CFA® Program
CFA® Level I exam: fee, pass rate and the odds of a retake
CFA® Level I costs $1,140 with early registration and $1,490 standard. Over 2017 to 2026, 40.5% of candidates passed, so an average candidate sits it about 2.5 times: about $2,817 in fees at the early price.
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CFA® Level I: fee and expected sittings
Example, not your result yet· change a figure to see yours
Expected Level I cost
$2,817
| Registration fee | $1,140 |
| Pass rate used | 40.5% |
| Average attempts to pass | 2.47 (about 2 to 3 tries) |
| Chance of passing within two attempts | 64.6% |
4.5 hours, multiple choice. Results come 5 to 9 weeks after the window closes.
Level I is the first of the three CFA® Program exams and the one with the lowest pass rate. It is a multiple-choice exam of 4.5 hours, offered in February, May, August, November. Registration costs $1,140 early or $1,490 standard for exams from February 2026. In the August 2026 session, 28,145 candidates sat Level I and 43.2% passed. Over the ten years 2017 to 2026 the rate was 40.5%, which means an average candidate needs about 2.5 sittings and pays the Level I fee that many times. Results arrive 5 to 9 weeks after the window, and a retake cannot be booked in the very next window. The calculator turns any of these rates into a fee bill for your own window and timing.
Fees read and totals checked by Radif Partners · Editorial policy · Method and sources
Every Level I session since February 2024
| Session | Candidates who sat | Passed | Pass rate |
|---|---|---|---|
| February 2024 | 16,932 | 7,415 | 43.8% |
| May 2024 | 21,116 | 9,666 | 45.8% |
| August 2024 | 24,937 | 11,050 | 44.3% |
| November 2024 | 26,404 | 11,293 | 42.8% |
| February 2025 | 19,848 | 8,935 | 45.0% |
| May 2025 | 24,227 | 10,916 | 45.1% |
| August 2025 | 26,192 | 11,262 | 43.0% |
| November 2025 | 26,752 | 11,402 | 42.6% |
| February 2026 | 24,006 | 10,742 | 44.7% |
| May 2026 | 31,566 | 12,163 | 38.5% |
| August 2026 | 28,145 | 12,168 | 43.2% |
The spread is narrower than the headlines suggest. Most sessions land in the low to mid forties; the lowest of the period is a single session, not a trend. When you read a figure elsewhere, check which session it comes from and whether it counts first-time candidates only or everyone who sat, as CFA Institute’s file does.
From a pass rate to a Level I budget
Treat each sitting as a fresh draw with the same chance of success. The average number of sittings is then 1 divided by that chance, and the chance of being done within two sittings is 1 minus the square of the chance of failing. Applied to a range of rates:
| Pass rate | Expected sittings | Passed within two | Expected fees, early | Expected fees, standard |
|---|---|---|---|---|
| 35.0% | 2.9 | 57.7% | $3,257 | $4,257 |
| 40.0% | 2.5 | 64.0% | $2,850 | $3,725 |
| 45.0% | 2.2 | 69.8% | $2,533 | $3,311 |
| 50.0% | 2.0 | 75.0% | $2,280 | $2,980 |
| 60.0% | 1.7 | 84.0% | $1,900 | $2,483 |
The assumption is plain on purpose. Your own chance is not the pooled rate: candidates who complete a full study plan pass more often than those who sit underprepared, and repeat candidates are mixed into the same figure. Treat the result as the bill of a typical candidate, then move the rate up or down to see how much it matters.
The format, in brief
CFA Institute describes Level I on its exam page as a computer-based multiple-choice exam of 4.5 hours taken at a test center. The curriculum, the topic weights and the candidate body of knowledge are published by CFA Institute for each exam year; this site does not summarize them, because they change and the official outline is the only one that binds the exam. Results are released 5 to 9 weeks after the testing window closes.
Early or standard: the cheapest decision you control
Registering early saves $350 on Level I, and the saving repeats with each retake. A candidate who expects two sittings and registers late both times pays $700 more than one who registers early both times, for the same exam. The three-level calculator shows the effect over the whole program.
Reading your own odds
The results file says nothing about who passes, only how many. Your own position depends on things it cannot see: the hours you can put in before the window, how you score on full practice exams taken under timed conditions, and how much of the material you already use at work. That is why the tool lets you set the pass rate yourself. Try a rate ten points above the pooled figure and ten points below it: the gap between the two fee bills is the value, in registration fees alone, of being better prepared than the average candidate, before counting the months a retake adds to the program.