CFA Institute Reports Results for CFA Program Level II Testing in May 2025
CFA Institute, the global association of investment professionals, announces that of the 15,000 candidates worldwide who sat for the Level II CFA® Program exam in May 2025, 54 percent have passed. All candidates will be notified of their results today.
Chris Wiese, CFA, Managing Director, Education, CFA Institute, said:
“Well done to everyone who received news that they passed their Level II exam. I hope you can take a moment to enjoy your hard-won achievement in now getting to the final level of the CFA Program.”
“Candidates this time around scored well above the 10-year average of 45 percent. And first-time Level II candidates achieved a pass rate of 60 percent, while those who tested after at least one deferral had a 35 percent pass rate.”
“For test takers who have not received the result you were hoping for, we recognize the time and effort you’ve invested. The CFA Program is rigorous, and persistence is often part of the journey. You can find all the essential resources for your continued study in your personalized CFA Program Learning Ecosystem. And check out our YouTube channel for some tips from me on how to succeed in the program.”
Successful Level II candidates may now progress to Level III of the CFA Program. Registration for the February 2026 Level III exams is open.
Candidates for the May Level II CFA Program exams attended in person at one of 471 proctored computer-based examination venues located in 382 cities in 111 markets worldwide. Exam Levels I and II were held during the May testing period. Historical pass rates can be found here: Exam results and pass rates.
New Practical Skills Modules for Level III Exam
Candidates registering for the February 2026 CFA Level III exam will have access to brand new Practical Skills Modules that align with each of the three Level III specialized pathways: Portfolio Management, Private Wealth, and Private Markets. Each module brings highly practical content developed in collaboration with industry leaders and domain experts.
Chris Wiese, CFA adds:
“The Level III Practical Skills Modules bring everything together to help candidates apply what they’ve learned in real-world scenarios. From interpreting economic indicators to the private equity due-diligence process and best practice in private wealth management client meetings, the modules emphasize application over theory — preparing candidates to hit the ground running in the workplace, no matter which pathway they pursue.”
Notes to Editors
- A recording of a CFA Institute webinar with the chief architects of the CFA Program Level III Practical Skills Modules is available here: New Level III PSMs: Interview with content architects.
About the CFA Program
Enrolling in the CFA Program and earning the CFA charter prepares individuals for a variety of career paths in every sector of the global finance industry. Candidates can access all the essential study tools through the Learning Ecosystem including mock exams, the newly introduced Practical Skills Modules and exam study tips. For more information, visit CFA Program.
About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across more than 160 markets, CFA Institute has 10 offices and 158 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and X at @CFAInstitute.