CFA Institute Reports Results for CFA Program Level III Testing in August

NEW YORK, Oct. 25, 2023 /PRNewswire/ -- CFA Institute, the global association of investment professionals, announces that of the 16,035 candidates worldwide who sat for the Level III CFA^® Program exam in August 2023, 47 percent have passed. All candidates will be notified of their results today.

Margaret Franklin, CFA, President & CEO, CFA Institute, comments:

"Congratulations to all CFA Program candidates receiving news today of their Level III exam success. I hope you are enjoying that end-of-exams feeling! Building a career in investment means continuing to learn and adapt as we embrace the changes transforming our industry. Completing your CFA exams shows a clear determination to meet these challenges. I encourage you to stay connected to the CFA community as you move forward in your career."

Successful Level III candidates may now be eligible to convert their exam success to become holders of the CFA charter. To become a charterholder, a candidate must pass all three examination levels, be a regular member of CFA Institute, and meet the work experience requirement.

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

"The CFA Program is a tough undertaking, and I'm pleased that the August Level III pass rate continues to be in line with recent pass rate trends. I add my congratulations to everyone who passed, many of whom faced disrupted study schedules through unprecedent times along the three-exam journey. For candidates who did not make the cut this time round, I encourage you to regroup, stay focused, and take advantage of all the learning tools and modules freely available to you through your CFA Program registration."

Candidates for the August Level III CFA Program exams attended in person at one of 456 proctored computer-based examination venues located in 336 cities in 102 markets worldwide. Historical pass rates can be found at the following link: Exam Results and Pass Rates.

New Specialist Pathways for Future Level III Candidates

The CFA Program prepares individuals for a variety of jobs across the global finance industry. Beginning May 2024, candidates registering for their Level III CFA Program exam will be able to select from three specialist pathways: Portfolio Management (the traditional version of CFA Level III), Private Markets, and Private Wealth.

"Whichever pathway future Level III candidates select, they will all be in pursuit of one rigorous credential: the CFA charter," continued Wiese. "The introduction of specialist pathways recognizes that CFA candidates and charterholders work in a wide variety of roles across the industry. The Portfolio Management pathway will offer the classic CFA Program study experience. The Private Markets and Private Wealth pathways support candidates seeking additional knowledge in these growing areas of the investment ecosystem. It's worth noting that around 70 percent of the learning content will be common across all three pathways with precisely the same exam performance calibration."

The first specialist pathway CFA Program Level III exams will take place in February 2025. For more about the introduction of specialist pathways for CFA Program Level III candidates from the May 2024 registration period onwards, and the full suite of enhancements to the CFA Program, visit CFA Program Evolution.

For further information, please contact [email protected].

Notes to Editors

CFA Program candidates have access to extensive online learning materials including a Learning Ecosystem - an adaptive online learning tool that provides all necessary study materials, study planning tools, and mock examinations designed to focus candidates on their needs, strengths, and weaknesses in preparation for their exams. Candidates preparing to sit for an exam may find CFA Exam Study Tips helpful. 

About CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors' interests come first, markets function at their best, and economies grow. There are nearly 200,000 CFA charterholders worldwide in more than 160 markets. CFA Institute has 10 offices worldwide and 160 local societies. For more information, visit www.cfainstitute.org or follow us on Linkedin and X at @CFAInstitute.

SOURCE CFA Institute