Forty-Eight Percent of 58,907 Candidates Worldwide Passed June 2005 CFA Exams 6,083 Who Passed Third and Final Exam Will Soon Join More Than 64,000 Charterholders
CHARLOTTESVILLE, Va., August 18, 2005 – CFA Institute today announced that 48 percent of the 58,907 worldwide candidates in the rigorous Chartered Financial Analyst® (CFA®) program passed the exams they took in June.
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. Of the 11,102 individuals who in June 2005 took the third and final exam that leads to the prestigious CFA designation, 6,083 (55 percent) passed. For the other June 2005 exams, the Level I global pass rate was 36 percent (22,915 took the exam) and the Level II global pass rate was 56 percent (24,891 took the exam). Since the first exam was given in 1963, the average, global pass rates are 49 percent for Level I, 52 percent for Level II, and 67 percent for Level III.
“Having passed the third exam and completed the required level of work experience, you will soon join a dedicated group of CFA charterholders in 114 nations who have mastered the curriculum and passed the same rigorous exams,” said CFA Institute president and CEO Jeff Diermeier, CFA, in a letter congratulating this year’s candidates. “All of you have been measured against a single, global standard of excellence and commitment to ethical conduct. Becoming a CFA charterholder represents a truly significant achievement in one's development as an investment professional.”
Those who passed the Level III exam will begin receiving their CFA charters in early October, provided that they also have completed the minimum work-experience requirement of three years (four years after 2005) in the investment industry and signed a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.
On average, CFA candidates take four years to pass the three required exams. (The Level I exam is offered twice a year, while Level II and Level III exams are offered once each year.) 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.
By country/region, the pass rates for the Level I, Level II, and Level III exams combined are:
United States: 50 percent of the 21,511 total exam candidates Canada: 48 percent of the 5,910 total exam candidates Europe: 55 percent of the 9,641 total exam candidates Germany: 63 percent of the 962 total exam candidates United Kingdom: 57 percent of the 3,572 total exam candidates Asia Pacific: 40 percent of the 14,554 total exam candidates India: 51 percent of the 1,480 total exam candidates Mainland China: 57 percent of the 3,962 total exam candidates Latin America: 43 percent of the 940 total exam candidates Africa/Middle East: 38 percent of the 2,389 total exam candidates
“Candidates complete the program because they see the value that the CFA charter brings to their professional lives,” said Bob Johnson, CFA, managing director of CFA Program Division. “Employers in particular see value in the CFA program because it is cost effective, globally relevant, and, above all, enhances the firm’s reputation because charterholders pledge to adhere to high standards of ethics and professional excellence.”
The 2005 CFA Institute study of investment professional compensation again illustrated that employers are willing to pay a premium for investment professionals who have earned the CFA charter. Among those with 10 years experience or more, those holding the CFA charter out-earn their peers without the charter by 24 percent (median of US$248,000 vs. US$200,000). The gap is even wider among all respondents, regardless of levels of experience; those with the CFA designation command compensation levels 54 percent higher than those without it (US$180,000 vs. US$116,850).
Employers with the largest number of CFA charterholders include Barclays Group; CIBC; Deutsche Bank; Fidelity Investments; The Goldman Sachs Group, Inc.; Merrill Lynch & Co., Inc.; Royal Bank of Canada; and UBS. More information on the benefits of the CFA charter may be found at www.cfainstitute.org/cfaprogram/viewbook/site/home/home.html.
There are more than 64,000 CFA charterholders in 114 countries and territories (not counting candidates from the June exams). CFA Institute expects the majority of the 6,083 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 70,000.
About CFA Institute
CFA Institute is the global, non-profit professional association that administers the Chartered Financial Analyst® curriculum and examination program worldwide, publishes research, conducts professional-development programs, and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 76,000 members in 120 countries and territories, including the world’s 64,000 CFA charterholders, as well as 131 affiliated professional societies in 52 countries and territories. CFA Institute is headquartered in Charlottesville, Va., USA, with regional headquarters in London and Hong Kong. It was known as AIMR (Association for Investment Management and Research) from 1990 to early 2004, and before that was two separate organizations whose roots go back to 1947. More information may be found at www.cfainstitute.org.
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