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: - Equity analysis / valuation strategy − 29 percent of 8,161 CFA charterholders
- Portfolio management − 26 percent of 8,161 CFA charterholders
- Asset allocation analysis / strategy − 18 percent of 8,161 CFA charterholders
- Fixed-income or credit analysis / strategy / valuation − 22 percent of 8,161 CFA charterholders
- 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. | 
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