ChatGPT Struggles, But GPT-4 Could Pass Early CFA Exams That Take Humans Years

Researchers tested if ChatGPT and GPT-4 could pass the first 2 levels of the CFA exam, which takes humans 4 years on average.

They concluded ChatGPT likely could not pass Level 1 or 2, while GPT-4 would have a decent chance of passing with the right prompts.

CFA Institute has added AI and big data questions to exams to ensure professionals are familiar with automation forces.

ChatGPT struggled more on Level 2 and in portfolio management sections, while GPT-4 struggled more in calculations.

GPT-4 made more reasoning errors trying to "talk itself" into incorrect reasoning compared to ChatGPT's more knowledge-based errors.