CFA I·II·III
the three-part exam for financial analysts.
In an independent study, the model class behind your CFO passes all three levels; level I with 97.6%. People take four years on average, and fewer than half pass each level.
How it was measured
Researchers from Columbia University, Rensselaer and UNC gave six reasoning models 980 official practice exam questions: three full level I exams (540 multiple-choice questions), level II case questions and level III including open answers — scored against the usual CFA Institute pass mark.
Source: Reasoning Models Ace the CFA Exams (arXiv, December 2025) ↗

