Finance Exam Pass Rates 2026: Every Major Credential Compared

Finance Exam Pass Rates in 2026

Per-attempt pass rates across the major finance credentials currently span roughly 41% on CFA Level I to 83% on IRS Enrolled Agent Part 3. Every rate in the table below is sourced to the issuing body or the best available published estimate, with its as-of date.

What These Numbers Actually Measure

No two credentialing bodies compute "pass rate" the same way, so read the table with the methodology in mind:

• CFA Institute sets a minimum passing score per administration; the published rate is per-sitting across all candidates. Level I is the low gate at 41%, rising to 52% by Level III as the population self-selects.
• AICPA / NASBA report cumulative section pass rates on a 75 scaled-score standard. FAR (43%) and the BAR discipline (42%) run lowest; ISC (68%) and TCP (78%) run highest.
• CFP Board publishes both overall and first-time rates per administration; the per-attempt figure is 65%.
• GARP publishes per-sitting rates: Part I at 47%, Part II at 55%. Part II is higher largely because everyone sitting it already passed Part I.
• SOA and CAS set a pass mark per sitting; effective rates on the preliminary exams cluster between 47% and 55%.
• FINRA does not publish per-exam pass rates; the Series figures are estimates from industry data. They run high (around 72% for the Series 7) partly because a sponsoring firm has already screened the candidate.
• The IRS SEE (Enrolled Agent) rates come from Prometric. Part 2 (Businesses, 62%) is the real gate; Part 3 (83%) is the formality.
• IMA reports global CMA rates near 45% per part, dragged down by a large international candidate pool sitting in a second language.

Why Pass Rates Mislead

Four distortions to keep in mind before treating the table as a difficulty ranking:

1. Self-selection. Exams later in a sequence (CFA Level III, FRM Part II, actuarial fellowship exams) test a population that already survived earlier gates. Higher rate, not easier exam.
2. Entry barriers. Exams anyone can sit (CFA Level I, Exam P) attract under-prepared candidates who depress the rate. Exams behind a firm sponsorship (Series 7) or education requirement (CPA) test pre-screened candidates.
3. Attempt-weighting. Repeat attempts count in most published rates. Bodies with cheap, frequent retakes accumulate more failing attempts per eventual passer.
4. Scoring opacity. A "pass rate" downstream of an undisclosed pass mark (CFA, actuarial) moves when the body recalibrates, not only when candidates get better or worse.

The more honest difficulty question is what the exam asks of you per hour of preparation. How quantitative is each finance exam breaks the same credential list down by computational share, and the credential ROI map weighs cost and study hours against compensation.

Using Pass Rates Well

What a pass rate is good for: calibrating respect. A 43% pass rate on CPA FAR with motivated, educated accounting graduates sitting it tells you the section punishes shallow preparation, which is why FAR has its own strategy guide.

What it is not good for: picking a credential. Pick by the role you want, then prepare for the gate in front of it. The finance credentials map matches credentials to jobs; pass rates just tell you how seriously to take the preparation.

Whichever exam you land on, the practice layer is free here: every FreeFellow question bank, including full solutions, is open with no trial and no card across CFA, CPA, CFP, FRM, CAIA, CMA, actuarial, FINRA Series, and Enrolled Agent tracks.