Summary: A recent study reveals that advanced AI models have successfully passed the challenging CFA Level III exam, a feat that typically requires humans over 1,000 hours of study. This breakthrough highlights AI’s growing ability to perform complex financial reasoning, though experts emphasize that human judgment remains essential in the finance industry.
AI Achieves Major Milestone in Finance Certification
Artificial intelligence has reached a significant milestone in professional finance. According to a CNBC report, new research led by Shilpi Nayak, Co-Founder and CTO of Goodfin and a faculty member at NYU Stern School of Business, demonstrates that advanced AI models can now pass the Chartered Financial Analyst (CFA) Level III exam. This exam is widely regarded as one of the most challenging tests in the finance field.
Understanding the CFA Journey for Humans
For human candidates, the CFA certification journey typically demands over 1,000 hours of study spread across several years. The Level III exam focuses heavily on portfolio management and wealth planning, requiring deep analytical skills and nuanced reasoning.
How AI Models Passed the CFA Level III Exam
The study found that leading large language models (LLMs) — including o4-mini, Gemini 2.5 Pro, and Claude Opus — successfully cleared Level III mock exams within minutes. They achieved this using a technique called chain-of-thought prompting, which enables step-by-step reasoning.
The Rapid Advancement of AI Capabilities
Previous research showed that AI could handle Levels I and II of the CFA exam but struggled with Level III, particularly due to its essay-style questions demanding sophisticated reasoning. The latest results indicate that LLMs have advanced enough to manage the specialized, high-stakes analytical reasoning required for professional financial decision-making.
Industry Perspectives on AI in Finance
Anna Joo Fee, founder and CEO of GoodFin, commented, “This research shows how quickly the technology is evolving and where it could take the industry.” While acknowledging the breakthrough, she emphasized that AI is unlikely to replace human CFAs anytime soon.
“There are things like context and intent that are hard for the machine to assess right now,” Fee told CNBC. “That’s where a human shines—in understanding body language and cues.”
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