AI Can Now Pass One Of The World’s Most Prestigious Financial Exams

A new study conducted by researchers from New York University Stern School of Business and the AI company GoodFin revealed that several AI models are capable of successfully passing the prestigious Chartered Financial Analyst (CFA) exam at its most difficult level.

According to CNBC, it typically takes humans around 1,000 hours of study to pass the three-part exam. Now, AI models can complete it in minutes, even at Level III, the most challenging stage.

The CFA exam, designed to assess skills and knowledge across multiple areas of investments, is divided into three levels: Level I focuses on key terms and foundational knowledge, Level II emphasizes situational analysis, and Level III requires integration of concepts in real-world scenarios.

The researchers evaluated 23 large language models on their ability to answer test questions and produce essays for a mock CFA Level III exam. The study found that models using “chain-of-thought prompting”—including Claude Opus, Gemini 2.5 Pro, and o4-mini—were able to pass.

The findings highlight a significant evolution in AI reasoning. Two years ago, research showed that AI models could easily pass Levels I and II but struggled with Level III. Now, newer models like Claude Opus, released in May, demonstrate advanced analytical reasoning.

“I think there’s absolutely a future where this technology transforms the industry,” said Anna Joo Fee, founder and CEO of GoodFin, the AI-powered wealth-management platform that participated in the research.

“There are things like context and intent that are hard for the machine to assess right now,” added Fee, clarifying that, in her view, AI cannot replace the CFA. “That’s where a human shines, in understanding your body language and cues.”

OpenAI recently announced “the largest study to date of how people are using ChatGPT,” in which researchers revealed that 49% of users rely on the chatbot for advice on multiple topics, and the New York Times revealed how people used the technology as a financial advisor.