CFA final exam results: Pass rate slips below 10-year average

In August, 48% of candidates successfully completed the series, down from 49% for those who sat the exam in May but still higher than the historic low of 42% to pass Level III last year. According to the CFA Institute, the 10-year average pass rate for the final exam is 52%.

“The CFA program is a challenging undertaking, and we are pleased that today’s Level III pass rate is again close to historical norms,” ​​Chris Wiese, the institute’s managing director of certification, said in a statement Tuesday. For those who didn’t pass the t, Wiese recommends retaking the test as soon as possible, even if the material is still fresh.

The latest results show an improvement from last year’s historically low pass rates across all levels of the CFA exam. More than 10,000 candidates sat for the Level III exam in August, which was conducted at 448 exam centers across the world. Historically, the institute offered paper-based tests, but switched to computer-based tests during the pandemic.

To become a charter holder, a candidate must pass three tests and meet certain work experience requirements. According to the Charlottesville, Virginia-based institute, there are more than 190,000 investment professionals of the distinction.

Last month, Level I candidates received their results, with a success rate of 37% for those who took the exam in August, down from 38% in the previous exam period. The pass rate for level two examinees was 40% when they sat the exam in the same month, down from 44% in February.

On average, candidates study 300 hours for each level of the exam and take four years to complete the series. The Level III exam consists of a series of vignettes with multiple-choice and essay questions and takes approximately four and a half hours to complete, with an optional break halfway through.

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