OpenAI’s ChatGPT and GPT-4 models have been tested on a variety of exams, from high school to graduate level. GPT-4 has a “decent chance” of passing the CFA level I and level II exams, while ChatGPT would not pass under all settings. Pass rates for Level I, II, and III of the CFA exams are notoriously low, with pass rates falling between 37% to 47% in August 2023. GPT-4 scored in the top 10% of human test-takers in the CFA Level I exam, while ChatGPT scored in the bottom 10%.
