November 2025 CFA Level II Results Reveal a Pass Rate Drop to 42%

What the latest results really mean for you

Let us be honest for a moment. When you sign up for the CFA Level II exam, you know it is not going to be easy. Still, nothing quite prepares you for the quiet tension that sets in after exam day. You replay questions in your head. You wonder if you missed something obvious. You tell yourself you did your best, then immediately question whether it was enough.

If that sounds familiar, you are exactly who this article is written for.

The November CFA Level II results were officially released in January 2026, and the headline number deserves careful attention. The CFA Level II pass rate for November 2025 came in at 42%. Lower than recent sittings. Lower than the long-term average. High enough to remind you that passing is possible, but never guaranteed.

Rather than rushing past that number, let us slow down and talk about what it actually means for you. These CFA Level II exam results are not just statistics. They provide feedback on how the exam is evolving, how candidates are performing and how you should think about your next step, whether that means Level III or a retake.

This conversation will walk you through the results, place them in historical context and help you decide what to do next with clarity rather than panic.

What Was the CFA Level II Pass Rate for November 2025?

The CFA Level 2 November 2025 pass rate was officially reported as 42% by the CFA Institute when it released the CFA Level II results in January 2026.

To understand the significance of that number, it helps to compare it with recent sittings:

• August 2025: 44%
• May 2025: 54%
• Long-term historical average: roughly 46%

Seen in this light, the November result is clearly below average. It is not an outlier and it is not the lowest pass rate the program has ever recorded. Nevertheless, it does confirm that this was a tougher sitting relative to much of 2025.

For candidates searching specifically for the November CFA Level II results, this 42% figure is the official and final answer. The more important question, however, is what this number actually represents.

How Do These Results Compare to CFA Level II Historical Pass Rates?

Looking at CFA Level II historical pass rates over time reveals an important pattern: inconsistency is normal.

Unlike Level I, which tends to hover within a narrower band, Level II pass rates fluctuate meaningfully from one exam window to the next. That volatility is not accidental. Level II is designed to test how well candidates can apply concepts across item sets, often pulling together multiple topics in a single vignette.

The November 2025 outcome sits:

• Below the long-term average
• Below the strong May 2025 sitting
• Above some historically weaker periods

In other words, the result reflects difficulty, not dysfunction. The CFA Level II difficulty remains structurally consistent: deep curriculum coverage, heavy integration and limited room for superficial understanding.

Why the CFA Level II Pass Rate Actually Matters

It is easy to view the pass rate as nothing more than a personal scoreboard, pass or fail, but it carries a broader meaning.

A lower CFA Level II fail rate often signals that the exam leaned heavily into:

• Complex item sets
• Multi-topic integration
• Judgment-based application rather than formula recall

Industry commentary, including coverage from financial media such as Bloomberg, has long described Level II as the point where the CFA Program shifts from academic knowledge to professional-level analysis. This is where candidates are tested on how they think, not just what they remember.

Importantly, difficulty does not mean unfairness. The CFA Level II exam is intentionally designed to be selective. Its role is to identify candidates who can apply investment tools in realistic, time-pressured scenarios.

What to Do After Passing CFA Level II

If you passed the November 2025 exam, pause for a moment and acknowledge the achievement. Clearing Level II in a sitting with a 42% pass rate is a meaningful milestone.

At this stage, many candidates fall into the trap of overanalyzing score breakdowns or wondering how close they were to the minimum passing score. In reality, that information offers limited value. The focus now should be forward-looking.

Most candidates who pass in November will realistically target August 2026 as the earliest Level III attempt. Level III is not easier than Level II; it is different. The biggest shift comes from the constructed response (essay-style) questions, which require clarity, structure and precision under time pressure.

Success at Level III is less about knowing more formulas and more about communicating investment reasoning clearly.

Understanding CFA Level III Pathways

As you move forward, you will need to choose among the available CFA Level III pathways:

• Portfolio Management (the traditional pathway)
• Private Wealth
• Private Markets

For many candidates, the CFA Level III portfolio management pathway remains the most practical choice. It has the longest history, the broadest curriculum alignment and the largest volume of mock exams and third-party resources.

It is also worth clarifying a common misconception: the chosen pathway does not appear on your charter. Employers see the same CFA designation regardless of pathway, which means the decision should be based on learning style, career relevance and available preparation resources; not perceived prestige.

Building a Smarter CFA Level II Retake Strategy

Not passing the November 2025 exam can feel discouraging, especially after months of preparation. Still, it is important to keep perspective. Many successful charterholders today did not pass Level II on their first attempt.

The key is to respond strategically rather than emotionally.

Common issues among unsuccessful candidates include:

• Rushing through the curriculum to “cover everything” once
• Limited repetition and weak retention
• Too few full-length mock exams under realistic conditions

An effective CFA Level II retake strategy starts with an honest diagnosis. That means reviewing topic-level performance, identifying weak integration points and rebuilding a study plan that emphasizes practice quality over speed.

Studying longer hours is rarely the solution. Studying more deliberately almost always is.

What the November 2025 Results Suggest Going Forward

The November CFA Level II results reinforce several long-standing truths about the program.

First, pass rate volatility is here to stay. Candidates should avoid anchoring expectations on any single exam window.

Second, Level II remains the program’s primary filter. It is where many candidates underestimate the depth required and overestimate the value of surface-level familiarity.

Finally, success is increasingly tied to three factors:

• High-quality, exam-style practice
• Strong integration across topics
• Calm, disciplined exam-day execution

These are not predictions; they are strategic takeaways grounded in how the exam is built.

Key Takeaways for CFA Candidates

• The CFA Level II pass rate in November 2025 was 42%, confirming the exam’s continued difficulty
• The result is below average but still well within historical norms
• Passing candidates should shift their mindset toward constructed response mastery at Level III
• Retakers should rebuild their process, not simply re-read the curriculum
• Momentum, structure, and execution matter more than timing alone

Whether you are moving on to Level III or preparing for a retake, understanding what the November CFA Level II results truly mean is the first step toward making your next attempt more effective.

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