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CFA Institute Reports Results for CFA Program Level III Testing in September

New York City, United States 02 Nov 2021

CFA Institute, the global association of investment professionals, announces that of 2,769 candidates worldwide who sat for the Level III CFA® Program exam in September, 39 percent have passed. All candidates will be notified of their results today.

To become a charterholder, a candidate must: pass all three examination levels, be a regular member of CFA Institute, and meet the work experience requirement. Currently more than 175,000 investment professionals around the world hold the CFA® charter.

“In ‘normal’ circumstances, it’s an incredible accomplishment to pass all three levels of the CFA Program,” said Margaret Franklin, CFA, President and CEO, CFA Institute. “And in these difficult times when many candidates had to juggle changing exam schedules, increased workloads, and family obligations, it’s even more impressive. Congratulations to all the candidates who passed – well done.”

Peg Jobst, Managing Director, Credentialing at CFA Institute, comments: “The September Level III exam administration was added to the schedule to address pandemic-related disruptions, thus the smaller cohort of 2,769 candidates. So far in 2021, we have seated 24,372 Level III candidates, and we have more than 24,000 Level III candidates scheduled for the upcoming November 2021 exams. We are well on track this year to exceed the five-year annual average of 27,692 seated Level III candidates per year, which is a testament to the perseverance of our candidates.”

Candidates who do not pass their CFA exam receive score band information, which shows each candidate how they performed relative to all unsuccessful candidates. In addition, CFA Institute has recently made available Explaining Recent CFA Exam Results which addresses recent exam administration pass rates during the global pandemic.


Candidates for the September Level III CFA Program exams attended in person at one of 317 proctored computer-based examination venues located in 188 cities in 67 markets worldwide. Global-level pass rate information and historical data can be found at the following link: Exam Results and Pass Rates.

For further information, please contact [email protected].

Notes to Editors

Enrolling in the CFA Program and earning the CFA charter prepares individuals for a variety of career paths in the investment industry. The CFA designation is valued by employers in every sector of the global finance industry including portfolio management, investment analysis, wealth management and consulting. For more about the kind of roles available for CFA charterholders, please visit: Charterholder Careers.  Registration in the CFA Program provides access to extensive online learning materials including a Learning Ecosystem which provides all necessary study materials, study planning tools and mock examinations. For detailed information about the CFA Program history, its curriculum content, and how examinations are graded, visit Where Theory Meets Practice.

About CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economics grow. There are more than 175,000 CFA charterholders worldwide in 160 markets. CFA Institute has nine offices worldwide and 160 local societies. For more information, visit www.cfainstitute.org or follow us on Linkedin and Twitter at @CFAInstitute.