mlsanityData to 7 Oct 2026

Reasoning Models Ace the CFA Exams

arXiv 2512.08270 ↗First posted 9 Dec 2025cs.AI cs.CL q-fin.GNcited by 1

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Abstract (arXiv)

Previous research has reported that large language models (LLMs) demonstrate poor performance on the Chartered Financial Analyst (CFA) exams. However, recent reasoning models have achieved strong results on graduate-level academic and professional examinations across various disciplines. In this paper, we evaluate state-of-the-art reasoning models on a set of mock CFA exams consisting of 980 questions across three Level I exams, two Level II exams, and three Level III exams. Using the same pass/fail criteria from prior studies, we find that most models clear all three levels. The models that pass, ordered by overall performance, are Gemini 3.0 Pro, Gemini 2.5 Pro, GPT-5, Grok 4, Claude Opus 4.1, and DeepSeek-V3.1. Specifically, Gemini 3.0 Pro achieves a record score of 97.6% on Level I. Performance is also strong on Level II, led by GPT-5 at 94.3%. On Level III, Gemini 2.5 Pro attains the highest score with 86.4% on multiple-choice questions while Gemini 3.0 Pro achieves 92.0% on constructed-response questions.

Key facts. Cited by 1 paper in the map (data through 7 Oct 2026). Builds on 9 of its 12 references that are in the map. First posted on arXiv 9 Dec 2025.

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9 of 12 references.

References · 9

  1. 2023GPT-4 Technical Reportcited by 18,132
  2. 2022Training language models to follow instructions with human feedbackcited by 15,712
  3. 2024GPT-4o System Cardcited by 4,467
  4. 2025Gemini 2.5: Pushing the Frontier with Advanced Reasoning, Multimodality, Long Context, and Next Generation Agentic Capabilitiescited by 3,655
  5. 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 140
  6. 2023FinGPT: Democratizing Internet-scale Data for Financial Large Language Modelscited by 65
  7. 2023Can GPT models be Financial Analysts? An Evaluation of ChatGPT and GPT-4 on mock CFA Examscited by 18
  8. 2025Advanced Financial Reasoning at Scale: A Comprehensive Evaluation of Large Language Models on CFA Level IIIcited by 6
  9. 2025Multimodal Financial Foundation Models (MFFMs): Progress, Prospects, and Challengescited by 1

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  1. 2025Evaluating Large Language Models for Financial Reasoning: A CFA-Based Benchmark Study
  2. 2026Classroom Final Exam: An Instructor-Tested Reasoning Benchmark
  3. 2023Beyond Classification: Financial Reasoning in State-of-the-Art Language Models
  4. 2025Large Language Models Acing Chartered Accountancy
  5. 2025Is Large Language Model Performance on Reasoning Tasks Impacted by Different Ways Questions Are Asked?
  6. 2024Fine-tuning Smaller Language Models for Question Answering over Financial Documents
  7. 2025Evaluation of LLMs for mathematical problem solving
  8. 2026Can Open-Weight Models Compete on Financial Text Comprehension?