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Humans usually need around 1,000 hours of study in a few years to pass the honorable, three-part chartered financial analyst exam. New research has found that the technologies that support a large number of artificial intelligence models have advanced enough to pass even the most challenging Level III mock tests in minutes.
Developed by researchers at New York University’s Stern School of Business and Goodfin, the new study evaluated 23 large-scale language models for multiple choices and ability to answer essay questions on CFA Level III mock exams, on Goodfin, an AI-powered asset management platform. They found that frontier inference models such as the O4-Mini, Gemini 2.5 Pro, and Claude Opus can be successfully passed using “conceived chain prompts.”
In particular, previous studies two years ago found that AI could pass the exam level I and II, but struggled with Level III due to essay questions. However, the technology has evolved so quickly that researchers wanted to know whether the model could handle “specialized, high-stakes analytical reasoning needed for professional financial decisions.” The third CFA exam focuses primarily on portfolio management and wealth planning.
“I think there is absolutely a future where this technology will transform the industry,” said Anna Joo Fee, founder and CEO of Goodfin.
Still, the fees said they don’t think AI will ultimately replace CFA.
“There are some things that are difficult for a machine to assess right now, such as context and intent,” the fees stated. “That’s where humans shine to understand your body language and clues.”
