CFA final exam pass rate falls to 48%, below the decade average

The pass rate for the final level of the chartered financial analyst exam fell further below the decade average, while first-time test takers continued to have a higher success rate than those who delayed their exams.
In August, 48% of candidates passed the Level III test, down from 49% for those who sat for it in February, but up from 47% a year earlier, the CFA Institute said Thursday. The results remain below the 52% average for the past decade, according to historic pass rates.
The institute continues to see a difference between those who took the exam for the first time versus those who took it after studying and delaying their exam. First-time testers scored above the average pass rate, at 55%, while those who had deferred the exam had an average passing rate of 35%, the institute said in a statement. Level I and II test-takers showed similar divergence in their success rate based on deferrals.
“We encourage candidates needing to retest their exam to do so as soon as is practicable for their circumstances, and to recommit to a focused study schedule that builds on prior studies while material remains fresh in minds,” Chris Wiese, managing director for education at the institute, said in the statement.
The latest results show an improvement from historically low pass rates across all levels of the CFA exam seen during the pandemic. Still, the Level III pass rate hasn’t reached or gone above the 10-year average for the final exam since 2020.
Almost 17,000 candidates sat for the Level III exam in August, which was administered at 452 testing centers around the world. Historically, the institute offered the exam on paper, but transitioned to computer-based testing during the pandemic.
To become a charter holder, a candidate must pass all three exams and meet certain work-experience requirements. Last week, Level I candidates got their results, with a 44% success rate for those who took the exam in August, while Level II test takers set a 47% pass rate for the same month this year.