NEW YORK–(BUSINESS WIRE)–CFA Institute, the global association of investment professionals, announces that of the 14,538 candidates worldwide who sat for the Level III CFA® Program exam in August 2025, 50 percent have passed. All candidates will be notified of their results today.
Margaret Franklin, CFA, President and CEO of CFA Institute, comments:
“The CFA charter stands as a globally recognized signal of knowledge, expertise, and a commitment to ethics in the investment profession. Employers, regulators, and clients rely on the CFA designation as clear evidence of rigorous professional training. I extend my warm congratulations to everyone receiving news of their success in this final exam of the CFA Program. Your achievement reflects immense discipline and opens the door to a global community of professionals shaping the future of our profession.”
Chris Wiese, CFA, Managing Director, Education, CFA Institute, said:
“Congratulations to all successful CFA Program Level III candidates. This milestone will guide a career shaped by knowledge, integrity, and opportunity. We look forward to welcoming you as CFA charterholders. To those who did not pass, know that your progress in the CFA Program this far speaks to your resilience and potential for future success.”
“First-time Level III test takers fared best, with an overall pass rate of 59 percent. Test takers with at least one deferral behind them had a passing rate of 33 percent. The ten-year average pass rate is 51 percent. We encourage candidates to stay on schedule, if at all possible.”
Candidates participating in the August Level III exams selected one of three Specialized Pathways: Portfolio Management, Private Wealth, or Private Markets. All three pathways are equally rigorous and in pursuit of one credential: the CFA® charter.
Candidates attended in person at one of 462 proctored computer-based examination venues located in 374 cities in 107 markets worldwide. Exam Levels I, II and III were held during the August testing period. Historical pass rates can be found here: Exam Results and Pass Rates.
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.
Career Paths for CFA Charterholders
A new CFA Program Careers Series highlights real-world perspectives from CFA charterholders representing a variety of roles across the industry. With more than 50 potential career paths in finance, the series explores key skills and attributes for roles such as economist, credit rating analyst, investment consultant, investment strategist, performance measurement analyst, and trader. To watch episodes, visit: CFA Program Careers Series.
About the CFA Program
The CFA Program is a rigorous self-study program that covers a wide range of investment management education essentials from ethics to quantitative analysis to portfolio management and wealth planning. 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 essential study tools through the Learning Ecosystem including mock exams and the newly introduced Practical Skills Modules. Candidates preparing to sit for an exam after a deferral may find CFA Exam Study Tips helpful. For more about the CFA Program, visit: CFA Program.
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. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 9 offices and 158 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn.
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