CFA Institute released Level II results for the August 2026 exam window on 30 September 2026: 45% of candidates passed. Level III results from the same window are scheduled for 20 October 2026. This article summarises the official figures, compares them with recent sessions, and sets out what to do next, whether you passed or not.
Level II and Level III pass rates from the official announcements
Level II: 45% pass rate
According to CFA Institute's announcement of 30 September 2026, 10,004 candidates worldwide sat the Level II exam in August 2026, and 45% passed.
The gap between candidate groups remains wide:
- First-time candidates: 52% pass rate.
- Candidates testing after at least one deferral: 30% pass rate.
Candidates tested at 452 proctored computer-based venues in 369 cities across 113 markets. Successful Level II candidates can move straight on to Level III; CFA Institute notes that registration for the February 2027 Level III exam is open.
Level III: awaiting CFA Institute's announcement
At the time of writing, CFA Institute had not yet published Level III figures for the August 2026 window. Its Level II announcement states that Level III results will be released to candidates on 20 October 2026. We do not include estimates here. Once the official release is out, you will find it in the CFA Institute press room (linked under Sources).
How this compares with earlier sessions and with Level I
| Session | Candidates | Overall pass rate | First-time | Deferred |
|---|---|---|---|---|
| Level II, Aug 2025 | 9,898 | 44% | 52% | 28% |
| Level II, Nov 2025 | 15,003 | 42% | 50% | 27% |
| Level II, Aug 2026 | 10,004 | 45% | 52% | 30% |
| Level I, Aug 2026 | 28,145 | 43% | 49% | 29% |
Three points stand out:
- Level II edged up on the two previous sessions. 45% compares with 44% in August 2025 and 42% in November 2025. In its August 2025 announcement, CFA Institute put the ten-year Level II average at 46%, so this session sits close to the long-run norm.
- Level II passed slightly more candidates than Level I in the same window (45% versus 43%). That does not make Level II easier: everyone sitting Level II has already cleared Level I.
- Deferral keeps hurting results. In every row of the table, candidates who had deferred passed at a rate roughly 20 percentage points below first-time takers.
For background on Level I, see our article on the CFA Level I pass rate.
What the Level II figures mean if you are heading to Level III
If you passed Level II this time, the most useful lesson in the data is about timing. First-time candidates have outperformed deferred candidates in every recent session, at both Level I and Level II. The same pattern is likely to matter at Level III, where the curriculum shifts from valuing individual assets to building and managing portfolios for real clients. Registration for February 2027 is open, so a sensible step this week is to pick a date, map out your study weeks backwards from it, and protect that plan. Candidates who stay on schedule give themselves the best chance, and from February 2027 the option of a paid deferral will no longer be there as a safety net.
Passed Level III: the steps to the charter
Passing Level III completes the exam stage, but it does not make you a charterholder on its own. Under CFA Institute rules you also need to:
- Complete the required Practical Skills Modules (see the section below).
- Meet the work experience requirement: 4,000 hours of relevant experience over a minimum of 36 months, which can be accrued before, during or after the exams.
- Apply for CFA Institute membership, with professional references, and commit to the Code of Ethics and Standards of Professional Conduct.
Did not pass: the next session, and the end of paid deferrals from February 2027
Missing the mark is common: more than half of this session's Level II candidates did not pass. What matters is planning early:
- Read your score report closely. It shows where you were weakest relative to other candidates. Target those topics rather than restarting the whole curriculum.
- Book a session you can realistically commit to. This window's data shows 52% of on-schedule candidates passed, against 30% of those who had deferred.
- Note the policy change. CFA Institute announced on 5 March 2026 that paid exam deferrals end from the February 2027 window. Choose your date carefully at registration rather than counting on moving it later.
- Practise the real question format. Level II uses item-set vignettes with several questions attached to each case; practise under timed conditions.
Practical Skills Modules
Practical Skills Modules (PSMs) are required hands-on modules within the CFA Program. One point to remember: candidates who have not completed the required PSM will not receive their result on results day. Results are released only once the module is complete.
If you are preparing for an upcoming session, finish your PSM well before exam day so there is no extra wait when results come out.
Sources
- CFA Institute: Results for CFA Program Level II Testing in August 2026 (30 September 2026)
- CFA Institute: Results for CFA Program Level I Testing in August 2026 (24 September 2026)
- CFA Institute: Results for CFA Program Level II Testing in November 2025
- CFA Institute: Results for CFA Program Level II Testing in August 2025
Figures from CFA Institute, retrieved 1 October 2026. Level III figures for the August 2026 window had not been published at that date.