Artificial intelligence is advancing at an astonishing pace. Back in 2022–23, models like ChatGPT and Google’s Gemini were mainly useful for solving homework problems and basic tests. Today, however, AI systems have evolved to a point where they can outperform humans in highly complex areas.
According to a report by CNBC, recent research indicates that some AI models are now capable of passing the Chartered Financial Analyst (CFA) Level III exam, a test that typically requires human professionals years of study to clear.
AI takes on one of finance’s toughest exams
A study conducted by New York University’s Stern School of Business in collaboration with GoodFin, an AI-driven wealth management platform, reveals that several leading AI systems successfully completed all three levels of the CFA exam, including the notoriously difficult final Level III, in just minutes, CNBC reports. By comparison, human candidates generally invest close to 1,000 hours across multiple years to clear the three stages of the CFA.
The CFA credential, administered by the CFA Institute, is widely regarded as one of the most prestigious qualifications for investment management professionals. While AI had previously managed multiple-choice questions in Levels I and II, Level III posed a challenge due to its essay-based and analytical questions.
Which AI models were tested
For the latest evaluation, researchers tested 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. Using mock CFA exams, these AI systems demonstrated significant improvement in analytical and reasoning capabilities, particularly in critical areas such as portfolio management and wealth planning. Not only did the models pass Level III, but they did so in a matter of minutes.
Experts credit this achievement to a method called “chain-of-thought prompting,” which allows AI to perform step-by-step reasoning. This approach enabled machines to navigate complex essay and analytical sections with sophistication approaching that of human candidates.
Despite this milestone, AI is not eligible for the CFA charter. The models still lack the ability to interpret context and intent, skills that humans naturally possess. The CFA Institute requires human applicants to complete 4,000 hours of relevant work experience, provide two professional references, and undergo practical training. Candidates also pay up to $4,600 in fees and pursue the designation to boost their careers, often seeing average salary increases of 53 per cent, according to prep site 300 Hours.