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

New York City, United States 28 Jul 2022

CFA Institute, the global association of investment professionals, announces that of 12,384 candidates worldwide who sat for the Level III CFA® Program exam in May, 49% percent have passed, completing their final CFA Program exam, and becoming eligible to become CFA charterholders pending verification of professional experience. All candidates will be notified of their results today.

Marg Franklin, CFA, President & CEO, CFA Institute comments:

“I’m thrilled for the successful candidates who are receiving news today of their Level III pass. Completing all three levels of the CFA Program is a significant accomplishment and demonstrates a candidate’s commitment to the highest standards of ethics and professionalism. As candidates become charterholders, they will see first-hand how earning the charter accelerates their careers and connects them with a global network of peers offering opportunities to network and collaborate. This is an exciting moment for our successful candidates. I hope they will take a moment to reflect on what they have achieved.”


The CFA Program is designed to test knowledge and understanding of the fundamentals of investment analysis, valuation, portfolio management, and wealth management. To become a CFA charterholder, a candidate must pass all three examination levels of the CFA Program, be a regular member of CFA Institute, and meet the work experience requirement. Currently, more than 190,000 investment professionals worldwide hold the CFA charter.

Chris Wiese, CFA, Managing Director for Credentialing at CFA Institute comments:

“The CFA Program is a tough series of exams. We are pleased to see the pass rate continue to move closer to historical norms, but we acknowledge that not everyone is receiving good news today and may have struggled during the pandemic. Our analysis of candidate outcomes suggests that retaking an exam at the earliest opportunity—while material remains fresh in their minds—and utilizing the CFA Program online Learning Ecosystem will give determined students the best chance for success.”

Candidates for the May Level III CFA Program exams attended in person at one of 520 proctored computer-based examination venues located in 334 cities in 100 markets worldwide. Pandemic-related cancellations occurred in three locations only.

Global-level pass rate information and historical data can be found at the following link: Exam Results and Pass Rates. The Level III CFA Program Exam Administration period ran between 24-26 May 2022.

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, an adaptive online learning tool that provides candidates with all necessary study materials, study planning tools and mock examinations, designed to focus candidates on their needs, strengths and weaknesses in preparation for their exams. For information and advice for candidates studying for a CFA exam, visit Inside the CFA Program.


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 190,000 CFA charterholders worldwide in more than 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

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