CFA Institute Reports Results for CFA® Program Level II Testing in November 2025
CFA Institute, the global association of investment professionals, announces that of the 15,003 candidates worldwide who sat for the Level II CFA® Program exam in November 2025, 42 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 the Level II exam. This result reflects candidates’ sustained commitment and a strong grasp of a demanding curriculum. I hope all successful candidates will take a moment to reflect with pride on this achievement as they consider the next step toward Level III of the CFA Program.”
"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 50 percent, while candidates with at least one deferral behind them had a 27 percent pass rate."
“For candidates who are not receiving the news they’d hoped for today, we acknowledge the time, focus, and perseverance required to prepare for Level II. The path through the CFA Program is demanding, and outcomes differ along the way. Candidates are encouraged to take stock of their progress and return to their studies when ready, building on the knowledge they’ve already gained.”
Successful Level II candidates may now progress to Level III of the CFA Program. Registration for the August 2026 Level III exams is open.
Candidates for the November Level II CFA Program exams attended in person at one of 502 proctored computer-based examination venues located in 407 cities in 113 markets worldwide. Exam Levels I and II were administered during the November testing period. Historical pass rates can be found here: Exam Results and Pass Rates.
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 standards 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 9 offices and 158 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn.