CFA Level II Pass Rate Falls to 41.8%, Lowest Since 2022 Amid Rising Exam Rigor

The December 2025 administration of the CFA Level II exam recorded a pass rate of 41.8%, the lowest since the 2022 cycle when the rate stood at 42.1%. This represents a 2.8 percentage point decrease from the 44.6% pass rate in June 2024 and a continued downward trajectory from the 50.5% pass rate in 2021. The decline underscores growing rigor in the curriculum and assessment standards administered by the CFA Institute. The CFA Level II exam, a pivotal milestone in the three-tiered charter program, tests candidates’ ability to analyze financial data, apply valuation models, and interpret complex investment scenarios. With the number of candidates registering for the exam rising steadily—reaching 127,400 in 2025—the competition for success has intensified. Despite expanded study resources and prep course availability, performance metrics suggest that candidates are struggling to master the advanced material. The 41.8% pass rate translates to approximately 53,200 successful candidates out of 127,400 who sat for the exam, a significant drop in the number of qualifiers compared to previous years. This decline has implications for finance professionals aiming to enter investment management, equity research, and portfolio analysis roles, where the CFA charter remains a benchmark credential. Financial institutions and recruitment teams may face tighter talent pools in the near term, especially in global markets where CFA credentials are highly valued. Employers in North America, Europe, and Asia-Pacific are adjusting hiring timelines and evaluation criteria as more candidates delay progression through the program.