Based on a September 2025 study, artificial intelligence models passed all three levels of the Chartered Financial Analyst (CFA) exam, including the notoriously difficult Level III, in a matter of minutes.
AI Can Pass the CFA® Exam, But It Cannot Replace Analysts. Recent headlines have highlighted how large language models (LLMs) perform well and quickly on the CFA® exam.
No, studying for any CFA exam in less than 6 months will not give you enough time to adequately prepare unless you have a relevant background in the curriculum. According to CFA Institute, candidates study on average 348 hours for the Level I exam, 364 hours for the Level II exam, and 365 hours for the Level III exam.
CFA Level 1 is widely considered a very difficult exam due to its broad curriculum, demanding study commitment (often 300+ hours), challenging technical content, and typical ~40% pass rates, requiring strong discipline to learn and recall foundational finance concepts, though it's often seen as the most manageable of the three levels because it focuses on learning and describing rather than deep analysis. Success hinges on consistent study, mastering core topics like Ethics, FSA, and Investments, and effective exam technique, making it a significant hurdle for many.
Average Age of CFA Candidates
Although many candidates are in their late twenties or early thirties, the Program has a wide age range. Many begin at 35, 40, or even 50. Some of the most thoughtful, determined candidates are the ones who start later. Experience is not a burden.
The 10th and 90th percentiles were removed from the report because we have added scale scores. Scale scores add more precision to your results interpretation. The 10th and 90th percentiles only provide a comparison of your result against other candidates in the same administration.
Is CFA tougher than CA? A: The CFA and CA (Chartered Accountant) qualifications have different focuses and challenges. While both are demanding, many find CA to be more rigorous due to its extensive practical training and exams.
If you are currently a candidate in the CFA Program:
Include your participation in the CFA Program in the education section of your resume. (For example: “CFA® Program participant, CFA Institute.”) You may also list the levels completed. (For example: “Completed Level I in 2020.”)
Compared to the chartered financial analyst (CFA), a master of business administration (MBA) provides a broader study of business principles. An MBA teaches students valuable analytical and leadership skills that prepare them for opportunities across a number of sectors and careers in finance.
Will AI replace CFA professionals in finance jobs? No. While AI optimises efficiency, it does not replace intelligent decision-making, client engagement, or ethics oversight performed by CFAs.
The company that administers the exam, the CFA Institute, says the test is “one of the highest distinctions in the investment management profession.” Despite now passing all three levels of the test, ChatGPT will likely never become a CFA charterholder or a professional who has earned the CFA credential.
CFA Exams Pass Rates
The CFA exams are perhaps the most challenging exams out there. They are often referred to as “bar none” the toughest exams—even harder than medical school or law school exams—with pass rates that hover around 50% and were much lower during the recent pandemic.
There is no strict CFA age limit, so people of all ages can join. The CFA age requirement only asks for a degree or relevant work experience. Many individuals who choose to pursue the CFA do so around the age of 40 or later. The age limit for CFA course should not stop anyone motivated to grow.
But obtaining a CFA is no easy feat. CFA exams are considered the most challenging out there—even harder than medical school or law school exams—with pass rates under 50%. The certification process demands years (yes, you read that right) of dedication, time, and effort.
In spite of all odds, average students pass CFA exams regularly by: Employing study schedules with an emphasis on key subjects. Focusing on ethics and key notions, which have high exam weighting. Utilising quality preparation materials and practice exams.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.