The CFA Institute has announced the results for the Level II CFA Program exam administered in August 2025. The results were released on October 9, 2025, and candidates can access their results via email.
The pass rate for the August 2025 Level II CFA exam was 44%. This pass rate reflects the percentage of candidates who successfully met the minimum passing score (MPS) determined by the CFA Institute Board of Governors. The MPS is set after each exam administration, considering the exam's difficulty and the performance of the candidates. The CFA Institute also provides candidates with a detailed performance summary, offering insights into their strengths and weaknesses across various topic areas.
The CFA Level II exam is considered by many to be the most challenging of the three CFA exams. It requires candidates to apply their knowledge from Level I to more complex scenarios, focusing on asset valuation, portfolio management, and investment tools. Candidates typically dedicate over 300 hours of study time in preparation for the Level II exam.
For those who were successful, passing Level II is a significant step toward earning the CFA charter, a globally recognized credential for investment professionals. These candidates can now focus on preparing for the Level III exam, which assesses portfolio management and wealth planning skills. The CFA Level III exam results for the August 2025 session are expected to be released on October 23, 2025.
Candidates who did not pass the Level II exam are encouraged to use the performance summary provided by the CFA Institute to identify areas for improvement and refine their study strategies for future attempts. The CFA Institute provides a scaled score and the exam's MPS in the score report.
The CFA Program is a globally recognized standard for investment professionals. It is a series of three examinations that measure a candidate's ability to apply knowledge and skills in the investment decision-making process. Successful candidates demonstrate their commitment to ethics, professional standards, and technical expertise.
