56% pass the CFA's Level III exam as 197,000 show up

The CFA Institute released the results of June's Level III exam Tuesday. Of the 38,377 candidates who sat for the test — a new high — 56% passed, on par with 2018's results. Pass rates for Level I and II were announced earlier in August, revealing that 41% and 44%, respectively, of those who took the exam will move on to the next level.

Earlier this year, the CFA Institute announced that beginning in 2021 it would begin offering computer-based testing for the Level I exam. The move is targeted at reducing crowds on exam day, which has grown exponentially in recent years and offers candidates more flexible scheduling options. In June, 196,768 people sat across all three exams, also a new high, with all three levels seeing an uptick in attendance.

The Level III pass rate was 3 percentage points higher than the 10-year average, with the pass rates of the other two exams matching their 10-year averages.