CFA Level II Pass Rate Drops Again, Hitting Lowest Level Since 2022

The pass rate for the second level of the chartered financial analyst test fell to the lowest since 2022 as candidates who stayed on schedule continued to outperform peers who put off the exam.

In November, 42% of candidates sitting for the Level II test were successful, down from a 44% pass rate for those who took the exam in August and 54% for May test-takers, the CFA Institute said in a statement Thursday. That’s below the 46% average for the past decade, but higher than the lows in 2021 and 2022, when performance was impacted by test-taking deferrals amid the Covid-19 pandemic.