ChatGPT cannot pass the CFA exam currently, per JPMorgan, $JPM

ChatGPT cannot pass the CFA exam currently, per JPMorgan, $JPM.

A group of researchers from JPMorgan Chase & Co. and academic institutions conducted experiments to assess the potential of OpenAI's ChatGPT and GPT-4 chatbots to pass the first two levels of the exam. Typically, humans take four years to complete all three levels of this rigorous test, which can lead to higher salaries and improved job prospects.

According to the researchers, "Based on estimated pass rates and average self-reported scores, we concluded that ChatGPT would likely not be able to pass the CFA Level I and Level II under all tested settings." In contrast, "GPT-4 would have a decent chance of passing the CFA Level I and Level II if prompted."

The research team consisted of academics and six members of JPMorgan's AI Research organization, including Sameena Shah and Antony Papadimitriou.

The CFA Institute, which administers the credentials, has been working for years to ensure that finance professionals are well-versed in the forces behind automation. In 2017, the institute announced its intention to incorporate questions on artificial intelligence and methods for analyzing big data into its exams.

Chris Wiese, Managing Director for Education at the CFA Institute, acknowledged that large-language models might be able to correctly answer some exam questions. However, he emphasized that "the day-to-day in finance does not present itself only as a series of short, standalone questions." Becoming a CFA charterholder involves 4,000 hours of qualifying work experience, references, a strong moral compass, and soon, the completion of practical skills modules.

The CFA Institute is also exploring the use of large-language model technology to aid CFA candidates in their learning, Wiese added.

Every few months, thousands of candidates take the three different levels of the CFA exam, with recipients of the charter dedicating over 300 hours of study to each level. In recent years, pass rates for the exam have slightly decreased, with the average pass rate for the first level reaching 37% in August, compared to the 43% average in 2018.

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.