The pass rate for the second level of the chartered financial analyst test fell below the decade average as candidates who stayed on schedule continued to outperform peers who put off the exam.
In August, 44% of candidates sitting for the Level II test were successful, down from a 54% pass rate for those who took the test in May but up from 39% for November test-takers, the CFA Institute said in a statement Thursday.
“Not everyone reaches their goal on the first attempt,” Chris Wiese, managing director for education at the institute, said in a statement.
After factoring in the 54% pass rate from the May test, the decade average ticked up to 46%. The latest Level II results are among the lowest since 2020, when the rate reached 55% before dropping amid pandemic disruptions.
First-time Level II candidates scored significantly above the average pass rate, with 52% succeeding, while those with at least one deferral had a 28% pass rate, the institute said. Those results are in line with other levels of the exam, with lower success rates for those who put off their tests.
In August, 9,898 candidates sat for the Level II exam, which was administered at 459 proctored, computer-based testing centers around the world.
Candidates who took the Level I exam in August got their results earlier this week. The pass rate for that test was 43%, above its decade average but lower than previous exams in May and February.
The CFA charter is a coveted certification for professionals across the finance industry. The rise of artificial intelligence has raised questions about the future of jobs held by CFAs, with large-language models having advanced to the point where they can ace Level III of the CFA test — the final exam — in minutes.
“The CFA Program is designed to build foundational judgment, ethics and professional decision-making — qualities that no algorithm can replicate,” Wiese said. “Passing an exam, even by an advanced LLM, does not equate to the contextual application, ethical orientation or professional accountability required of CFA charterholders.”
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