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AI Models Now Crack CFA’s Toughest Exam in Minutes, Outpacing Human Candidates
Advanced AI models have achieved a milestone by passing the CFA Level III exam within minutes, a feat humans take years to master.
Artificial intelligence continues to redefine human benchmarks — this time by acing one of the world’s most difficult finance exams. A new study reveals that advanced AI systems can now pass the Chartered Financial Analyst (CFA) Level III exam — a qualification that typically requires years of rigorous preparation for human candidates — in just a few minutes.
According to research conducted by New York University’s Stern School of Business and GoodFin, an AI-powered wealth management platform, several of today’s top AI models have successfully cleared all three levels of the CFA exam, including the final and most challenging one. As reported by CNBC, the results mark a remarkable leap in AI’s analytical and reasoning capabilities.
The CFA exams, administered by the CFA Institute, are globally recognized as the gold standard for professionals in investment management. Human candidates generally spend close to 1,000 hours over several years mastering complex topics such as ethics, portfolio management, and financial modeling. While earlier studies showed that AI could manage multiple-choice questions from the initial levels, it consistently faltered in Level III’s essay and case-based problem-solving sections — until now.
In this latest evaluation, researchers tested 23 of the most sophisticated AI models, including OpenAI’s o4-mini, Anthropic’s Claude Opus, DeepSeek’s R1, and Google’s Gemini 2.5 Flash. These systems were given mock CFA exams to solve, and the findings were groundbreaking. The AI models not only passed but did so within minutes — displaying deep analytical thinking and structured reasoning on par with skilled human candidates.
Researchers attribute this breakthrough to a method called “chain-of-thought prompting.” This approach enables AI to think step by step, simulating human-like reasoning and enhancing its ability to handle essay-based and analytical tasks with unprecedented precision.
Despite these achievements, AI’s victory in the CFA exams does not translate to professional eligibility. The CFA Institute still reserves the charter for human candidates who fulfill specific criteria — including 4,000 hours of relevant work experience, professional references, and hands-on training. Additionally, the certification process costs up to $4,600, with many candidates pursuing it for substantial career growth. According to prep platform 300 Hours, CFA charterholders can see an average salary boost of up to 53 percent.
GoodFin’s co-founder Anna Joo Fee believes the development signals a significant turning point for the finance industry. “AI carries the potential to transform the investment management industry,” she told CNBC. “But there are still things like context and intent that are hard for a machine to assess right now. That’s where a human shines — in understanding body language and cues.”
As AI continues to advance at an unprecedented rate, its role in finance is likely to expand — not as a replacement for human expertise but as a powerful collaborator capable of enhancing precision, efficiency, and insight in the complex world of investment management.
