Which CFA level is the hardest? Pass rates, formats and what makes each level difficult

11 October 2026 · 4 min read · Charta Learning

Ask a room of charterholders which level was hardest and you will get three answers. The question has two halves: which level fewer people pass, and which one demands the most of you. The published results answer the first. The formats help with the second. This guide sets out both, and leaves the verdict to you.

What the pass rates show

CFA Institute publishes the pass rate for each level after every exam window. Averaged over time, they rise from Level I to Level III:

By this measure Level I has the lowest pass rate and Level III the highest. The latest windows, and each level's results by window, are on the pass rates page.

Read those numbers with care. A pass rate describes everyone who sat the exam, not a typical candidate with a plan. It also reflects who is sitting: Level I is open to anyone who enrols, while Level II and Level III are sat only by people who passed the level before. A higher pass rate at a later level therefore does not mean the later exam is easier. It means the people sitting it have already shown they can pass.

How the formats differ

The level you are on changes the skill being tested.

• Level I is 180 standalone multiple-choice questions, about 90 seconds each, testing knowledge and basic application across every topic. The challenge is breadth and speed.
• Level II is 22 item sets of four questions, each built on a vignette. You must read a case, find the data and apply the right model before answering. The challenge is depth, calculation and reading under the clock.
• Level III is 11 item sets and 11 essay sets worth 12 points each. You type written answers and calculations. The challenge is judgement and expressing it precisely.

See the full format of each level.

What makes each level hard

• Level I is hard because it is wide. Every topic is examined, and there are ten of them, so a weak topic can cost marks you cannot make up elsewhere. Newcomers also have the most new vocabulary to learn.
• Level II is hard because vignettes demand both knowledge and speed. A question you could answer in a minute in isolation takes longer when you must first find its inputs in a page of text.
• Level III is hard because you write your answers, so you must apply the facts of the case precisely and answer exactly what is asked. Only the number of answers requested is marked, in the order you give them.

None of these is worse than the others in any absolute sense. They are different tests.

Which is hardest for you?

It depends on your strengths:

• If you are strong at calculation and weaker at writing, Level III's essays may feel harder than Level II's vignettes.
• If you read slowly or tire during long passages, Level II's item sets will be hard.
• If you are new to finance, Level I may be hardest, simply because it has the most to learn from scratch.
• If you have years of practical experience, you may find Level III more natural than the earlier levels.

Whichever level you are on, the preparation is the same in outline: find your weak topics, practise on questions in the exam's own format, review on a schedule, and plan around about 300 hours. See how many hours to study.

Common questions

Which CFA level has the lowest pass rate?

Level I, at 41% on average over 1963 to 2026 and over 2022 to 2026, according to CFA Institute's published results.

Is Level III easier because its pass rate is higher?

Not necessarily. Only candidates who passed Levels I and II sit Level III, so its pass rate reflects a group that has already succeeded twice.

Which CFA level do candidates find hardest?

Opinions differ. Level II is often named because of its vignettes, but the published results show Level I with the lowest pass rate, and the answer depends on your strengths.

How do I know which level I find hardest?

Take a diagnostic before you start and track your results by topic. A free diagnostic shows where you stand.

Sources

• CFA Institute, candidate exam results: pass rates by level and window, summarised on our pass rates page.
• CFA Institute, The CFA Program: the exam format of each level.

Pass rates change with every exam window. Check the latest figures on the pass rates page.