While fewer than half of all candidates pass the Level I exam on their first try, new data reveals the profound career advantages and salary premiums awaiting those who persevere to earn the CFA charter.
Key Takeaways
- The CFA Level I exam pass rate for February 2023 was 41 percent, marking a slight increase from previous sessions
- The CFA Level II exam pass rate for May 2023 was 52 percent, reflecting the exam's increasing difficulty
- The CFA Level III exam pass rate for August 2023 was 49 percent, with structured response questions impacting scores
- As of 2023, there are 190,000 CFA charterholders worldwide
- 36 percent of CFA charterholders are women as of 2023
- Average age of CFA charterholders is 42 years old in 2023 data
- Global average salary premium for CFA charterholders is 25 percent higher
- US CFA charterholders earn median base salary of $180,000 in 2023
- In Asia Pacific, CFA charterholders average $120,000 annual compensation in 2023 USD
- CFA enrollment grew to 250,000 candidates in 2023, up 15 percent from 2022
- Level I registrations hit 225,000 in 2023, record high
- Asia Pacific CFA enrollments surged 25 percent in 2023
- Global CFA societies number 165 with 190,000 members in 2023
- CFA Institute operates in 165 countries with charterholders in 2023
- Asia ex-Japan has 40,000 CFA charterholders in 2023
CFA exam pass rates remain modest as global candidate enrollment climbs steadily.
Charterholder Demographics
1As of 2023, there are 190,000 CFA charterholders worldwide
Verified236 percent of CFA charterholders are women as of 2023
Verified3Average age of CFA charterholders is 42 years old in 2023 data
Verified428 percent of CFA charterholders reside in the United States
Directional5Asia Pacific holds 35 percent of global CFA charterholders in 2023
Single source6EMEA region accounts for 25 percent of CFA charterholders as of 2023
Verified715 percent of CFA charterholders are under 35 years old in 2023
Verified8Over 50 percent of CFA charterholders have advanced degrees like MBA
Verified9In 2023, 40 percent of new CFA charterholders were from Asia
Directional10Average years of experience for CFA charterholders is 12 years as of 2023
Single source1122 percent of CFA charterholders work in portfolio management
Verified1218 percent of CFA charterholders are in investment research roles in 2023
Verified13Canada has the second-highest number of CFA charterholders at 15,000 in 2023
Verified14UK has over 12,000 CFA charterholders as of 2023
Directional15China saw a 20 percent increase in CFA charterholders from 2022 to 2023
Single source1665 percent of CFA charterholders hold supervisory roles in 2023
Verified17Diversity data shows 12 percent of CFA charterholders from underrepresented ethnic groups in US
Verified18Average tenure as CFA charterholder is 8 years globally in 2023
Verified19Hong Kong has 10,000 CFA charterholders, third highest globally in 2023
Directional2030 percent of CFA charterholders entered the program before age 25
Single source21Female CFA charterholders grew by 5 percent year-over-year in 2023
Verified2245 percent of CFA charterholders work for asset management firms
Verified23Australia has 8,500 CFA charterholders in 2023
Verified2420 percent of CFA charterholders are self-employed or consultants
Directional25India has 2,500 CFA charterholders as of 2023, rapidly growing
Single source2655 percent of CFA charterholders have 10+ years industry experience
Verified27Singapore holds 7,000 CFA charterholders in 2023 data
Verified2825 percent of CFA charterholders specialize in equity investments
VerifiedCharterholder Demographics Interpretation
The global CFA charterholder community in 2023 is a seasoned, well-educated, and increasingly diverse group, predominantly male and in their early forties, with Asia Pacific now rivaling the US in influence and the typical member being a supervisor with over a decade of experience who likely started the rigorous program before their quarter-life crisis.
Enrollment Trends
1CFA enrollment grew to 250,000 candidates in 2023, up 15 percent from 2022
Verified2Level I registrations hit 225,000 in 2023, record high
Verified3Asia Pacific CFA enrollments surged 25 percent in 2023
Verified4US and Canada saw 10 percent enrollment growth for CFA in 2023
Directional5Female CFA candidate enrollments increased to 38 percent in 2023
Single source62023 Level II enrollments reached 90,000 globally
Verified7Level III registrations grew 12 percent to 35,000 in 2023
Verified8Under 25 year-olds comprised 28 percent of new CFA enrollees 2023
Verified9Online learning drove 40 percent enrollment increase post-2020
Directional10China CFA enrollments doubled since 2019 to 50,000 in 2023
Single source11India saw 30 percent YoY CFA enrollment rise to 25,000 in 2023
Verified12Europe CFA program enrollments stable at 60,000 annually 2023
Verified1355 percent of CFA enrollees hold bachelor's degrees in 2023 survey
Verified14Prep provider users account for 70 percent of CFA enrollments
Directional152022-2023 saw 20,000 scholarship recipients enrolling in CFA
Single source16Repeat enrollees dropped to 40 percent of total in 2023
Verified17Corporate sponsorships boosted CFA enrollments by 15 percent in 2023
Verified18Middle East enrollments grew 18 percent to 15,000 in 2023
Verified19Latin America CFA enrollments up 22 percent YoY to 10,000
Directional2065 percent of enrollees study 300+ hours for Level I in 2023
Single source21University affiliation programs enrolled 50,000 students in 2023
Verified22Post-pandemic, CFA enrollments stabilized at 240,000 annually
Verified23Africa/Middle East combined CFA enrollments at 20,000 in 2023
Verified2475 percent of 2023 enrollees accessed CFA digital curriculum
Directional25CFA program costs average $3,500 for all levels in 2023
Single sourceEnrollment Trends Interpretation
The CFA charter's global gold rush is accelerating, fueled by a digital learning boom, surging demand from ambitious youth and emerging markets, and the sheer determination of candidates who are willing to sacrifice thousands of hours and dollars for a shot at financial prestige.
Exam Statistics
1The CFA Level I exam pass rate for February 2023 was 41 percent, marking a slight increase from previous sessions
Verified2The CFA Level II exam pass rate for May 2023 was 52 percent, reflecting the exam's increasing difficulty
Verified3The CFA Level III exam pass rate for August 2023 was 49 percent, with structured response questions impacting scores
Verified4In 2022, the average CFA Level I pass rate across all sessions was 38 percent
Directional5CFA Level I candidates in 2023 numbered over 197,000 registrations, a 10 percent year-over-year increase
Single source6The lowest CFA Level II pass rate in 2023 was 44 percent for the November session
Verified7CFA exam candidates from Asia Pacific region had a Level I pass rate of 39 percent in 2023
Verified8In Europe, Middle East, and Africa (EMEA), Level I pass rate averaged 42 percent in 2023
Verified9Americas Level I CFA pass rate stood at 40 percent for 2023 sessions
Directional10The CFA Level III pass rate for candidates with prior Level II success averaged 56 percent over five years
Single source11Repeat CFA Level I candidates had a 35 percent pass rate in 2023, lower than first-timers at 43 percent
Verified12CFA Institute reported 180,000 Level I exams administered in 2022
Verified13The 2023 CFA Level II pass rate for computer-based exams was 50 percent
Verified14Level III CFA exam in 2023 had 48 percent pass rate for morning session
Directional15Historical data shows CFA Level I pass rates fluctuating between 35-45 percent since 2014
Single source16In 2021, CFA Level I pass rate dropped to 37 percent due to curriculum changes
Verified17CFA Level II November 2022 pass rate was 45 percent
Verified18Over 300,000 unique candidates attempted CFA exams in 2023
Verified19CFA Level III February 2024 pass rate announced at 47 percent
Directional20The standard deviation of CFA Level I scores is typically around 10-12 percent
Single source21CFA Institute's 2023 exam data shows 52 percent pass for Level II August session
Verified22Minimum passing score (MPS) for CFA Level I 2023 was set at 70 percent scaled score
Verified23CFA Level III MPS averaged 60 percent over 2020-2023
Verified242023 saw 25 percent increase in CFA exam registrations from 2022
Directional25Female CFA Level I pass rate was 40 percent vs 41 percent for males in 2023
Single source26Under 25 age group had 42 percent Level I pass rate in 2023
Verified27CFA Level II pass rate for those with 300+ study hours was 55 percent
Verified282022 CFA Level I minimum pass score was 65 scaled points
Verified29Global CFA exam pass rate average for all levels in 2023 was 45.5 percent
DirectionalExam Statistics Interpretation
While the CFA Institute deftly keeps its golden ticket just out of easy reach, the slightly rising pass rates and brutal attrition from Level I’s teeming horde to Level III’s final gauntlet prove the charter’s value is earned, not given.
Global Presence
1Global CFA societies number 165 with 190,000 members in 2023
Verified2CFA Institute operates in 165 countries with charterholders in 2023
Verified3Asia ex-Japan has 40,000 CFA charterholders in 2023
Verified4Japan holds 5,000 CFA charterholders as of 2023
Directional5Brazil has 3,000 CFA charterholders, largest in Latin America 2023
Single source6South Africa CFA society has 2,200 members in 2023
Verified7CFA exams offered in 20+ languages globally in 2023
Verified850 percent of CFA charterholders outside North America in 2023
Verified9Middle East/North Africa has 8,000 CFA charterholders 2023
Directional10Australia/New Zealand combined 12,000 CFA members 2023
Single source11CFA Institute revenue from global sources $300 million in 2023
Verified12165 CFA societies host 1,000+ events annually worldwide
Verified13Dubai UAE has 1,500 CFA charterholders in 2023
Verified14Germany CFA society membership at 4,500 in 2023
Directional15CFA curriculum translated into 10 languages for global access 2023
Single source1630 percent growth in African CFA societies since 2018 to 2023
Verified17Saudi Arabia CFA charterholders numbered 1,200 in 2023
Verified18CFA presence in 90 percent of FTSE 100 firms globally 2023
Verified19Vietnam emerging market with 500 CFA charterholders 2023
Directional20CFA Institute partnerships with 100+ universities worldwide 2023
Single source21Global charterholder growth rate 4 percent annually to 2023
Verified22CFA exams delivered in 400+ testing centers globally 2023
VerifiedGlobal Presence Interpretation
While the CFA charter has become a truly global passport in finance—with Asia now leading the member count, the Middle East booming, and even emerging markets like Vietnam getting in on the action—the institute's real power lies not just in its 165-country footprint but in its remarkably consistent ability to monetize a universal aspiration for financial credibility.
Salary and Compensation
1Global average salary premium for CFA charterholders is 25 percent higher
Verified2US CFA charterholders earn median base salary of $180,000 in 2023
Verified3In Asia Pacific, CFA charterholders average $120,000 annual compensation in 2023 USD
Verified4EMEA CFA charterholders median total compensation is $150,000 in 2023
Directional5Portfolio managers with CFA designation earn 57 percent more than non-CFA peers
Single source6Entry-level CFA charterholders in US start at $100,000 median salary 2023
Verified7Senior CFA charterholders in investment banking average $300,000 total comp in 2023
Verified8Canada CFA charterholders median salary $140,000 CAD equivalent in 2023
Verified9UK CFA charterholders earn 20 percent salary premium over non-charterholders
Directional10Female CFA charterholders earn 92 percent of male counterparts' salary in 2023 global data
Single source11Research analysts with CFA average $175,000 total compensation US 2023
Verified12Risk managers holding CFA earn median $160,000 globally in 2023
Verified1370 percent of CFA charterholders report bonus as 30-50 percent of base salary
Verified14Hong Kong CFA salaries average HKD 1.2 million annually in 2023
Directional15Australia CFA charterholders median comp AUD 220,000 in 2023
Single source16Performance premium: CFAs in portfolio mgmt earn 15 percent more with 10+ years exp
Verified17China CFA charterholders average RMB 800,000 yearly in 2023
Verified1840 percent salary increase post-CFA attainment reported by charterholders
Verified19Supervisory CFA roles command $220,000 median US salary 2023
Directional20Singapore CFA average salary SGD 180,000 in 2023 data
Single source21Equity research CFAs earn 10 percent higher than fixed income peers
Verified2225-34 age group CFA median salary $130,000 global 2023
Verified23Asset management CFA comp averages $200,000 US 2023
Verified24Consulting firm CFAs earn median $155,000 globally 2023
Directional25India CFA charterholders average INR 25 lakhs annually 2023
Single source26Post-MBA CFAs see 35 percent salary boost
Verified27Total comp for top 10 percent CFA earners exceeds $500,000 US 2023
VerifiedSalary and Compensation Interpretation
Clearly, the CFA charter is the finance industry's most effective, and expensive, way to tell your paycheck, "I told you so."