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
- 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
- 28 percent of CFA charterholders reside in the United States
- Asia Pacific holds 35 percent of global CFA charterholders in 2023
- EMEA region accounts for 25 percent of CFA charterholders as of 2023
- 15 percent of CFA charterholders are under 35 years old in 2023
- Over 50 percent of CFA charterholders have advanced degrees like MBA
- In 2023, 40 percent of new CFA charterholders were from Asia
- Average years of experience for CFA charterholders is 12 years as of 2023
- 22 percent of CFA charterholders work in portfolio management
- 18 percent of CFA charterholders are in investment research roles in 2023
- Canada has the second-highest number of CFA charterholders at 15,000 in 2023
- UK has over 12,000 CFA charterholders as of 2023
- China saw a 20 percent increase in CFA charterholders from 2022 to 2023
- 65 percent of CFA charterholders hold supervisory roles in 2023
- Diversity data shows 12 percent of CFA charterholders from underrepresented ethnic groups in US
- Average tenure as CFA charterholder is 8 years globally in 2023
- Hong Kong has 10,000 CFA charterholders, third highest globally in 2023
- 30 percent of CFA charterholders entered the program before age 25
- Female CFA charterholders grew by 5 percent year-over-year in 2023
- 45 percent of CFA charterholders work for asset management firms
- Australia has 8,500 CFA charterholders in 2023
- 20 percent of CFA charterholders are self-employed or consultants
- India has 2,500 CFA charterholders as of 2023, rapidly growing
- 55 percent of CFA charterholders have 10+ years industry experience
- Singapore holds 7,000 CFA charterholders in 2023 data
- 25 percent of CFA charterholders specialize in equity investments
Charterholder 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
- 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
- US and Canada saw 10 percent enrollment growth for CFA in 2023
- Female CFA candidate enrollments increased to 38 percent in 2023
- 2023 Level II enrollments reached 90,000 globally
- Level III registrations grew 12 percent to 35,000 in 2023
- Under 25 year-olds comprised 28 percent of new CFA enrollees 2023
- Online learning drove 40 percent enrollment increase post-2020
- China CFA enrollments doubled since 2019 to 50,000 in 2023
- India saw 30 percent YoY CFA enrollment rise to 25,000 in 2023
- Europe CFA program enrollments stable at 60,000 annually 2023
- 55 percent of CFA enrollees hold bachelor's degrees in 2023 survey
- Prep provider users account for 70 percent of CFA enrollments
- 2022-2023 saw 20,000 scholarship recipients enrolling in CFA
- Repeat enrollees dropped to 40 percent of total in 2023
- Corporate sponsorships boosted CFA enrollments by 15 percent in 2023
- Middle East enrollments grew 18 percent to 15,000 in 2023
- Latin America CFA enrollments up 22 percent YoY to 10,000
- 65 percent of enrollees study 300+ hours for Level I in 2023
- University affiliation programs enrolled 50,000 students in 2023
- Post-pandemic, CFA enrollments stabilized at 240,000 annually
- Africa/Middle East combined CFA enrollments at 20,000 in 2023
- 75 percent of 2023 enrollees accessed CFA digital curriculum
- CFA program costs average $3,500 for all levels in 2023
Enrollment 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
- 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
- In 2022, the average CFA Level I pass rate across all sessions was 38 percent
- CFA Level I candidates in 2023 numbered over 197,000 registrations, a 10 percent year-over-year increase
- The lowest CFA Level II pass rate in 2023 was 44 percent for the November session
- CFA exam candidates from Asia Pacific region had a Level I pass rate of 39 percent in 2023
- In Europe, Middle East, and Africa (EMEA), Level I pass rate averaged 42 percent in 2023
- Americas Level I CFA pass rate stood at 40 percent for 2023 sessions
- The CFA Level III pass rate for candidates with prior Level II success averaged 56 percent over five years
- Repeat CFA Level I candidates had a 35 percent pass rate in 2023, lower than first-timers at 43 percent
- CFA Institute reported 180,000 Level I exams administered in 2022
- The 2023 CFA Level II pass rate for computer-based exams was 50 percent
- Level III CFA exam in 2023 had 48 percent pass rate for morning session
- Historical data shows CFA Level I pass rates fluctuating between 35-45 percent since 2014
- In 2021, CFA Level I pass rate dropped to 37 percent due to curriculum changes
- CFA Level II November 2022 pass rate was 45 percent
- Over 300,000 unique candidates attempted CFA exams in 2023
- CFA Level III February 2024 pass rate announced at 47 percent
- The standard deviation of CFA Level I scores is typically around 10-12 percent
- CFA Institute's 2023 exam data shows 52 percent pass for Level II August session
- Minimum passing score (MPS) for CFA Level I 2023 was set at 70 percent scaled score
- CFA Level III MPS averaged 60 percent over 2020-2023
- 2023 saw 25 percent increase in CFA exam registrations from 2022
- Female CFA Level I pass rate was 40 percent vs 41 percent for males in 2023
- Under 25 age group had 42 percent Level I pass rate in 2023
- CFA Level II pass rate for those with 300+ study hours was 55 percent
- 2022 CFA Level I minimum pass score was 65 scaled points
- Global CFA exam pass rate average for all levels in 2023 was 45.5 percent
Exam 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
- 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
- Japan holds 5,000 CFA charterholders as of 2023
- Brazil has 3,000 CFA charterholders, largest in Latin America 2023
- South Africa CFA society has 2,200 members in 2023
- CFA exams offered in 20+ languages globally in 2023
- 50 percent of CFA charterholders outside North America in 2023
- Middle East/North Africa has 8,000 CFA charterholders 2023
- Australia/New Zealand combined 12,000 CFA members 2023
- CFA Institute revenue from global sources $300 million in 2023
- 165 CFA societies host 1,000+ events annually worldwide
- Dubai UAE has 1,500 CFA charterholders in 2023
- Germany CFA society membership at 4,500 in 2023
- CFA curriculum translated into 10 languages for global access 2023
- 30 percent growth in African CFA societies since 2018 to 2023
- Saudi Arabia CFA charterholders numbered 1,200 in 2023
- CFA presence in 90 percent of FTSE 100 firms globally 2023
- Vietnam emerging market with 500 CFA charterholders 2023
- CFA Institute partnerships with 100+ universities worldwide 2023
- Global charterholder growth rate 4 percent annually to 2023
- CFA exams delivered in 400+ testing centers globally 2023
Global 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
- 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
- EMEA CFA charterholders median total compensation is $150,000 in 2023
- Portfolio managers with CFA designation earn 57 percent more than non-CFA peers
- Entry-level CFA charterholders in US start at $100,000 median salary 2023
- Senior CFA charterholders in investment banking average $300,000 total comp in 2023
- Canada CFA charterholders median salary $140,000 CAD equivalent in 2023
- UK CFA charterholders earn 20 percent salary premium over non-charterholders
- Female CFA charterholders earn 92 percent of male counterparts' salary in 2023 global data
- Research analysts with CFA average $175,000 total compensation US 2023
- Risk managers holding CFA earn median $160,000 globally in 2023
- 70 percent of CFA charterholders report bonus as 30-50 percent of base salary
- Hong Kong CFA salaries average HKD 1.2 million annually in 2023
- Australia CFA charterholders median comp AUD 220,000 in 2023
- Performance premium: CFAs in portfolio mgmt earn 15 percent more with 10+ years exp
- China CFA charterholders average RMB 800,000 yearly in 2023
- 40 percent salary increase post-CFA attainment reported by charterholders
- Supervisory CFA roles command $220,000 median US salary 2023
- Singapore CFA average salary SGD 180,000 in 2023 data
- Equity research CFAs earn 10 percent higher than fixed income peers
- 25-34 age group CFA median salary $130,000 global 2023
- Asset management CFA comp averages $200,000 US 2023
- Consulting firm CFAs earn median $155,000 globally 2023
- India CFA charterholders average INR 25 lakhs annually 2023
- Post-MBA CFAs see 35 percent salary boost
- Total comp for top 10 percent CFA earners exceeds $500,000 US 2023
Salary 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."