CFA Level I Success Drops to 43% as AI Models Ace Final Exam

Thousands of people sat for the first of three tests in August to become chartered financial analysts, and less than half passed. At the same time, artificial-intelligence models — the systems many in finance are afraid will someday take their jobs — have now advanced to the point they can ace the final level of the CFA exam in minutes.

Of candidates who sat for the Level I test in August, 43% passed, down from a 45% success rate for those who took the exam in May and February, the CFA Institute said Thursday. Still, that’s higher than the 41% average for the past decade and the lows from 2021, when exam performance was hurt by test-taking deferrals amid the Covid-19 pandemic.