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CFA Institute Reports Results for CFA Program Level III Testing in February 2024

New York City, United States 11 Apr 2024

CFA Institute, the global association of investment professionals, announces that of 13,619 candidates worldwide who sat for the Level III CFA® Program exam in February 2024, 49 percent have passed. All candidates will be notified of their results today.

Margaret Franklin, CFA, President and CEO, CFA Institute comments:

“Congratulations to all of today’s successful Level III candidates. You have reached a memorable milestone in your professional journey, one that is a testament to your dedication, tenacity, and desire for success in achieving one of the highest distinctions in the investment profession. I hope you will take a moment to enjoy your well-earned success.”

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

“We are pleased to see an overall pass rate for Level III candidates of 49 percent, which sits within the higher range among recent cohorts and near the 10-year average. Our analysis of exam results for this group shows that candidates sitting their Level III exam for the first time performed the best overall, with a pass rate of 56 percent. Individuals sitting the exam after having previously deferred their Level III exam at least once, on the other hand, had an average passing rate of 36 percent. We again urge all candidates to try to remain on track to give yourself the best chance for success.”

Candidates for the February Level III CFA Program exams attended in person at one of 448 proctored computer-based examination venues located in 356 cities in 107 markets worldwide. Exam Levels I and III were held during the February testing period. Historical pass rates can be found at the following link: Exam Results and Pass Rates.

Specialized Pathways for Future Level III Candidates

Beginning with the February 2025 Level III Exam (which opens for registration in May 2024), candidates will be able to choose one of three focused pathways: (i) Portfolio Management (the traditional version of Level III), (ii) Private Wealth, or (iii) Private Markets.

A common core of study will exist for all three specialized pathways at Level III. All three pathways will be equally rigorous and in pursuit of one credential: the CFA charter. The CFA charter will not state which pathway was taken.

Completion of a Practical Skills Module will be required for Level III candidates testing in February 2025 or later.

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 and the newly introduced Practical Skills Modules. Candidates preparing to sit for an exam may find CFA Exam Study Tips helpful. For more about the CFA Program, visit: CFA Program Evolution.


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. Spanning nearly 200,000 charterholders worldwide across 160 markets, CFA Institute has 10 offices and 160 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and X at @CFAInstitute.


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