The pass rate for the final level of the chartered financial analyst exam remained below the decade average but above the historic lows from two years ago, when the pandemic disrupted testing.
In February, 48% of candidates successfully finished the series, unchanged from August’s Level III pass-rates and down from 49% for those who sat for the exam in May. Still, the rate was higher than the historic low of 42% for passing Level III set in 2021. The 10-year average success rate for the final exam is 52%, according to the CFA Institute.
“We are pleased to note that we had zero pandemic-related exam-location cancellations during the February testing period and to see that the Level III pass rate is once again closer to historical norms,” Chris Wiese, managing director for education at the institute, said in a statement Thursday.
The latest results show improvement from historically low pass rates across all levels of the CFA exam in 2021. Nearly 15,000 candidates sat for the Level III exam in February, which was administered at 435 testing centers around the world. Historically, the institute offered the exam on paper, but transitioned to computer-based testing during the pandemic.
To become a charter holder, a candidate must pass all three exams and meet certain work-experience requirements. More than 190,000 investment professionals have the distinction, according to the Charlottesville, Virginia-based institute.
Last month Level I candidates got their results, with a 38% success rate for those who took the exams in February, up from 36% in the previous testing period. The next CFA exams will be held in May for Level I and Level II, the institute said.
Eventually, starting next year, candidates will take Level I and Level II tests with new content covering skills used in the working world. New study modules will reduce the time needed to prepare for the exam, which has trended higher than the historic 300-hour average.
This article was provided by Bloomberg News.