AI Models Pass CFA Level III Exam in Minutes, Outperforming Humans

Recent research has demonstrated that several AI models can pass the Chartered Financial Analyst (CFA) Level III exam in just a few minutes, a task that typically requires humans to spend years of study and approximately 1,000 hours of preparation. The study, conducted by researchers from a prominent business school and an AI wealth management platform, tested 23 large language models and found that advanced reasoning models such as o4-mini, Gemini 2.5 Pro, and Claude Opus were able to successfully pass the CFA Level III mock exam.

These models utilized "thought chain prompting" technology, which effectively addressed the essay-type questions that had previously posed significant challenges for AI. The research team evaluated the models' ability to handle both multiple-choice and essay questions, focusing on their capacity for specialized, high-risk financial decision-making and analysis. The results showed that reasoning models outperformed traditional non-reasoning models, particularly those using "thought chain prompting" technology, which successfully passed the relevant exam tests.

Gemini 2.5 Pro achieved the highest score of 3.44 in the essay section and topped the overall performance with a score of 2.1. Notably, the domestically developed KIMI K2 model excelled in multiple-choice questions, with a 78.3% accuracy rate, surpassing both Google's Gemini 2.5 Pro and GPT-5. The study employed three prompting strategies: zero-shot, self-consistency, and self-discovery, with the self-consistency strategy achieving the best performance score of 73.4%. In terms of cost-effectiveness, Llama 3.1 8B Instant scored the highest at 5468, while Palmyra Fin had the fastest average response time of 0.3 seconds.

Despite AI's impressive performance in standardized exams, industry experts caution that completely replacing human financial professionals is still limited. The study highlights the rapid advancements in AI technology, particularly in financial analysis, but also underscores the need for human oversight and ethical considerations. As AI continues to evolve, it will be crucial for the industry to adapt and find ways to harness its potential while mitigating its risks. The ability of AI models to pass the CFA Level III exam in just a few minutes is a significant milestone, but it also presents challenges that must be carefully navigated to ensure responsible and ethical use of AI in the financial sector.