CFA Institute today announced that 34 percent of the 44,209 worldwide candidates that sat for the Chartered Financial Analyst® (CFA®) Program Level I exam taken in December 2009 were successful.
The CFA Program is recognised worldwide as the gold standard qualification for investment professionals. To earn the CFA designation, candidates must pass all three levels of exams (for which successful candidates report that they study 250 to 300 hours for each one); meet the work experience requirements 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.
Speaking about these results, Mr Nitin Mehta, Managing Director, CFA Institute (Europe, Middle East, and Africa) said: “The value of CFA qualification has never been stronger. The upheaval of the recent economic downturn has highlighted the need for increased education and ethics across the financial world. CFA Institute has promoted these values since it established the first CFA examination in 1963. Recent events have shown that the relevance of an internationally recognized designation as a barometer of good practice has never been clearer or stronger, with national governments and the global business community increasingly seeing the need for qualifications, such as the CFA Program, to provide a clear set of standards and principles for financial markets.”
John Rogers, CFA, CEO and President of CFA Institute, said, “Despite challenging economic conditions, more than 44,000 individuals around the world took the Level I exam in December. This is a remarkable testimony to the dedication of candidates to the CFA Program and to their commitment to excellence and integrity in the investment arena. These individuals, through their personal commitment and undertaking to live the values of ethics, education and professional excellence, actively demonstrate commitment to raising standards in the investment industry. I wish every candidate success in continuing their studies through the CFA Program and quest to join the 86,000 CFA charterholders we have around the world.”
The exams cover ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement. Level I exams are held in June and December, and Levels II and III are held in June. On average, successful CFA candidates take four years to pass the three required exams.
By region, the December pass rates for the Level I exam are:
• Europe, Middle East, and Africa: 34 percent of the 9,457 total exam candidates
• The Americas: 34 percent of the 14,717 total exam candidates
• Asia and Pacific Asia: 34 percent of the 20,035 total exam candidates
The December exam was offered at 92 test centers in 55 cities in 31 countries worldwide, including Abu Dhabi, and Dubai.
Tom Robinson, CFA, Managing Director of Education at CFA Institute, said, “The CFA Program is subject to an ongoing and annual review by market experts to ensure we address the developing nature and complexities of financial markets. This is reflected in the breadth and depth of the CFA Program’s Candidate Body of Knowledge. Completing this qualification and earning the CFA charter is unique in investment management and recognised by fellow professionals, employers and many regulators around the world.”
