CFA Institute Reports Results for CFA Program Level III Testing in August 2026

NEW YORK — CFA Institute, the global association of investment professionals, announces that of the 13,940 candidates worldwide who sat for the Level III CFA^® Program exam in August 2026, 47 percent have passed. All candidates will be notified of their results today.

Managing Director, Education, CFA Institute, comments:

“Congratulations to everyone receiving news today of their success in their final CFA Program exam. Our profession is changing rapidly, but the qualities that underpin long-term success remain remarkably consistent. Investors continue to value sound judgment, technical expertise, and a strong ethical foundation. That is what the CFA charter represents and why it remains trusted and recognized around the world.

“For today’s successful candidates, reaching this milestone in your professional education represents a tremendous achievement and one that reflects your dedication, discipline, and perseverance. The CFA Program demands sustained commitment over several years, often alongside full-time work and other responsibilities. Well done! You can be very proud of what you have achieved. I’m looking forward to welcoming you into the global CFA charterholder community.”

First-time Level III test takers fared best, with an overall pass rate of 56 percent. Test takers with at least one deferral behind them had a passing rate of 31 percent. The ten-year average pass rate is 50 percent. Candidates are encouraged to stay on schedule, if at all possible.

Candidates participating in the August 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.

Successful CFA Program Level III candidates can become a CFA charterholder upon verification that they meet the work experience requirements for charterholder membership. In addition, charterholder members must attest annually to the Code of Ethics and Standards of Professional Conduct as a condition of charterholder membership.

adds:

“Charterholder membership helps transform the achievement of earning the CFA charter into a lasting career advantage. Members gain access to mentoring, exclusive learning opportunities, and enhanced ways to connect with a global network of peers and industry experts. These resources can help members navigate career transitions, build new capabilities, strengthen professional relationships, and stay at the forefront of the investment profession throughout their careers.”

Candidates for the August Level III CFA Program exams attended in person at one of 482 proctored computer-based examination venues located in 389 cities in 114 markets worldwide. CFA Exam Levels I and II were also administered during the August testing period. Level I results were released on 24 September 2026 and Level II results were released on 30 September 2026. Historical pass rates can be found here: Exam Results and Pass Rates.

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. A video outlining the CFA Program Level III exam grading process can be viewed here. For more about the CFA Program, visit: CFA Program.

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 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and subscribe on YouTube.

Contacts

For further information, please contact pr@cfainstitute.org.