CFA Institute Reports Results for CFA® Program Level II Testing in May 2026
CFA Institute, the global association of investment professionals, announces that of the 18,111 candidates worldwide who sat for the Level II CFA® Program exam in May 2026, 43 percent have passed. All candidates will be notified of their results today.
Chris Wiese, CFA, Managing Director, Education, CFA Institute said:
"We congratulate all candidates who passed the Level II exam and achieved an important milestone on their path to becoming CFA charterholders. The results also reinforce a trend we continue to observe across the CFA Program that candidates who stay on track with their studies and exam schedule tend to achieve stronger outcomes.”
First-time candidates achieved a pass rate of 48 percent, while candidates testing after at least one deferral had a pass rate of 25 percent. Remaining on track with CFA Program study and exam preparation remains the clearest indicator of exam success.
Successful Level II candidates may now progress to Level III of the CFA Program. Registration for the February 2027 Level III exams is open.
Candidates for the May Level II CFA Program exams attended in person at one of 508 proctored computer-based examination venues located in 415 cities in 115 markets worldwide. CFA Exam Level I was also administered during the May testing period. Historical pass rates can be found here: Exam Results and Pass Rates.
About the CFA Program
The CFA Program is a rigorous self-study program that covers a wide range of investment management education essentials from ethics to quantitative analysis to portfolio management and wealth planning. 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 essential study tools through the Learning Ecosystem including mock exams and the newly introduced Practical Skills Modules. Candidates preparing to sit for an exam after a deferral may find CFA Exam Study Tips helpful. For more about the CFA Program, 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 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and subscribe on YouTube.