CFA Institute, the global association of investment professionals, announces that of the 11,269 candidates worldwide who sat for the Level III CFA® Program exam in February 2026, 50 percent have passed. All candidates will be notified of their results today.
Tricia Rothschild, CFA, Interim President and Chief Executive Officer of CFA Institute, comments:
“Passing all three levels of the CFA Program is a sign of persistence as well as the ability to successfully apply investment knowledge in complex, real-world situations. At Level III, candidates must demonstrate and justify sound portfolio decisions based on investor objectives. My warmest congratulations to everyone receiving news of their Level III exam success today.”
Chris Wiese, CFA, Managing Director, Education, CFA Institute, said:
“The CFA Program equips candidates with a deep foundation of investment knowledge and helps develop the sound professional judgement that is so critical in today’s increasingly complex markets. Congratulations to all candidates who passed their Level III exam – this represents a significant achievement and a testament to your commitment to professional excellence. For those who did not pass this time, the progress you have made is meaningful; we encourage you to continue your journey.”
“First-time Level III test takers fared best, with an overall pass rate of 59 percent. Test takers with at least one deferral behind them had a passing rate of 34 percent. The ten-year average pass rate is 51 percent. We encourage candidates to stay on schedule, if at all possible.”
Candidates participating in the February Level III exams selected one of three Specialized Pathways: Portfolio Management, Private Wealth, or Private Markets. All three pathways are equally rigorous and in pursuit of one credential: the CFA® charter.
Candidates attended in person at one of 458 proctored computer-based examination venues located in 378 cities in 108 markets worldwide. Exam Levels I and III were held during the February testing period. Historical pass rates can be found here: Exam Results and Pass Rates.
In the latest edition of Inside the CFA Program, Chris Wiese discusses how CFA Institute together with CFA exam standard setters decide on the score that represents a passing performance.
Becoming a CFA® Charterholder
The CFA designation is widely sought by employers and is a mark of significant professional accomplishment and sustained effort. Successful CFA Program Level III candidates become a charterholder upon verification that they meet the work-experience requirement and when they join as charterholder members of CFA Institute, thereby attesting to follow the ethical guidelines found in the Codes and Standards. Charterholders must attest annually to abide by the Code of Ethics and Standards of Professional Conduct.
For further information, please contact pr@cfainstitute.org.
Notes to Editors
Beginning with the February 2027 exam cycles, CFA Institute has eliminated the paid deferral option for CFA Program candidates. Current deferral policies apply to CFA Program exams taken before that time.
About the CFA Program
The CFA Program is a rigorous self-study program that covers a wide range of investment management education essentials from ethics to quantitative analysis to portfolio management and wealth planning. Enrolling in the CFA Program and earning the CFA charter prepares individuals for a variety of career paths in every sector of the global finance industry. Candidates can access all essential study tools through the Learning Ecosystem including mock exams and the newly introduced Practical Skills Modules. Candidates preparing to sit for an exam after a deferral may find CFA Exam Study Tips helpful. For more about the CFA Program, visit: CFA Program.
About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 9 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn, and subscribe on YouTube.
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