Pass rates for both exams declined below 50% during the 2000s, as the number of candidates blossomed to more than 100,000 by 2009. Level I pass rates have changed little in recent years, ranging between 42% and 43%. June's level II pass rate was the highest since 2003 after breaking above a steady 46% trend of the previous three years.
CFA Level I and II exam results released
Level III results will be released in early August, but pass rates for that exam have historically been higher with 54% passing the June 2016 exam.