As the festive season is here, excitement ripples through the CFA student community following the recent exam results announcement. In August, exams for all three levels were held, with results released on October 8th, 11th, and 17th. This news sparked a range of emotions—relief, joy and disappointment. The pass rates were 44% for Level I, 47% for Level II, and 48% for Level III.

Overview of the CFA August exam

The CFA exams, regarded as the gold standard in finance, are held globally several times a year: Level I four times, Level II three times, and Level III twice, with August featuring exams for all levels. Each level has a unique format: Level I consists of multiple-choice questions (MCQs), Level II includes case study-based MCQs, and Level III combines case study MCQs with short objective questions. After passing all three levels, candidates must submit their work experience to become Charterholders, unlocking opportunities in investment banking, equity research, and wealth management.

An Instructor’s views on the CFA Results

The CFA exam questions are highly conceptual, featuring three answer options in the MCQs and no negative marking. However, the options can be tricky, making a strong foundational knowledge crucial for success. Since questions can originate from any part of the syllabus, students often feel anxious about their exam approach. 

To gain insight, we spoke with Aswini Bajaj, a CFA faculty member for over a decade, who has taught thousands of students across 100+ countries. With multiple degrees and experience lecturing at prestigious institutions like IIMs, IITs, IAS Officers and professionals across industries, he offers a unique perspective on the exam.

He said, “Students need to ignore the fluctuations in pass rates and stop bothering about the hype created around it. A drop from 49% to 48% is irrelevant. Students need to focus on controllable factors and complete 100% syllabus, revise the entire curriculum before the exam, and have a decent amount of practice. Trying to forecast how the paper will be is unproductive. 

Also, one needs to aim for a higher percentile and accuracy and not prepare to pass with a borderline score. That will reduce the probability of passing a professional exam like CFA. And the pass rates typically range between 45-50%, which is quite decent.”

Insights from students’ experiences

Priyansh Khetan from Kolkata, a top-percentile Level I student, shared that his strategy involved watching lectures, taking detailed notes, and using revision lectures to revisit topics until fully understood. Starting in January, he managed 1.5 months of focused revision with 2-3 mock exams, despite a month-long break. 

Sudeep Kamath, a CFA Level II candidate from Mumbai, achieved the 90th percentile with over 70% in all subjects while balancing CA and articleship. While taking the exams he credits Aswini Bajaj’s method of reading one paragraph at a time and answering questions, which helped him manage item sets effectively. One needs to know the approach to attempting the exam for professional exams and prepare accordingly.

In Level 2, the exam features item sets based on case study, each followed by 4 to 6 MCQs. As the number of questions is half compared to Level 1, maintaining accuracy becomes important, as each question has double the weightage as compared to Level 1.

Level III – curriculum interconnections and pathways

Experts believe that Level 3 becomes a different ball game altogether given the mix of ‘Item Set based MCQ’ and ‘Essay Type Questions’. The “essay-type” questions referred to, in the Indian context, are more like objective questions — requiring candidates to choose an option at times and justify it with a few bullet points, rather than writing traditional long essays. Hence, one needs to be specific to what has been asked and cannot beat around the bush.

Since he teaches all three levels and pathways, Aswini understands the integration of subjects and their interconnections across levels. For example, understanding the currency chapter in Economics Level -1 is important for derivatives and economics both in Level II and currency management in the portfolio in Level III. Hence the stress that students must focus on these interlinkages across subjects and across levels to grasp the big picture and navigate their journey to becoming charterholders.

Having qualified all three levels of the CFA and working in a Tier-1 Investment Bank, Aditya Bhatia said that the Level III pathways introduced in 2025 are a welcome change, as they allow candidates to decide whether they want to specialize in portfolio management, private markets, or private wealth. He did not have the same option when he took the exams and would have chosen the ‘Private Markets’ pathway as it would be more aligned with his role.

Hence, drill down to the basics, improve your focus, eliminate distractions, work hard, follow the correct preparation strategy, do not take the professional exams lightly, do not do selective studying, and keep progressing in your career.