The CFA Institute has announced that 49% of candidates passed the Level III CFA Programme exam in February 2025.  

This examination is the final stage of a three-part series required to obtain the Chartered Financial Analyst (CFA) credential. 

The institute noted that 11,131 candidates sat for the Level III exam across 454 proctored computer-based examination venues in 375 cities in the US. 

CFA Institute Education managing director Chris Wiese said: “I note that February’s Level III candidates had a passing rate just shy of the ten-year average of 51%, and broadly in line with recent Level III cohorts.  

“As we have seen repeatedly, first-time testers fared best, with an overall pass rate of 56%. Test takers with at least one deferral behind them had a passing rate of 30%. We encourage candidates to stay on schedule, if at all possible.” 

The exams for Levels I and III were conducted during this period, with the Level I exam witnessing a higher-than-average pass rate of 45%, an increase from 43% in November 2024. 

The February 2025 Level III CFA Programme exam is said to have been the first to offer three Specialised Pathways, part of a suite of enhancements to the CFA Programme.  

The pathways are Portfolio Management, Private Wealth and Private Markets. 

CFA Institute president and CEO Margaret Franklin said: “My warmest congratulations to all successful Level III candidates. You have truly earned your moment of celebration.  

“The CFA Programme stands as a time-tested, rigorous set of exams and remains the gold standard for candidates who aspire to professional excellence, who have a passion for the investment industry, and who care about bringing integrity and competence to their work.”  

Membership in the CFA Institute provides benefits such as networking opportunities with a global community of approximately 200,000 CFA charter holders, access to professional development resources and curated content exclusive to members.