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CFA Institute Releases February 2026 Level III Exam Results
The latest round of testing for the prestigious Chartered Financial Analyst credential saw a pass rate of 56%.
Apr. 7, 2026 at 4:22pm
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The complex inner workings of the global financial system, as captured through an industrial-style macro lens.NYC TodayThe CFA Institute, the global association of investment management professionals, has announced the results of its February 2026 Level III CFA Program exam. The pass rate for the advanced-level exam, which is the final step in earning the prestigious Chartered Financial Analyst (CFA) credential, was 56% among the thousands of candidates who sat for the test.
Why it matters
Passing the CFA exams is a significant achievement that demonstrates mastery of investment analysis, portfolio management, and other key financial skills. The CFA designation is highly sought after by those working in the investment management industry, as it signals a candidate's expertise and commitment to the profession. The Level III exam in particular is known for its difficulty, making the latest pass rate an important benchmark for the CFA program.
The details
The CFA Institute reported that a total of 4,892 candidates took the Level III exam in February 2026, with 2,741 of them successfully passing. This represents a 56% pass rate, which is in line with historical averages for the final level of the CFA program. The exam tests candidates' ability to apply the analytical, managerial, and ethical principles they have learned throughout the multi-year curriculum.
- The CFA Level III exam was administered on February 15, 2026.
The players
CFA Institute
The global association of investment management professionals that administers the Chartered Financial Analyst (CFA) program.
What they’re saying
“Earning the CFA charter is a tremendous accomplishment that demonstrates an individual's mastery of the complex skills required to succeed in the investment management industry.”
— Margaret Franklin, President and CEO, CFA Institute
What’s next
The CFA Institute will hold its next Level III exam in August 2026. Candidates who did not pass the February exam will have the opportunity to retake the test during that administration.
The takeaway
The latest CFA Level III exam results underscore the prestige and rigor of the CFA program, which continues to produce highly skilled investment professionals sought after by top firms around the world.
