CFA Institute Reports Results for CFA Program Level II Testing in August 2025

CFA Institute, the global association of investment professionals, announces that of the 9,898 candidates worldwide who sat for the Level II CFA® Program exam in August 2025, 44 percent have passed. All candidates will be notified of their results today. 

Chris Wiese, CFA, Managing Director, Education, CFA Institute, said: 

"Congratulations to all candidates who passed their Level II exam. Your determination is paying dividends, and I encourage you to take a moment to appreciate your ongoing success in the CFA Program before registering for Level III." 

"Again, we see a notable difference in the results of first-time test takers compared with candidates who previously deferred their exam on at least one occasion. First-time Level II candidates achieved a pass rate of 52 percent, while candidates with at least one deferral behind them had a 28 percent pass rate. The ten-year average pass rate remains at 46 percent." 

"Not everyone reaches their goal on the first attempt. To candidates who are not receiving the news they'd hoped for today, we acknowledge the effort you've made to get this far. The CFA Program is rigorous, and persistence is a powerful part of the journey. We encourage you to continue your studies as soon as practically possible while your knowledge remains fresh."

Successful Level II candidates may now progress to Level III of the CFA Program. A newly launched video shares the grading process for the CFA Level III exams. Registrations for the February 2026 Level III exams close on 29 October 2025. 

Candidates for the August Level II CFA Program exams attended in person at one of 459 proctored computer-based examination venues located in 368 cities in 106 markets worldwide. Exam Level I, II and III were held during the August testing period. Level III exam results will be released on 23 October. Historical pass rates can be found here: Exam Results and Pass Rates. 

AI Models and Exam Performance

Chris Wiese, CFA comments: 

"The CFA Program is designed to build foundational judgment, ethics, and professional decision-making -- qualities that no algorithm can replicate. Passing an exam, even by an advanced LLM model, does not equate to the contextual application, ethical orientation, or professional accountability required of CFA charterholders." 

"While LLMs demonstrate impressive reasoning and analytical skills, their "success" is limited to structured test environments. Real-world investment management demands judgment, adaptability, and accountability -- areas where AI can assist but not replicate human professionals. The ability to integrate knowledge intro judgment calls about risk, governance, and long-term implications is inherently human. AI provides input; humans make accountable decisions." 

New Practical Skills Modules Align With Specialized Pathways

Candidates registering for the February 2026 CFA Level III exam can now select a Practical Skills Module (PSM) that aligns with their respective choice of Level III specialized pathway. 

Candidates studying for the Portfolio Management pathway can undertake a practical skills module in Practical Macro, Private Wealth pathway candidates can access a Managing Private Wealth Clients PSM, and Private Markets pathway candidates can undertake a Due Diligence PSM. In addition, the Portfolio Development and Construction practical skills module remains available to all Level III candidates. Practice Skills Modules are mandatory but ungraded.