CFA Level 3 August 2026 results announced; first-time candidates pass rate at 56%

In short

The CFA Institute announced the August 2026 Level 3 examination results on October 20, 2026, at cfainstitute.org.
Out of 13,940 candidates, 6,522 passed the Level 3 examination, resulting in an overall pass rate of 47%.
First-time candidates achieved a 56% pass rate, while those who had deferred at least once recorded a 31% pass rate.
Candidates can access their individual results on cfainstitute.org and will also receive them via email.
Successful candidates can become CFA charterholders after verification of required work experience criteria.

The CFA Institute announced the results for the August 2026 Chartered Financial Analyst (CFA) Level 3 examination on October 20, 2026. Candidates who appeared for the examination can access their individual results through the official website, cfainstitute.org, and will also receive notifications via their registered email addresses.

cfainstitute.org homepage — Official website: cfainstitute.org

A total of 13,940 candidates appeared for the August 2026 Level 3 examination, with 6,522 successfully passing. This yields an overall pass rate of 47% for this examination cycle. The ten-year average pass rate for the Level 3 examination stands at 50%.

August 2026 Level 3 Pass Rates and Candidate Performance

The August 2026 Level 3 examination saw a notable difference in pass rates between first-time candidates and those who had deferred their exams. First-time candidates recorded a pass rate of 56%, outperforming candidates who had deferred at least once, who achieved a 31% pass rate. A total of 7,418 candidates did not pass the examination.

Chris Wiese, CFA, Managing Director of Education at CFA Institute, congratulated the successful candidates, stating that the achievement reflects their dedication, discipline, and perseverance. He also highlighted that the CFA charter represents sound judgment, technical expertise, and a strong ethical foundation, which are valued in the investment profession.

CFA Cohort Pass Rates (August 2026)
CFA Cohort	Pass Rates First Time Testers	Deferred Candidates
Aug 2026 Level 3	56%	31%
Aug 2026 Level 2	52%	30%
Aug 2026 Level 1	49%	29%

Examination Structure and Global Reach

Candidates for the August 2026 Level 3 examination selected one of three specialized pathways: Portfolio Management, Private Wealth, or Private Markets. All three pathways adhere to equally rigorous requirements and lead to the same CFA charter upon successful completion and fulfillment of other criteria. The examination was conducted in person across 482 proctored computer-based testing venues, located in 389 cities across 114 markets worldwide.

The August testing period also included CFA Level 1 and Level 2 examinations. The results for CFA Level 1 were released on September 24, 2026, with a pass rate of 43%, and CFA Level 2 results were announced on September 30, 2026, with a pass rate of 45%. The CFA Program covers ethics, quantitative analysis, portfolio management, and wealth planning, with study resources available through its Learning Ecosystem.

CFA Program Candidate Pass Rates Across Recent Exam Cycles
Level	Pass Rate	Candidates	Session
Level I	43%	28,145	Aug ’26
Level I	39%	31,566	May ’26
Level I	45%	24,006	Feb ’26
Level I	43%	26,752	Nov ’25
Level II	45%	10,004	Aug ’26
Level II	43%	18,111	May ’26
Level II	42%	15,003	Nov ’25
Level III	47%	13,940	Aug ’26
Level III	50%	11,269	Feb ’26

CFA Exam Results 1963-2026 (August 2026)
Level	Total Candidates	Pass	Fail	% Pass
Level I	28,145	12,168	15,977	43%
Level II	10,004	4,484	5,520	45%
Level III	13,940	6,522	7,418	47%

Steps for Successful Candidates

Successful candidates can become CFA charterholders after the CFA Institute verifies their required work experience criteria for membership. Charterholder members are required to attest annually to the CFA Institute Code of Ethics and Standards of Professional Conduct. Individual candidate results are released only to the candidate and never to a third party, though lists of passing candidates are provided to societies for membership purposes.

Chris Wiese also noted that charterholder membership provides access to mentoring, exclusive learning opportunities, and a global network of peers and industry experts, which can assist members in career transitions and professional development.