CFA Institute announces results for CFA® Program Level III testing in February 2025

CFA Institute, the global association of investment professionals, announces that of 11,131 candidates worldwide who sat for the Level III CFA® Program exam in February 2025, 49 percent have passed. All candidates will be notified of their results today.

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

“My warmest congratulations to all successful Level III candidates! You’ve truly earned your moment of celebration. The CFA Program stands as a time-tested, rigorous set of exams and remains the gold standard for candidates who aspire to professional excellence, who have a passion for the investment industry, and who care about bringing integrity and competence to their work.”

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

“Well done to everyone who has received news of their Level III pass today. Your achievement is testament to your dedication, perseverance, and commitment to gaining the knowledge and skills expected of professionals in today’s investment industry. For those who didn’t receive the news you hoped for, we recognize the effort you’ve invested and encourage you to stay the course.”

“I note that February’s Level III candidates had a passing rate just shy of the   10-year average of 51 percent, and broadly in line with recent Level III cohorts. As we have seen repeatedly, first-time testers fared best, with an overall pass rate of 56 percent. Test takers with at least one deferral behind them had a passing rate of 30 percent. We encourage candidates to stay on schedule, if at all possible.”

Candidates for the February Level III CFA Program exams attended in person at one of 454 proctored computer-based examination venues located in 375 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
Candidates participating in the February 2025 Level III CFA Program examination are the first to have selected one of three Specialized Pathways, introduced as part of a suite of previously announced enhancements to the CFA Program. Candidates selected from (i) Portfolio Management (the traditional version of Level III), (ii) Private Wealth, or (iii) Private Markets. All three pathways are equally rigorous and in pursuit of one credential: the CFA® charter.

Becoming a CFA® Charterholder
Successful CFA Program Level III candidates become a CFA charterholder upon verification that they meet the work-experience requirement and when they join as regular members of CFA Institute, attesting to the ethical guidelines, the Codes and Standards. CFA charterholders must attest annually to the Code of Ethics and Standards of Professional Conduct.

CFA Institute membership offers numerous benefits, including extensive networking opportunities across the approximately 200,000 CFA charterholder network, professional development resources, and exclusive access to curated content.