CFA Level III August 2026 results: 47% of 13,940 candidates passed, and 56% of first-time takers did

CFA Institute announced on 20 October 2026 that of the 13,940 candidates who sat the Level III exam in August 2026, 47 percent passed. Candidates were told their results the same day. First-time Level III candidates did best, at 56 percent. Those who had deferred at least once passed at 31 percent. The institute gives the ten-year average pass rate for the final level as 50 percent.

August 2026 results, all three levels

Level	Candidates	Pass rate	First-timers	After a deferral	Results released
Level I	28,145	43%	49%	29%	24 September 2026
Level II	10,004	45%	52%	30%	30 September 2026
Level III	13,940	47%	56%	31%	20 October 2026

The gap between first-timers and deferred candidates is the same at every level, about 20 to 25 points. The institute says candidates should stay on schedule if they can. This sitting, Level III candidates chose one of three specialised pathways: Portfolio Management, Private Wealth or Private Markets.

What a pass means for your career

Passing Level III is not the end. You become a charterholder only after CFA Institute verifies that you meet its work experience requirements, and charterholders must attest each year to the Code of Ethics and Standards of Professional Conduct.

If you are planning the next exam

• February 2027: registration for Level III is open. CFA Institute's accommodations page shows that standard registration for this sitting runs from 8 July to 5 November 2026. Early registration closed on 7 July 2026.
• May 2027: Level II registration is open. Early registration closed on 14 October 2026, and standard registration runs from 15 October 2026 to 10 February 2027.
• Frequency: Level I is offered every quarter, Level II three times a year and Level III twice, in February and August.
• Limits: a maximum of two attempts a calendar year, never in consecutive windows or less than six months apart, and six attempts per level.
• Fees: the institute quotes exams from USD 1,140 each and USD 3,520 to 4,570 to finish all three levels, depending on whether you register early or standard. Fees are paid in US dollars, and local taxes may be added.

Disability accommodation requests have their own deadlines: 11 November 2026 for February 2027 standard registrants, and 17 February 2027 for May 2027.

No more paid deferrals from February 2027

CFA Institute announced on 5 March 2026 that it will end paid deferrals for exams from February 2027. Candidates who skip their scheduled exam will lose the fee and must register again at the rate then available. A missed appointment can be rescheduled inside the same exam window for USD 250, if a seat is free.

Results arrive 6 to 8 weeks after a Level III exam, and 5 to 7 weeks for the first two levels. Each candidate must also complete the Practical Skills Module.

CareerBox News Desk, reporting on CFA Institute: its press releases of 24 September, 30 September and 20 October 2026 on the August 2026 CFA Program results, its dates and fees page, its exam registration guide and its disability accommodations page. Official portal: cfainstitute.org/about/press-room/2026/cfa-institute-reports-results-cfa-program-level-iii-testing-august-2026. Dates and eligibility change; confirm them on the official portal before you act.