The CFA Institute said Wednesday that 45% of August Level II candidates passed, up from 43% in May and 42% in November. That result also beats the 44% outcome from last August and lines up exactly with the decade average of 45%. It is above what was recorded in 2021 and 2022, periods when the Covid-19 pandemic weighed on results.
Like other CFA levels offered multiple times a year, the data show that putting off the test is linked to lower odds of success. Candidates who sat this August without any deferral posted a 52% pass rate, whereas those who had postponed at least once came in at 30%. "Success at this stage of the CFA Program reflects a sustained commitment to study and a strong grasp of the investment concepts covered throughout the curriculum," said Chris Wiese, the institute's education managing director, in the statement.
More than 10,000 candidates took Level II in August at 452 proctored, computer-based testing sites worldwide. The CFA Program's three levels are widely viewed in finance as a way to strengthen resumes and help with job opportunities. In last week's report on August Level I, 43% passed; May's figure was 39%. Results for Level III test-takers from the August sitting are due on Oct. 20.
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If you or someone on your team is working through the CFA, the takeaway is simple: staying on schedule aligned with better odds in August's results. For everyone else, Level II settling back at its long run average suggests the credential's difficulty remains steady, which keeps expectations for analyst rigor broadly unchanged from recent years.
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