The Human Struggle: Another Tough Year for CFA Candidates
Pass Rate Takes a Dip
The CFA Level I pass rate for 2025 just dipped to 43%. Yep, another year, another round of finance folks grumbling over their espresso shots. Meanwhile, AI models are out here clearing the hardest CFA exams in minutes — what takes humans years of blood, sweat, and caffeine.
A Slight Drop, But Still a Beast of an Exam
In August 2025, the CFA Institute announced that only 43% of candidates passed Level I, slightly down from 45% earlier this year. Not a disaster, but enough to sting. Still, it’s above the ten-year average of 41%, proving this exam remains one of the toughest intellectual marathons in finance.
By the Numbers: What the Stats Reveal
Who Made the Cut?
Over 26,000 candidates appeared for the Level I exam across 502 global centres. Here’s the kicker:
- Candidates who stayed on schedule without deferrals had a 50% pass rate.
- Those who deferred at least once? Only 29% crossed the line.
As Chris Wiese from the CFA Institute put it, “Stick to your schedule, folks. It’s your best shot.”
AI’s Big Flex: Clearing CFA Levels in Minutes
When Machines Outpace Humans
While humans juggle jobs, families, and the CFA grind, AI models are now crushing all three levels, including the essay-heavy Level III, in literal minutes. Talk about unfair competition.
The Study That Shocked Everyone
A joint study by NYU Stern and GoodFin, an AI-driven wealth platform, tested 23 top AI models — including OpenAI’s o4-mini, Claude Opus, DeepSeek R1, and Google Gemini 2.5 Flash. Every single one passed mock versions of all CFA levels. Humans take three to four years; AI? Barely a coffee break.
Why the CFA Still Matters for Humans
More Than Just a Test
Before tossing your calculator in despair, remember what the CFA charter represents. It’s the gold standard for careers in investment and portfolio management — a symbol of perseverance, integrity, and analytical excellence. Candidates often invest thousands of study hours, along with a fair amount of stress and sleepless nights.
Level III: The Monster Exam
Level III is where the CFA exam truly tests your mettle. Its essay-based format requires critical reasoning, ethical judgment, and professional insight. For years, AI couldn’t handle the nuance — until now.
How AI Finally Cracked the Code
Enter Chain-of-Thought Prompting
The secret sauce behind AI’s success? A method called “chain-of-thought prompting.” It trains AI to break complex problems into smaller steps, reasoning through each part like a human would (on a good day). No random guesses — just clean, structured logic.
Areas Where AI Excelled
Those 23 AI models didn’t just pass — they excelled in key financial domains:
- Portfolio management
- Wealth planning
- Ethical decision-making
- Financial modeling
A few years ago, AI would’ve tripped over these sections. Now, it’s acing them effortlessly.
The Fine Print: Why AI Still Can’t Be a CFA Charterholder
No Experience, No Charter
Here’s the twist: despite their test scores, AI models can’t earn a CFA designation. The CFA Institute requires:
- 4,000 hours of relevant work experience
- Two professional references
- Ethics and practical skills training
Not to mention, candidates must pay up to $4,600 in fees and dedicate several years to the process.
Missing the Human Touch
AI lacks intent, empathy, and real-world experience — the qualities that make human finance professionals irreplaceable. As Anna Joo Fee from GoodFin put it, “AI can carry the pot, but it can’t play the game.”
Humans vs AI: Who Really Wins?
Sure, AI may be the ultimate test-taker, but when it comes to the real-world complexity of finance, human grit still leads the way. AI doesn’t network, empathise, or handle clients’ emotions — it just crunches numbers.
So while AI might ace the CFA in minutes, humans still hold the upper hand in financial leadership. For now, at least.
