The CFA Institute released the CFA Level II November 2025 exam results today. Candidates can access their scores and detailed scorecards online. The official website for checking results is cfainstitute.org . The pass rate for the November 2025 Level II exam stood at 42%.
Understanding the CFA Program
The Chartered Financial Analyst (CFA) program is a globally recognized professional credential for investment professionals. It certifies expertise in investment analysis and portfolio management. The program is structured into three levels, each building on the last.
Level I tests foundational investment knowledge, covering areas like ethics, economics, and financial reporting. Level II focuses on applying analytical tools and valuing assets, including equity, fixed income, and derivatives. Level III integrates portfolio management concepts and wealth planning, preparing candidates for real-world investment decisions.
Achieving the CFA designation is a rigorous process. It demands extensive study and commitment from candidates worldwide. This certification is highly valued in the global financial industry.
Accessing CFA Level II Results
Candidates who sat for the November 2025 CFA Level II exam must use their login credentials to view results. The official website, cfainstitute.org , is the only portal for score access. Direct access prevents unauthorized disclosure of personal scores.
Follow these steps to download your scorecard:
- Visit the official website at cfainstitute.org .
- Click on the “Results” section.
- Enter your registered login ID and password.
- The CFA Level II result scorecard will appear on the screen.
- Review your details and download the scorecard as a PDF file for your records.
CFA Level II Pass Rate Analysis
The CFA Level II November 2025 exam recorded a 42% pass rate . This figure represents the percentage of candidates who successfully passed the challenging exam. Pass rates fluctuate across different exam administrations, reflecting the consistent difficulty of the curriculum.
Here are recent pass rates for the Level II exam:
| Exam Month | Pass Rate |
|---|---|
| May 2025 | 54% |
| August 2025 | 44% |
| November 2025 | 42% |
The November 2025 pass rate of 42% is the lowest among recent Level II administrations. This data highlights the demanding nature of the Level II curriculum and its application-focused questions.
CFA Level I and Level III Pass Rates
For comparative context, the CFA Institute also releases pass rates for the Level I and Level III exams. These rates provide insight into the progression and difficulty across all three levels of the CFA program.
CFA Level I Pass Rates
Here are the pass rates for recent CFA Level I exams:
| Exam | Pass Rate |
|---|---|
| February 2025 CFA Level I | 45% |
| May 2025 CFA Level I | 45% |
| August 2025 CFA Level I | 43% |
| November 2025 CFA Level I | 43% |
The Level I pass rates remained stable, ranging between 43% and 45% in 2025. These figures demonstrate a consistent benchmark for the program’s foundational exam.
CFA Level III Pass Rates
Below are the pass rates for recent CFA Level III exams:
| Exam Month | Pass Rate |
|---|---|
| February 2025 | 49% |
| August 2025 | 50% |
CFA Level III pass rates were 49% in February 2025 and 50% in August 2025. These rates are generally higher than Level II, but still reflect a demanding examination that requires synthesis of all prior knowledge.
Next Steps for Candidates
Passing the CFA Level II exam marks significant progress towards earning the full CFA charter. Successful candidates can now register and begin preparing for the Level III exam. Achieving the charter also requires relevant work experience in the investment industry.
Candidates who did not pass can re-evaluate their study strategies and focus areas for future attempts. The CFA Institute provides resources and guidance for all candidates aiming to achieve this globally recognized professional designation.