CFA Institute Reports Results for CFA® Program Level II Testing in May 2024
CFA Institute, the global association of investment professionals, announces that of 14,304 candidates worldwide who sat for the Level II CFA® Program exam in May 2024, 59 percent have passed. All candidates will be notified of their results today.
“My congratulations to everyone receiving news of their exam success today”, said Chris Wiese, CFA, Managing Director, Education, at CFA Institute. “We note a pass rate of 59 percent for this Level II cohort, well above the 10-year average of 45 percent. Over time, we have seen occasional pass-rate spikes; however, the exam difficulty remains consistent.”
“We saw fewer candidates who had previously deferred an exam sit for Level II, which positively impacted the pass rate,” Wiese said. “First-time testers scored really well, with a pass rate of 67 percent. Candidates who sat their exam having deferred one or more times had an average passing rate of 39 percent, but, as noted, there were fewer deferred candidates in this cohort.”
“Further, we see more students enrolling in the CFA Program while in college,” Wiese added. “These candidates are especially well suited to advance since they are already in an academic mindset. We encourage all candidates to focus on the study habits that lead to successful outcomes on the CFA exams. Preparation remains the key predictor of exam success.”
Successful Level II candidates wishing to pass swiftly to their third and final CFA Program exam may now register for the February 2025 examination window.
An Evolving CFA Program
Candidates sitting the CFA Program Level II exam in May were the first Level II cohort to benefit from new Practical Skills Modules. The required modules allow candidates to apply curriculum learnings to real-world, on-the-job scenarios through 10-20 hours of video content and practice case studies. Modules are accessed via the candidate Learning Ecosystem.
Candidates for the May Level II CFA Program exams attended in person at one of 471 proctored computer-based examination venues located in 373 cities in 107 markets worldwide. Exam Levels I and II were held during the May testing period. Historical pass rates can be found at the following link: Exam Results and Pass Rates.
About Specialized Pathways
Beginning with the February 2025 Level III exams, 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 more about the incoming specialized pathways, visit CFA Program Evolution.