Artificial intelligence is increasingly setting new standards for human achievement, now demonstrated by its ability to pass one of the toughest finance examinations globally. A new study indicates that advanced AI systems can clear the Chartered Financial Analyst (CFA) Level III exam, which usually demands years of intensive preparation for human candidates, in just a matter of minutes. Research from New York University’s Stern School of Business and GoodFin, an AI-driven wealth management platform, has shown that many leading AI models have successfully completed all three levels of the CFA exam, including the most rigorous final level. CNBC reports that these findings signify a significant advancement in the analytical and reasoning skills of AI.
The CFA exams, overseen by the CFA Institute, are acknowledged worldwide as the benchmark for investment management professionals. Typically, human candidates invest nearly 1,000 hours over several years mastering intricate subjects such as ethics, portfolio management, and financial modeling. Previous research indicated that while AI could handle multiple-choice questions from the earlier exam levels, it struggled with the essay and case-based problem-solving components of Level III — until now. In this recent assessment, researchers examined 23 of the most advanced AI models, including OpenAI’s o4-mini, Anthropic’s Claude Opus, DeepSeek’s R1, and Google’s Gemini 2.5 Flash. These systems were administered mock CFA exams, and the results were extraordinary.
The AI models not only passed the exams but did so in mere minutes, demonstrating analytical thinking and structured reasoning comparable to that of skilled human candidates. This achievement is attributed to a technique known as “chain-of-thought prompting,” which allows AI to process information step by step, mimicking human reasoning and improving its capacity to tackle essay-based and analytical tasks with remarkable accuracy. Nevertheless, AI’s success in the CFA exams does not equate to professional qualification. The CFA Institute maintains the charter for human candidates who meet specific requirements, including 4,000 hours of relevant work experience, professional references, and practical training. The certification process can also cost up to $4,600, with many pursuing it for significant career advancement.
According to prep platform 300 Hours, CFA charterholders can experience an average salary increase of up to 53 percent. Anna Joo Fee, co-founder of GoodFin, believes this development represents a pivotal moment for the finance sector. She remarked to CNBC that while AI has the potential to revolutionize the investment management field, aspects such as context and intent remain challenging for machines to interpret, highlighting the unique strengths of human professionals in interpreting body language and cues. As AI continues to evolve rapidly, its function in finance is expected to grow, serving not as a replacement for human expertise, but as a robust collaborator that enhances precision, efficiency, and insight in the intricate realm of investment management.