CFA Level II Pass Rate Slips to 40% as Covid-19 Continues to Disrupt Some Tests

The pass rate for the second level of the chartered financial analyst exam slipped below historic averages as Covid-19 disruptions continue to impact some test-takers.

In August, 40% of candidates passed the Level II exam, down from 44% in February and 46% in November, according to the CFA Institute. That was also below the 10-year average success rate of roughly 45% for the level while higher than the low of 29% set in August 2021, when the pandemic upended testing.