CFA Level II exam pass rate reaches a record high of 59% in 25 years

Thanks to the fewer deferred candidates, the pass rate for the Chartered Financial Analyst (CFA) Level II exam in May soared to 59%, setting a record high in 25 years.

On Tuesday, July 2nd, Eastern Time, the CFA Institute announced that the pass rate for May reached 59%, significantly higher than the 44% in November and August last year, as well as the 52% in the same period last year. This pass rate is far above the 10-year average of 45%, higher than the pass rate affected by the epidemic in 2021, and the highest since the historical peak of 62% in 1998.

In addition, candidates who took the Level I exam in May received their results last week, with a pass rate of 46%, higher than the 10-year average of 40%.

Chris Wiese, Managing Director of Education at the CFA Institute, stated:

"While we occasionally see spikes in pass rates, the exam difficulty remains consistent. The lower number of deferred candidates taking the Level II exam has had a positive impact on the pass rate."

The reason is that the average pass rate for deferred candidates is significantly lower. Data shows that first-time exam takers performed well, with a pass rate of 67%, while the average pass rate for deferred candidates is 39%, consistent with results at other levels.

The CFA Institute also observed that more and more students are registering for the CFA program during their university years. Wiese explained that these candidates excel because of their academic thinking and study habits, which help them succeed.

It is reported that the CFA exam is held multiple times a year, and passing the exam not only brings more job opportunities to the financial industry but also higher salaries. In May, over 14,000 candidates participated in the Level II exam at 471 exam centers worldwide. The CFA exam historically was paper-based but has transitioned to computer-based testing during the epidemic