The June 2010 CFA Exam Pass Rates were as below:
- Level I: 42%
- Level II: 39%
- Level III: 46%
In general these results were low by historical standards (especially for Level 1 and Level 2). The CFA Institute maintains that they do not change the level of difficulty over time but the lower pass rate instead reflects the higher number of candidates who take the exam ‘speculatively’ without putting in the required amount of work – resulting in a lower CFA pass rate overall.