CFA Level III Pass Rate Slips Below Decade Average Again
(Bloomberg) — The pass rate for the third and final level of the chartered financial analyst exam slipped in the latest testing period, remaining below its decade average.
In August, 47% of candidates passed the Level III test, down from a 50% success rate in both February and August of last year, the CFA Institute said Tuesday. That’s below the 50% average pass rate over the past 10 years, which has not been exceeded since 2020.
The institute continues to find that test-takers who delay their exams have a much lower chance of success. First-timers scored significantly above the average pass rate for the final testing level, with 56% succeeding, while those with at least one deferral had a 31% pass rate, the institute said.
“Our profession is changing rapidly, but the qualities that underpin long-term success remain remarkably consistent,” Chris Wiese, managing director for education at the institute, said in the statement.
Becoming a CFA charterholder can lead to new job opportunities and higher salaries. Nearly 14,000 candidates sat for the Level III exam in August, which was administered at 482 proctored, computer-based testing centers around the world.
In recent years, the CFA Institute changed the exam’s final level to focus more on practical skills and prepare candidates for jobs. Those who sat for the final CFA exam selected from three “specialized pathways,” portfolio management, private wealth or private markets.
CFA hopefuls who sat for the first and second level of the exam in August received results last month that met or exceeded decade averages, with 43% and 45% passing, respectively.
