Artificial intelligence recently passed one of the financial industry's most rigorous exams in minutes. The level III CFA exam typically requires human candidates to set aside hundreds of hours of preparation for multiple six-hour testing sessions.
The February exam had a 49% pass rate for the humans. The robots almost made it look too easy, needing a 65% or better to “pass.”
- Open AI’s o4-mini model received a composite score of 79%.
- Google’s Gemini 2.5 Flash model scored a grade of 77%.
- Anthropic’s Claude Opus 4 received a 75% grade.
This raises an obvious question: If AI can master complex financial analysis, do you still need a human advisor?
Absolutely. Here's why.
What AI Does Brilliantly
AI tools are genuinely transforming wealth management. They process massive amounts of market data instantly, identify patterns human analysts might miss, and run sophisticated portfolio simulations in seconds.
At Carnegie Private Wealth, we aren’t burying our heads in the sand. We absolutely see the benefit AI can have, and we’ve adopted tools like Jump AI, Holistiplan and Helios to help us to provide better advice, sharper, more detailed analysis and a more scientific data-based approach to portfolio management. We plan to add more AI based tools in the future as they become available.
These capabilities enhance our work significantly. But technical mastery tells only part of the story.
What AI Can't Do
The CFA tests portfolio theory and financial analysis. But, your life isn't a textbook problem.
AI can't understand the anxiety in your voice when discussing retirement timing. It doesn't recognize the complex family dynamics shaping your estate plan. It can't sense when you need reassurance during market volatility or when to challenge assumptions that might derail your goals.
AI can’t read between the lines of what you’re saying to hear what you are not saying. It can’t comfort you after your spouse passes and provide you assurance that things will be okay. It can’t listen as you talk about a challenge you are facing and connect you with the right resource from their own local network. AI can’t stand by your side to make that warm introduction.
Financial planning requires navigating life transitions, balancing competing priorities that don't fit formulas, and providing steady guidance when fear tempts poor decisions. These distinctly human elements determine whether a technically sound plan actually works for your unique situation.
The Powerful Partnership
The future isn't humans versus machines. It's humans enhanced by machines.
We combine AI-powered analytics with human wisdom to interpret what data means for your specific goals. Technology increases our efficiency. Personal relationships build the trust and understanding that effective financial planning requires.
For example, we use AI tools to review a client’s tax return and flag strategies that might help them save money. But numbers don’t tell the full story. Without understanding someone’s personal and family situation, we can’t know if a strategy is truly right for them. On paper, something might look great. In real life, it might not make sense. The numbers only tell half the story.
The combination delivers analytically rigorous financial planning grounded in deep understanding of your individual needs, values, and aspirations.
AI passing the level III CFA exam represents genuine advancement that benefits investors. But your financial future should require advisors who combine technical expertise with the judgment, empathy, and wisdom that only human experience provides.