官方统计的2007.12 CFA L1考试各大洲通过率：

以下为实际参加考试的人数，非报名人数

By country/region, the pass rates for the Level I exam are:

United States:   41 percent of the 11,273 total exam candidates
Canada:    40 percent of the 3,078 total exam candidates
Europe:     41 percent of the 6,041 total exam candidates
Asia and Pacific Asia:   39 percent of the 15,120 total exam candidates
Central and South America:   41 percent of the 325 total exam candidates
Africa/Middle East:   28 percent of the 1,736 total exam candidates

Asia and Pacific Asia里的几个考生大区：

大陆 香港 台湾 印度

其中香港和台湾地区历年来的通过率平均高于全球通过率5~7个百分点，参考人数约大陆区的2/3左右.

印度考生的通过率与全球通过率持平。

以往统计出来的结论是中国的通过率全球最高，实际上中国的统计范畴包含进了以英语为官方语言的两个地区：香港和台湾

而这两个地区不但的通过率奇高（超过美国本土）,而且参考人数众多。所以真实的大陆区考生的通过率并不高，不会超过平均通过率，基本上实际去参加考试的人约1/3能通过。

仅仅给大家对CFA L1在大陆区非英语语种国家的的通过率有一个真实的认识 

[此贴子已经被作者于2008-1-25 9:18:28编辑过]

really?god..

I would agree with you.

http://www.cfainstitute.com/aboutus/press/release/08releases/20080123_01.html

39 Percent of 37,573 Candidates Worldwide Passed December 2007 Level I CFA Exam

Charlottesville, Va., January 23, 2008 − CFA Institute today announced that 39 percent of the 37,573 worldwide candidates in the rigorous Chartered Financial Analyst® (CFA®) program passed the Level I exam they took in December.

To earn the CFA charter, candidates must sequentially pass three six-hour exams that are widely considered to be the most rigorous in the investment profession, as well as complete the minimum work-experience requirement of four years in the investment industry, sign a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, apply to a CFA Institute society, and become a member of CFA Institute.

The Level I exam is offered twice a year (June and December), while Level II and Level III exams are offered once each year (June). 

The number of candidates tested in December 2007 increased 25 percent from December 2006 when 28,082 sat for the exam.  Since the December administration of Level I was first offered in 2003, the number of candidates sitting for the December exam has increased by 45 percent. 

Jeff Diermeier, CFA, president and CEO of CFA Institute, credits rising CFA Program enrollments to the value employers and investors recognize in the CFA charter, along with the growth of the financial services industry worldwide.

“The CFA designation is seen as a global passport that offers charterholders the ability to work anywhere in the world,” Diermeier said.  “Employers and clients alike respect the designation because they recognize that CFA charterholders commit to uphold high ethical standards and have demonstrated mastery of complex topics.”

The exams cover ethical and professional standards, securities analysis and valuation, financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement.  CFA Institute recommends at least 250 hours of study per exam. On average, CFA candidates take four years to pass the three required exams. (More information about the CFA Program.)

By country/region, the pass rates for the Level I exam are:

United States: 41 percent of the 11,273 total exam candidates
Canada: 40 percent of the 3,078 total exam candidates
Europe: 41 percent of the 6,041 total exam candidates
Asia and Pacific Asia: 39 percent of the 15,120 total exam candidates
Central and South America: 41 percent of the 325 total exam candidates
Africa/Middle East: 28 percent of the 1,736 total exam candidates

The December exam was offered at 52 test centers in 29 countries worldwide.

“The CFA Program’s Body of Knowledge is determined by extensive global practice, which ensures that the curriculum and exams are relevant and timely,” said Bob Johnson, CFA, Deputy CEO of CFA Institute.  “Employers find great value in this, and many require their professional staff to earn the CFA charter.”

Employers with the largest number of CFA charterholders include Citigroup; Credit Suisse; Deutsche Bank; The Goldman Sachs Group, Inc.; HSBC; JP Morgan Chase & Co.; Merrill Lynch & Co., Inc.; Morgan Stanley; Royal Bank of Canada; and UBS. 

There are more than 81,000 CFA charterholders in 126 countries and territories.  Since the first exam was given in 1963, the average, global pass rates are 46 percent for Level I, 51 percent for Level II, and 67 percent for Level III.

On Thursday, January 17, CFA Institute ran congratulatory announcements in The Wall Street Journal, The Globe and Mail, Financial Times, and South China Morning Post to recognize the 6,427 investment professionals who completed the requirements to receive the CFA charter in 2007. (View the announcements.)

For June 2007 exams:

http://www.cfainstitute.com/aboutus/press/release/07releases/20070816_01.html

42 Percent of 71,897 Candidates Worldwide Passed June 2007 CFA Exams

The 6,399 Candidates Who Passed Third and Final Exam Will Soon Join More Than 79,000 CFA Charterholders

1963-2007 Candidate Exam Results (PDF)
Into Our Fifth Decade (PDF)
CFA Program Sample Questions
CFA Program Fact Sheet
CFA Institute Fact Sheet (PDF)
CFA Institute Exam Press Releases

CHARLOTTESVILLE, VA., AUGUST 16, 2007 − CFA Institute today announced that 42 percent of the near-record 71,897 candidates worldwide in the rigorous Chartered Financial Analyst^® (CFA^®) program passed the exams they took in June.  

The Level I global pass rate was 40 percent (33,599 took the exam) and the Level II global pass rate was 40 percent (25,521 took the exam). Of the 12,777 individuals who in June 2007 took the third and final exam that leads to the prestigious CFA designation, 50 percent passed. Since the first exam was given in 1963, the average global pass rates are 46 percent for Level I, 51 percent for Level II, and 67 percent for Level III.

“There is no question that the CFA exams are tough,” said Robert Johnson, CFA, managing director of the Education division. “The exams reflect the growing complexity and globalization of investment management practice. The designation is well respected by employers and clients alike because of the very high standards that candidates are measured against.”

Johnson added that a complete description of the grading and pass-rate setting processes is available from “Into Our Fifth Decade.” (PDF)

To earn the CFA charter, candidates must sequentially pass three six-hour exams that are widely considered to be among the most challenging in the investment profession.  

The Level I exam consists of 240 multiple-choice questions. Level II consists of 20 item set questions (i.e., mini cases with detailed vignettes) and the questions at Level III are 50 percent item set and 50 percent short answer and essay. Those who passed the Level III exam − 6,399 candidates − will begin receiving their CFA charters in early October, provided that they also have completed the minimum work-experience requirement of four years in the investment industry, signed a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, apply to a CFA Institute society, and become a member of CFA Institute.

“An investment professional with the CFA designation has been through a course of study that emphasizes current industry practice and the importance of placing investors’ interests first,” said Jeff Diermeier, CFA, president and CEO of CFA Institute. “The CFA program is for the serious investment professional. This is an important fact for investors to remember, especially with the current proliferation of less rigorous credentials. CFA Institute is committed to maintaining the CFA program’s high standards; our members would demand nothing less.”

Employers with the largest number of CFA charterholders include Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase and Co., Merrill Lynch, Royal Bank of Canada, and UBS. 

Exam Results by Country/Region

By country/region, the pass rates for the Level I, Level II, and Level III exams combined are:  

United States: 44 percent of the 23,221 total exam candidates

Canada:  42 percent of the 6,302 total exam candidates

Europe: 47 percent of the 11,732 total exam candidates 

Asia and Pacific Asia: 39 percent of the 25,914 total exam candidates

Central and South America: 37 percent of the 1,251 total exam candidates

Africa/Middle East: 28 percent of the 3,477 total exam candidates

“If you are currently in the CFA program or are a CFA charterholder, you have experienced one of the most rigorous, practice-oriented examination programs available in the investment industry,” said Johnson. “The success of the CFA program is a function of its focus on the global investment management profession from the standpoint of a practitioner.”

New CFA Charterholder and CFA Candidate Demographics

To receive the CFA charter, a candidate must have completed the minimum work-experience requirement of four years in the investment industry. CFA Institute recommends candidates to spend at least 250 hours preparing for each of the three exams. 

“The demographics of those who recently received the CFA charter are quite interesting,” said Peggy Eisen, CFA, managing director of the Marketing and Communications division. “For example, among those who passed the Level III exam since 2004 and now have the CFA designation, a majority − 57 percent − have a post-graduate degree and a third manage $5 billion or more in assets. Compared to the total CFA charterholder population, a slightly smaller number − 52 percent versus 59 percent − now work on the buy side. Inversely, we see a few more newer charterholders working for the sell side − 19 percent versus 16 percent. These are trends we will continue to monitor.”

The top five areas of investment practice for the 8,161 CFA charterholders worldwide who passed the Level III exam since 2004 are:

1. Equity analysis / valuation strategy − 29 percent of 8,161 CFA charterholders
2. Portfolio management − 26 percent of 8,161 CFA charterholders
3. Asset allocation analysis / strategy − 18 percent of 8,161 CFA charterholders
4. Fixed-income or credit analysis / strategy / valuation − 22 percent of 8,161 CFA charterholders
5. Risk management − 12 percent of 8,161 CFA charterholders

View the “Where CFA Institute Members Work” (PDF) fact sheet.

37 percent of all CFA candidates for the June exam were from Asia Pacific (including China), 32 percent from the United States, 15 percent from Europe, 8 percent from Canada, and 8 percent from Latin America and Middle East. Countries and territories with the largest number of candidates outside North America were Mainland China (7,496), India (7,058), Hong Kong (6,398), United Kingdom (5,769), Singapore (3,389), South Korea (3,513), Taiwan (2,119), South Africa (1,354), Germany (1,377), Switzerland (1,307), and Japan (1,092). 

Eisen added that there are several locations where there is significant interest in the CFA program. “We believe that there are more than one million serious investment professionals worldwide who might qualify for the CFA designation. CFA Institute expects 165,000 candidate registrations for the December 2007 and June 2008 exams combined.”

United States:  Approximately 54,000 estimated total candidate registrations.

Canada: Approximately 14,000 estimated total candidate registrations.

Europe: Approximately 28,000 estimated total candidate registrations.

Asia and Pacific Asia: Approximately 56,000 estimated total candidate registrations.

Central and South America: Approximately 3,000 estimated total candidate registrations.

Africa/Middle East:  Approximately 10,000 estimated total candidate registrations.

CFA Program

Since the first CFA exam was given in 1963, the CFA program’s scope has broadened to reflect the evolution and globalization of the profession. Although equity security analysis and ethical standards have remained important over the years, topics such as fixed income analysis, alternative and derivative investments, portfolio management have been incorporated into the examination program.

Today, the CFA exams cover ethical and professional standards, equity analysis, debt analysis, derivatives analysis, alternative investments, financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, risk management, asset allocation, and performance measurement. On average, CFA candidates take four years to pass the three required exams. The Level I exam is offered twice per year, while the Level II and Level III exams are offered once each year. (Access registration information.)  

“Not only do employers understand the value of CFA designation, but regulators see it as beneficial to the global investment marketplace,” says Diermeier. “Nearly all U.S. state securities commissions grant CFA charterholders an exemption to their licensing exams. The NYSE and NASD provide an exemption from the analytical portion of the Series 86 exam. The Monetary Authority of Singapore and other regulators in Canada, Greece, Turkey, Hong Kong, the United Kingdom, and Thailand also recognize the CFA designation as meeting their licensing or qualification requirements. Few designations can claim this level of recognition.”

There are more than 79,000 CFA charterholders in 129 countries and territories (not counting candidates from the June exams). CFA Institute expects the majority of the 6,399 candidates who passed this year’s Level III exam will become CFA charterholders later this year, bringing the number of charterholders worldwide to more than 85,000.