CFA Institute Reports Results for CFA Program Level III Testing in February 2026

CFA Institute, the global association of investment professionals, announces that of the 11,269 candidates worldwide who sat for the Level III CFA® Program exam in February 2026, 50 percent have passed. All candidates will be notified of their results today. 

Tricia Rothschild, CFA, Interim President and Chief Executive Officer of CFA Institute, comments:

“Passing all three levels of the CFA Program is a sign of persistence as well as the ability to successfully apply investment knowledge in complex, real-world situations. At Level III, candidates must demonstrate and justify sound portfolio decisions based on investor objectives. My warmest congratulations to everyone receiving news of their Level III exam success today.” 

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

“The CFA Program equips candidates with a deep foundation of investment knowledge and helps develop the sound professional judgement that is so critical in today’s increasingly complex markets. Congratulations to all candidates who passed their Level III exam – this represents a significant achievement and a testament to your commitment to professional excellence. For those who did not pass this time, the progress you have made is meaningful; we encourage you to continue your journey.”

“First-time Level III test takers fared best, with an overall pass rate of 59 percent. Test takers with at least one deferral behind them had a passing rate of 34 percent. The ten-year average pass rate is 51 percent. We encourage candidates to stay on schedule, if at all possible.” 

Candidates participating in the February Level III exams selected one of three Specialized Pathways: Portfolio Management, Private Wealth, or Private Markets. All three pathways are equally rigorous and in pursuit of one credential: the CFA® charter.

Candidates attended in person at one of 458 proctored computer-based examination venues located in 378 cities in 108 markets worldwide. Exam Levels I and III were held during the February testing period. Historical pass rates can be found here: Exam Results and Pass Rates.

In the latest edition of Inside the CFA Program, Chris Wiese discusses how CFA Institute together with CFA exam standard setters decide on the score that represents a passing performance. 

Becoming a CFA® Charterholder

The CFA designation is widely sought by employers and is a mark of significant professional accomplishment and sustained effort. Successful CFA Program Level III candidates become a charterholder upon verification that they meet the work-experience requirement and when they join as charterholder members of CFA Institute, thereby attesting to follow the ethical guidelines found in the Codes and Standards. Charterholders must attest annually to abide by the Code of Ethics and Standards of Professional Conduct. 

Notes to Editors

Beginning with the February 2027 exam cycles, CFA Institute has eliminated the paid deferral option for CFA Program candidates. Current deferral policies apply to CFA Program exams taken before that time.