AI conquers CFA exam in minutes, outperforming humans’ 1,000-hour prep time

Nine advanced AI models have successfully passed all three levels of the notoriously rigorous Chartered Financial Analyst (CFA) exam — an assessment that typically demands 1,000 hours of study from human candidates — according to a new study released this week by New York University’s Stern School of Business and AI wealth management platform GoodFin.

The CFA exam, administered by the CFA Institute and widely regarded as a premier credential in the investment management field, challenges candidates across three escalating levels of difficulty. While AI passed the first two multiple-choice sections in previous studies, the essay-heavy Level III — focused on portfolio management and wealth planning — had remained a major hurdle until now.

The latest findings confirm that models like OpenAI’s o4-mini, Anthropic’s Claude Opus, DeepSeek’s R1, and Google’s Gemini 2.5 Flash not only cleared Level III but did so in mere minutes using a technique called “chain-of-thought prompting.” This method compels AI to show step-by-step reasoning, enabling it to tackle complex analytical problems.

Researchers tested 23 reasoning-focused AI models using mock CFA exams to determine whether they could meet the “specialised, high-stakes analytical reasoning required for professional financial decision-making.” The results mark a dramatic leap from prior assessments in 2023, when AI models consistently failed the essay-based final level of the exam.

Despite the milestone, GoodFin founder and CEO Anna Joo Fee stated the credential itself remains secure. “AI carries the potential to transform the investment management industry,” she told CNBC, but added that she does not believe AI will render the CFA designation obsolete.

However, passing the exam does not make AI models eligible to receive the CFA charter. The CFA Institute requires applicants to complete 4,000 hours of work experience, provide two professional references, and finish practical skills training. Human candidates also pay up to $4,600 in fees and often pursue the certification to access roles with significantly higher compensation — on average, a 53% salary boost according to exam prep site 300 hours.