The CFA Institute has announced that 44% of candidates passed the Level II Chartered Financial Analyst (CFA) exam administered in August 2025. This success rate is a notable decrease from the previous testing window and remains below the historical average for the past decade, highlighting the exam's persistent difficulty.
The results indicate a continuing trend where candidates who adhere to their original testing schedule tend to perform better than those who have previously postponed their exams. This data provides insight into the challenges candidates face in one of the finance industry's most rigorous credentialing programs.
Key Takeaways
- The pass rate for the August 2025 CFA Level II exam was 44%.
- This is a decline from the 54% pass rate recorded in the May 2025 testing window.
- However, the rate is an improvement over the 39% success rate from November 2024.
- The current pass rate of 44% is slightly below the 10-year historical average of approximately 45%.
Detailed Look at August 2025 Results
The CFA Institute released the latest performance data for the Level II exam, showing a mixed but challenging picture for finance professionals seeking the charter. The 44% success rate for the August 2025 cohort represents a significant drop of 10 percentage points compared to the 54% rate from the May 2025 exams.
While lower than the immediate preceding exam session, this figure does show an improvement from the 39% pass rate observed in the November 2024 testing period. This fluctuation highlights the variability in candidate performance across different exam cycles throughout the year.
The institute continues to analyze the factors influencing these rates, with a particular focus on candidate preparation strategies and scheduling. The data consistently suggests that disruptions to a candidate's study plan can have a measurable impact on their likelihood of success.
CFA Level II Pass Rate Fluctuations
- August 2025: 44%
- May 2025: 54%
- November 2024: 39%
These figures illustrate the dynamic nature of the exam outcomes from one session to the next.
Comparison to Historical Averages
A key benchmark for any CFA exam result is its comparison to long-term historical data. The August 2025 pass rate of 44% is slightly below the 10-year average for the Level II exam, which typically hovers around 45%.
Before the global pandemic, pass rates for all levels of the CFA exam were generally higher and more stable. However, the shift to computer-based testing and the widespread exam deferrals during 2020 and 2021 introduced significant volatility. While rates have started to stabilize, they have not yet consistently returned to pre-pandemic levels.
"The rigor of the CFA program is unwavering, and we observe that candidates who are able to maintain their study momentum and test as scheduled are generally better positioned for success. The Level II exam is a significant step up in complexity, and these results reflect that challenge."
This long-term perspective is crucial for candidates to understand that the exam's difficulty is a constant, though pass rates can shift based on the preparedness of each specific cohort of test-takers.
Understanding the CFA Program
The Chartered Financial Analyst (CFA) designation is a globally recognized credential for investment management professionals. To earn the charter, candidates must pass three sequential six-hour exams:
- Level I: Focuses on investment tools and foundational knowledge.
- Level II: Emphasizes asset valuation and applying concepts. It is often considered the most difficult level due to its depth and case-study format.
- Level III: Centers on portfolio management and wealth planning.
In addition to passing the exams, candidates must also have at least 4,000 hours of relevant professional work experience.
The Impact of Exam Deferrals on Performance
One of the most significant trends identified by the CFA Institute is the performance gap between candidates who test on their original schedule and those who have deferred one or more times. The data from the August exam period reinforces this finding.
Candidates who postponed their exams often face challenges in retaining the vast amount of information covered in the curriculum. A prolonged break in studying can lead to knowledge decay, making it harder to regain momentum and master the complex topics required for Level II.
The CFA Institute has noted that the group of candidates who have deferred exams is shrinking over time as the backlog from the pandemic clears. This may contribute to a gradual normalization of pass rates in the coming years as a higher proportion of test-takers are first-time or on-schedule candidates.
Guidance for Future Candidates
For those who were unsuccessful in the August exam, the results can be disheartening, but strategic planning is key. The CFA Institute provides performance feedback to help candidates identify areas of weakness. A thorough review of this feedback is the first step in preparing for a future attempt.
Successful candidates can now begin preparing for the final hurdle, the Level III exam. This level shifts focus from valuation to portfolio management and requires a different style of preparation, focusing more on synthesis and application of knowledge in a real-world context.
According to the CFA Institute, all candidates should aim to create a structured and consistent study plan. The recent pass rate trends underscore the importance of minimizing disruptions and sticking to a schedule to maximize the chances of passing these challenging exams.