CFA Institute Reports 47% Pass Rate for Level III
The August 2026 exam saw nearly 14,000 candidates sit for the Level III professional certification assessment.
Updated on Oct. 20, 2026 in Stock Markets
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The CFA Institute recorded a 47% pass rate for the Level III exam during the August 2026 testing period. This result marks a slight decline from the 50% pass rate achieved in both February and August 2025.
Why it matters
The exam results highlight a continued trend in candidate performance, as the Level III pass rate has not exceeded the 50% threshold since 2020. These figures are analyzed against a 10-year average pass rate of 50% for the final stage of the certification.
In August 2026, first-time test takers achieved a 56% pass rate, while candidates with at least one deferral recorded a 31% success rate. The testing cycle included 43% and 45% pass rates for Level I and Level II exams, respectively.
The players
CFA Institute
This global professional organization administers the Chartered Financial Analyst designation and sets the standards for investment industry credentials.
The details
Nearly 14,000 candidates completed the Level III exam across 482 proctored, computer-based testing centers worldwide. Participants were required to select one of three specialized pathways: portfolio management, private wealth, or private markets.
Timeline
The Level III pass rate last exceeded 50% in 2020.
The pass rate was 50% in both February and August 2025.
The Level III exam pass rate was 47% in August 2026.
Market Dynamics
The consistency of the 50% historical average serves as a long-term anchor for the rigorous nature of the certification process. Falling below this benchmark reinforces the difficulty of the exam in an era where the pass rate has struggled to return to levels seen prior to 2020.
Candidates preparing for future testing cycles must account for the lower success rates associated with deferrals. This data helps current financial professionals evaluate the comparative rigor of the CFA designation when assessing talent or credentialing standards.
The takeaway
The recent performance data underscores the challenging nature of the Level III certification hurdle for financial analysts. Aspirants should prioritize consistent preparation to avoid the significantly lower pass rates historically associated with exam deferrals.
Further reading
For broader trends in financial certification and industry benchmarks, visit the Stock Markets section.
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