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The final piece of the August 2026 CFA results is in. CFA Institute reported a 47% pass rate for the Level III exam, from 13,940 candidates — just under the 10-year average of about 50%.

As with the other levels, the gap between fresh and deferred candidates was stark: first-time takers passed at 56%, while deferred candidates passed at just 31%. All three specialized pathways (Portfolio Management, Private Markets, Private Wealth) were reported as equally rigorous.

That completes the August 2026 set:

Why the first-timer vs. deferred gap matters now: from February 2027, CFA Institute is eliminating the paid deferral option — if you register and don’t sit, you forfeit your fees and re-register at full price. With deferred candidates historically passing far below first-timers, the message is clear: register for a window you can actually commit to.

The wait is over — CFA Institute has released the CFA Program Level II results for the August 2026 administration. Here is the pass rate, how it stacks up against recent sittings, and exactly what it means for your next move.

The headline numbers

•  Pass rate:  45% overall

•  Candidates who sat:  10,004 worldwide

•  Candidates who passed:  4,484

•  From CFA Institute:  “Our congratulations go out to all candidates receiving news of their Level II exam success today.” — Chris Wiese, CFA, Managing Director, Education

How it compares

At 45%, the August 2026 Level II pass rate sits slightly above the two most recent sittings — 43% in May 2026 and 44% in August 2025 — and lands right around the exam’s long-run average of roughly 45%. As CFA Institute has long cautioned, small movements in the pass rate are not a signal that the exam got easier or harder; the standard is set to a consistent level of competency each cycle.

Passed? Here is your next move

Clearing Level II makes you eligible to register for Level III — the final step to the charter. The next Level III windows are February 2027 and August 2027. Two things to plan for now: Level III leans heavily into portfolio management and real investment decision-making and includes constructed-response (essay) questions, and you will choose a specialised pathway at registration. Start early.

Did not pass this time?

You are far from alone — more than half of a strong, prepared cohort retakes. The candidates who come back and pass almost always do one thing differently: more active practice on their weakest topics, earlier. Use the free resources below to rebuild momentum without spending a rupee or dollar.

Keep your momentum — free

Practise with free CFA questions (no signup, no payment), grab the free Level 1 formula sheet for quick revision, and read our Level III specialised-pathways guide before you register.

Internal links to include in the body

→ Free CFA practice questions:  https://professionalcareerclub.com/free-questions/cfa-institute-cfa

→ CFA Level 1 formula sheet (free PDF):  https://professionalcareerclub.com/resources/cfa-level-1-comprehensive-formula-sheet

→ CFA Level III 2027 specialised pathways:  https://professionalcareerclub.com/news/cfa-level-iii-2027-specialised-pathways-topic-weights

CFA Institute released CFA Program Level I results for the August 2026 testing window on 24 September 2026. 43% of the 28,145 candidates who sat passed — above the Level I exam's 10-year average of roughly 41%.

The number worth pausing on: first-time candidates passed at 49%, while deferred retakers managed just 29% — a 20-point gap. CFA Institute's data keeps showing the same pattern, and it's a big part of why the Program is tightening its deferral rules from 2027. If you're on the fence about deferring, this is the case against it.

"The results from this testing window represent a strong outcome for candidates," said Chris Wiese, CFA, Managing Director of Education at CFA Institute. "With a pass rate above the Level I exam's 10-year average, successful candidates demonstrated the knowledge, analytical skills, and ethical judgement expected at this stage of the CFA Program."

Passed? You can move on to Level II — check the full 2027 exam calendar and deadlines to plan your next sitting.

Didn't pass this time? You can retake at an upcoming Level I window. Rebuild momentum with the essentials — practise free CFA questions by topic (no signup) and download the free CFA Level I formula sheet.

Source: CFA Institute press room, 24 September 2026.

Verified against the CFA Institute dates and fees tool on 17 September 2026.

Level III does not run four times in 2027. It runs twice - February and August. Levels I and II have their own windows, and the deadlines that close first are not the ones most candidates watch. Here is the whole 2027 calendar in one place.

The full CFA 2027 calendar

Level III is offered in February and August only. Level II is not offered in February. Level I runs in all four windows.

Deadlines that are live right now

As of 17 September 2026, these are the next four dates on the board:

Level III in full

Level III carries more milestones than the other levels, and the invoice payment deadline catches people out because it sits months before registration actually closes.

Fees

For both Level III 2027 sittings, CFA Institute lists an early registration fee of USD 1,240 and a standard registration fee of USD 1,590. Fees exclude local taxes, which are added at payment. Rescheduling an exam costs USD 250.

Fees differ by level and by window, so check the figure for your own sitting before you budget.

What is not open yet

The November 2027 sittings for Levels I and II have published exam dates but no registration window yet. CFA Institute has not opened registration or announced the early deadline for either.

Source: CFA Institute, CFA Program dates and fees (cfainstitute.org/programs/cfa-program/dates-fees), read 17 September 2026. All registration windows open 9:00 AM ET; all deadlines are 11:59 PM ET. We re-check this page against CFA Institute before every exam window.

What changes, and when. CFA Institute's updated curriculum applies to candidates sitting exams from February 2027. The changes concentrate on Level I, in Quantitative Methods and Equity Investments, which together account for roughly 25% of the Level I exam.

The AI part. Quantitative Methods gains a new learning module covering financial data science, AI and large language models. This is a substantive addition rather than a mention bolted onto an existing reading.

Equation Explorers. CFA Institute has also added interactive tools it calls Equation Explorers, aimed at core quantitative concepts such as time value of money and cash-flow relationships. These are learning aids rather than examinable content.

Practical Skills Modules. Separately from the curriculum itself, CFA Institute runs Practical Skills Modules, including one on Python, data science and AI. The 2027 update touches the modules at Levels I and II, and a Level III module is planned.

Ethics is unchanged. CFA Institute has been explicit that the strong focus on ethics stays. If you are planning around this update, do not read the AI addition as a shift away from the programme's core.

What to do. If you sit before February 2027, the current curriculum applies and you should not study the new material. If you sit in February 2027 or later, get materials for the new curriculum rather than reusing a 2026 set, because the affected quarter of Level I is too large to paper over.

Sources: CFA Institute curriculum update announcement and Practical Skills Modules pages (cfainstitute.org).

Three CFA dates fall between now and early November, and they belong to two different exam windows. It is easy to miss one because you were watching the other.

26 September 2026 — February 2027 invoice payment

If you have registered for the February 2027 exam on an invoice, payment is due by 26 September 2026. This is not the registration deadline. It is the date your invoice must be settled, and it comes more than five weeks before registration itself closes.

14 October 2026 — May 2027 early registration closes

Early registration for the May 2027 window closes on 14 October 2026. After that you pay the standard fee. Registration for May 2027 opened on 12 August 2026 and closes on 10 February 2027.

5 November 2026 — February 2027 registration closes

Final registration for February 2027 closes on 5 November 2026. Two further dates follow quickly: the scheduling deadline is 10 November 2026 and the disability accommodations request deadline is 11 November 2026.

Registering is not the same as booking a seat. If you register on 5 November and then forget to schedule by 10 November, you have paid for an exam you cannot sit.

Current fees

•    Early registration: USD 1,140

•    Standard registration: USD 1,490

•    Rescheduling within your exam window: USD 250

Fees exclude local taxes, which are added at payment. All registration windows open 9:00am ET and all deadlines fall at 11:59pm ET.

Exam weeks

•    February 2027: 22 – 28 February 2027

•    May 2027: 11 – 17 May 2027

Please note: the dates and fees above are those published for Level I. Levels II and III run on their own schedules, so check your own level in the CFA Institute tool before relying on any date here.

Source: CFA Institute, CFA exam dates and fees.

If you are sitting CFA Level III, the exam you prepare for is not the one candidates sat a couple of years ago. CFA Institute now splits Level III into three specialised pathways, and the pathway you pick is worth 30–35% of the whole exam – the single largest block on the paper.

The three Level III pathways

You choose one when you register. All three lead to the same charter; they differ in what the biggest chunk of the exam asks you about:

• Portfolio Management – the traditional route, and the default if you are unsure.
• Private Markets – private equity, private debt, real assets and infrastructure.
• Private Wealth – individual and family wealth, tax-aware planning, behavioural finance.

Level III topic weights

Ethics stays heavily weighted at every level, and it is still the tie-breaker if you land near the minimum passing score. Do not treat it as the topic you revise last.

What this means for Level I and Level II candidates

The pathway choice only applies at Level III, but the earlier levels have their own current weights worth planning around:

Note how Portfolio Construction grows from Level I to Level II and then, through the pathway, dominates Level III. The programme funnels you steadily from valuing single instruments towards managing whole portfolios.

Level III exam dates and deadlines

Level III runs in only two sittings a year – February and August. It is not offered in May or November, which catches people out.

Level III also costs more than the earlier levels: USD 1,240 early or USD 1,590 standard, before local taxes. For the August 2027 sitting the early deadline is 20 January 2027 – registering by it saves USD 350.

How to choose your pathway

Pick the one that matches the job you want, not the one that looks easiest. All three are marked to the same standard, and the pathway appears nowhere on your charter. If you work in or want to move into private equity or private credit, Private Markets is the obvious fit. If you advise individuals and families, Private Wealth is. If you are early in your career or still deciding, Portfolio Management keeps the most doors open.

You can practise the shared Level III material free on Professional Career Club – no signup needed to attempt questions.

Source: CFA Institute – CFA Program curriculum and exam dates and fees, cfainstitute.org. Verified 3 September 2026. Always confirm dates and fees with CFA Institute before you pay.

The August 2026 CFA exam window is officially underway. Level III testing runs August 13–17, Level I follows August 18–24, and Level II wraps up August 25–29. If you're sitting this window, the rescheduling deadline (Aug 3) has passed, so your appointment is locked in — now it's about logistics. Log into your candidate portal to reconfirm your exact date, time, and test-center address, and make sure the first and last name on your travel ID (passport for most centers) exactly matches your registration. Arrive 30–60 minutes early, bring your approved calculator (BA II Plus or HP 12C), and leave prohibited items in the car or locker.

Results won't be instant: CFA Institute releases scores 5–9 weeks after the window closes, so August candidates should expect emails and portal results around late September into mid-October. Watch your inbox and the results page.

CFA Program Candidate Resources (portal & appointment details) · CFA Exam Results & Pass Rates

The CFA August 2026 exam window is under way across all three levels. Here are the exact dates for each level, plus the exam-day essentials to sort out now so nothing trips you up at the test centre.

CFA August 2026 exam dates

If you are sitting Level 1 or Level 2 in the next couple of weeks, now is the time to lock down the logistics.

Exam-day checklist

• Confirm your exact appointment date and test centre in your CFA Institute account.
• Check your ID matches your registration name exactly - a mismatch is a common reason candidates are turned away.
• Re-read the exam-day admission and appointment rules (what you can bring, arrival time, calculator policy).
• Plan your route and arrival so you are early rather than rushing.

When are results released?

CFA Institute releases results several weeks after each window closes - within 5 to 7 weeks for Levels I and II and within 6 to 8 weeks for Level III. CFA Institute confirms the exact results date for each window, so check your candidate account for your specific date rather than relying on an estimate.

Keeping your recall sharp between now and exam day helps - practise free finance and CFA-style questions on Professional Career Club, with instant feedback and no signup needed.

Dates are as published by CFA Institute and can change; confirm your appointment and exam-day rules in your official CFA Institute candidate account.

CFA candidates, exam season is on. The Level III window runs Aug 13–17, followed by Level I (Aug 18–24) and Level II (Aug 25–29). Now is the moment to confirm your appointment time and test centre, review the Prometric ID and calculator rules, and plan to arrive early — admission is strict and last-minute changes are limited.

Manage your appointment and review exam-day policies through your CFA Institute candidate account: CFA Program Candidate Resources. Results are typically released within 5–9 weeks and will appear here: CFA Exam Results.