CFA Level II Pass Rate Rises to 54%, Above Decade Average

The pass rate for the second level of the chartered financial analyst test soared well above the decade average as candidates who stayed on schedule continued to outperform peers who put off the exam.

In May, 54% of candidates sitting for the Level II test were successful, up from a 39% pass rate for those who took the test in November and 47% for August test-takers, the CFA Institute said in a statement Tuesday. After factoring in the 54% pass rate from the May test, the decade average ticked up to 46%, and the latest Level II results are the second-highest since 2020, when the rate reached 55% before dropping amid pandemic disruptions.