,884 29,325 34%

2010A 111,742% 46,8619,656 27,207 42% 43, 16,99 2639% 21,49,881 1146%

2010B 46,7836% 46,7817,009 29,776 36%

2011A 115,043% 48,0618,881 29,187 39% 44, 19,00 2543% 22,711,5671151%

2011B 49,3838% 49,3818,736 30,644 38%

2012A 119,443% 49,4418,968 30,477 38% 45, 19,19 2642% 24,712,8701152%

2012B 48,9837% 48,9818,106 30,875 37%

2013A 118,142% 47,5018,078 29,424 38% 44, 19,31 2543% 25,712,6071349%

2013B 45,6943% 45,6919,469 26,224 43%

2014A 118,646% 47,0019,592 27,413 42% 44, 20,64 2446% 26,814,5351254%

2014B 47,1744% 47,1720,589 26,586 44%

2015A 125,446% 51,1321,303 29,831 42% 46, 21,50 2546% 27,414,6641253%

2015B 52,3143% 52,3122,274 30,041 43%

2016A 137,746% 58,6725,093 33,584 43% 50, 23,32 2646% 28,815,6061354%

2016B 59,6243% 59,6225,807 33,820 43%

2017A 151,847% 63,2827,158 36,125 43% 56, 26,91 3047% 31,617,1731454%

2017B 68,0843% 68,0829,583 38,503 43%

2018A 179,246% 79,5034,547 44,960 43% 64, 28,87 3545% 35,519,9201556%

2018B 77,2445% 77,2434,651 42,594 45%

2019A 196,745% 83,6534,585 49,071 41% 74, 32,95 4144% 38,321,3801656%

2019B 73,6 42% 73,6 30,628 43,060 42%

2020B 55,6752% 26,2 12,806 13,406 49% 18, 10,02 8, 55% 11,36,290 5, 56%

2021 February 28,6844% 28,6812,510 16,173 44%

2021 May 80,6736% 26,0 6,506 19,499 25% 33, 13,30 1940% 21,69,088 1242%

2021 July 28,8422% 28,846,468 22,381 22%

2021 August 29,3 29% 16,024,211 11,815 26% 10, 3,064 7, 29% 2,761,169 1, 42%

2021 November 62,4 37% 28,1 7,607 20,563 27% 18, 8,290 9, 46% 16,16,989 9, 43%

2022 February 30,6939% 18,996,801 12,191 36% 11, 5,132 6, 44%

2022 May 31,7842% 19,407,315 12,088 38% 12,36,047 6, 49%

2022 August 45,0841% 19,107,032 12,071 37% 15, 6,317 9, 40% 10,35,032 5, 48%

2022 November 37,2538% 24,938,932 16,005 36% 12, 5,382 6, 44%

2023 February 31,8143% 16,956,441 10,518 38% 14,87,102 7, 48%

2023 May 39,2444% 23,359,042 14,310 39% 15, 8,291 7, 52%

2023 August 48,3942% 23,2 8,713 14,576 37% 9,0 3,999 5, 44% 16,07,585 8, 47%

2023 November 43,5338% 28,9510,104 18,849 35% 14, 6,377 8, 44%

1963-2023 3,76045% 2,182899,220 1,283,508 41% 1,0 459,7 5446% 574,317,3 2555%

2014-2023* 1,88143% 1,090440,298 650,033 40% 496224,3 2745% 294,152,5 1452%

* 10 year average pass rate

Note:

A = June Examination (Levels I, II, and III)

B = December Examination (Level I only)