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CFA Institute Reports Results for CFA® Program Level II Testing in November

17 January, 2024
New York City United States

CFA Institute, the global association of investment professionals, announces that of 14,585 candidates worldwide who sat for the Level II CFA® Program exam in November 2023, 44 percent have passed. All candidates will be notified of their results today.

Successful Level II candidates wishing to pass swiftly to Level III of the CFA Program may now register for the August 2024 examination window.

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

“Well done to everyone learning today of their success in the November CFA Program Level II exam. I hope you can take a moment to enjoy your accomplishments as you progress towards the CFA charter.”

“The November pass rate remained broadly in line with the 10-year average pass rate of 45 percent. I understand that candidates who didn’t pass this time will feel some disappointment, but hope you remain encouraged to continue in your pursuit of the CFA charter. I would encourage returning candidates to re-sit as soon as practical while the material remains top of mind.”

The Learning Ecosystem provides candidates with the essential study tools needed for completion of their CFA Program studies. Candidates are advised to aim for a score of 70 percent or greater on at least one mock exam prior to their testing date.

Candidates for the November Level II CFA Program exams attended in person at one of 439 proctored computer-based examination venues located in 360 cities in 105 markets worldwide. Exam Levels I and II were held during the November testing period. Historical pass rates can be found at the following link: Exam Results and Pass Rates.

Introducing Specialized Pathways

Beginning with the February 2025 Level III Exam (open for registration in May 2024), candidates will be able to choose one of three job-role focused pathways: (i) Portfolio Management (the traditional version of Level III), (ii) Private Wealth, and (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.