CFA Level II Pass Rate Falls to 39%, the Lowest Since Pandemic

The pass rate for the second level of the chartered financial analyst test plunged to the lowest since the pandemic, falling below the decade average as candidates who choose to delay their exam face a lower chance of passing.

In November, 39% of candidates sitting for the Level II test were successful, down from a 47% pass rate for those who took the test in August and 59% for May test-takers, the CFA Institute said in a statement Thursday. The November results are below the 10-year average of 45% and the lowest since 2021 when the rate dropped to 29% due to disruptions caused by the Covid-19 pandemic.