11 月 CFA Level I 通过率为 43%，与 8 月持平；较 2 月与 5 月的 45% 下降 2 个百分点。43% 高于过去 10 年 41% 的平均值，高出 2 个百分点，也高于 2021 年因 Covid-19 延期影响而出现的低位区间。总体趋势是近期通过率稳定在 43% 附近，但较年内更高点回落。

延期与通过率呈显著负相关。11 月至少延期 1 次的考生通过率为 29%，首次报考考生为 49%，两者相差 20 个百分点；29% 约为 49% 的 0.59 倍，意味着延期考生的通过概率约低 41%。CFA Institute 指出“按计划参加考试”是最强预测因子之一，数据在多个批次中一致。

规模上，11 月约有 27,000 名考生参加 Level I，考试在全球 518 个监考的计算机化考点进行；平均每个考点对应约 52 名考生（27,000÷518≈52）。CFA 考试为 3 级体系、每年多次开考，被视为金融从业者的重要认证。Level II 11 月考生的成绩计划于 1 月 15 日公布；同时，AI 与 machine learning 的发展引发关注，因为相关模型已能在数分钟内完成并通过最终级别考试的难度。

The November CFA Level I pass rate was 43%, unchanged from August and down 2 percentage points from the 45% recorded in February and May. At 43%, it sits 2 percentage points above the past decade’s 41% average and above the lows seen in 2021, when Covid-19-related deferrals disrupted performance. The recent pattern is stability around 43% with a modest pullback from earlier-year highs.

Deferrals are strongly associated with lower outcomes. November candidates with at least one deferral posted a 29% pass rate versus 49% for first-time test takers, a 20-point gap; 29% is about 0.59 of 49%, implying roughly 41% lower passing likelihood for deferrers. The CFA Institute says data consistently shows staying on schedule is among the strongest predictors of success.

In scale, nearly 27,000 candidates sat for Level I in November across 518 proctored, computer-based testing centers worldwide, averaging about 52 candidates per center (27,000÷518≈52). The CFA program has three levels and is offered multiple times per year, often linked to career mobility and pay. Level II candidates from the November window are slated to receive results on Jan. 15, while exam discourse has also been shaped by AI and machine learning, with models reportedly able to clear the final level in minutes.