Artificial intelligence has reached a new milestone in finance, as several leading language models have demonstrated the ability to pass the most challenging level of the Chartered Financial Analyst exam in a matter of minutes – a task that typically takes humans inordinate amounts of time spread over several years.
A recent study conducted by researchers from New York University Stern School of Business and GoodFin, an AI-powered wealth management platform, evaluated 23 large language models on their ability to answer both multiple-choice and essay questions from mock CFA Level III exams. The third level of the exam, known for its focus on portfolio management and wealth planning, is widely regarded as one of the most difficult in the industry.
The results showed that frontier reasoning models, including OpenAI’s o4-mini, Google’s Gemini 2.5 Flash, and Anthropic’s Claude Opus 4, were able to achieve passing scores well above the 65% threshold. According to the researchers, o4-mini scored 79.1%, Gemini 2.5 Flash achieved 77.3%, and Claude Opus 4 reached 74.9%. Models developed by DeepSeek and xAI also passed, while others, such as Meta’s Llama 4 Maverick and OpenAI’s GPT-4.1 nano, did not meet the mark.
The study’s authors attributed the models’ success to two recent developments. First, the release of “reasoning” models that can break down complex questions into smaller steps, improving critical thinking. Second, the use of “chain-of-thought prompting,” which encourages AI to explain its reasoning and approach problems from multiple perspectives.
For advisors who poured significant time and money into earning the CFA mark – totalling 1,000 hours on average and costing $4,600, according to Entrepreneur – these latest findings might feel like a slap in the face. It could also raise fresh questions around the value of the CFA credential amid a trend of fewer professionals electing to take the test.
Anna Joo Fee, founder and chief executive of GoodFin, said in a statement that AI has the potential to “transform” the industry, but emphasized it is unlikely to make the CFA credential obsolete.
“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 your body language and cues.”
Beyond that, the CFA Institute’s requirements for obtaining the credential go beyond passing the exam. Candidates must also complete four thousand hours of work experience, provide two references, and finish practical skills training. The CFA Institute describes the exam as “one of the highest distinctions in the investment management profession.”
For advisors, the findings highlight both the accelerating capabilities of AI and the enduring value of human expertise. While AI models can now handle specialized, high-stakes analytical reasoning required for professional financial decision-making, they still fall short in areas that require human judgment and interpersonal skills.
Professionals who pass all three levels of the CFA exam may see a 53% increase in salary, according to research from exam preparation site 300Hours. However, as AI continues to evolve, the role of advisors may shift further toward providing the context and personal insight that technology cannot yet replicate.
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