The CFA Institute will release examination results for the November 2025 Level 1 and Level 2 exams on January 13 and January 15, 2026 , respectively. Candidates will receive their scores directly at their registered email addresses. Results will also be available for download through the official CFA Institute website, cfainstitute.org, for those who took the exams.
Understanding the CFA Program
The Chartered Financial Analyst (CFA) designation is a globally recognized credential for investment professionals. It signifies expertise in investment analysis, portfolio management, and wealth planning. The program involves a rigorous, three-level examination series covering a broad range of investment topics.
Achieving the CFA charter demonstrates a strong commitment to ethical conduct and professional standards within the investment industry. The program is recognized by financial regulators and employers worldwide as a benchmark for competency and integrity.
Exam Schedule and Structure
The CFA Level 1 November 2025 exam took place over several days, from November 12 to November 18, 2025 . The CFA Level 2 November 2025 exam followed, administered from November 18 to November 22, 2025 .
Each level of the CFA program assesses different skills. Level 1 focuses on investment tools and ethical and professional standards. Level 2 applies these tools and concepts to asset valuation. Successful completion of Level 2 allows candidates to register for the Level 3 exam, which concentrates on portfolio management and wealth planning.
Determining Pass Scores
To pass the CFA exam, candidates must achieve a minimum passing score (MPS). The CFA Institute sets this MPS for each exam session individually. This method accounts for variations in exam difficulty between different administrations.
Candidates scoring at or above the MPS qualify for the next level of the program. Those scoring below the MPS do not pass the exam for that session. The MPS is not a fixed percentage; it adapts to maintain consistent standards across exams.
CFA Exam Pass Rates
The CFA Institute provides pass rate data for previous exam administrations. These rates indicate the percentage of candidates who successfully passed a particular exam level during a specific testing window. Analyzing these trends offers insight into the exam’s challenging nature.
CFA Level 1 Pass Rates
| Exam Session | Pass Rate |
|---|---|
| November 2024 | 53% |
| February 2025 | 45% |
| May 2025 | 45% |
| August 2025 | 43% |
CFA Level 2 Pass Rates
| Exam Session | Pass Rate |
|---|---|
| November 2024 | 39% |
| May 2025 | 54% |
| August 2025 | 44% |
Historical data shows variability in pass rates, often reflecting the rigorous standards maintained by the CFA Institute. The November 2025 results will add to these trends, providing an update on candidate performance.
Results Breakdown and Further Steps
Alongside individual results, the CFA Institute will release aggregate statistics for the November 2025 Level 1 and 2 exams. This data will include the total number of candidates who appeared for each exam, the number who qualified, and the number who did not pass. This information provides a comprehensive overview of the exam session’s outcomes.
Candidates who pass Level 2 become eligible to register for the Level 3 exam, representing the final stage of the CFA program examination process. Passing all three levels is a prerequisite for earning the CFA charter, alongside meeting professional experience requirements.
CFA Program: A Growing Field
The finance industry sees continuous evolution, with credentials like the CFA program playing a significant role. A recent study indicated that CFA and CMA (Certified Management Accountant) are among the most preferred finance courses for women, noting a 5% yearly increase in female enrollment in such programs. This highlights the growing diversity and expanding accessibility of professional certifications in finance.