CFA Pass Rate

CPA Pass Rates | Level 1 2 3

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Chartered Alternative Investment Analyst (CAIA)

The Chartered Financial Analyst (CFA) pass rate has one of the lowest passing rates of industry wide examinations. This is due to the fact that the CFA Charter is viewed as one of the most challenging credentials to obtain within the investment profession. The CFA pass rate is recorded for various countries/regions throughout the world and for each individual examination.

For 2007 , the global Level I pass rate and Level II pass rate were both 40 percent.33,599 Candidates took the Level I exam while 25,521 Candidates took the Level II examination. The Level III examination had a pass rate of 50 percent in 2007; 12,777 candidates took the Level II exam in 2007. The overall pass rates for each examination since the CFA inception in 1963 are as follows; Level I 46 percent; Level II 51 percent; and Level III 67 percent.

The Difference in passing rates for each level of exam can be attributes to their different set-ups. The Level I examination consists of 240 multiple-choice questions. The Level II exam is made up of 20 item set questions which are based upon mini-cases and scenarios. The Level II examination is comprised of 50 percent item set questions and 50 percent short answer and essay questions.

The country/region CFA pass rates are combined for Levels I, II, and II of the examinations. The United States had a 44 percent pass rate and 23,221 total exam candidates. Canada had a 42 percent passing rate with 6,302 Candidates. Europe had a 47 percent pass rate with 11,732 Candidates taking the exam. Asia and Pacific Asia had a 39 percent passing rate with 25,914 candidates taking the examinations. Central and South America had a 37 percent passing rate with 1,251 candidates. Africa and the Middle East had a 28 percent passing rate with 3,477 total candidates taking the exams.

The top five areas of investment practice for CFA charterholders who passed the exam since 2004 are; equity analyst/valuation strategy with 29 percent of those chartholders; portfolio management with 26 percent; Fixed allocation analysis/strategy with 18 percent; Fixed-income or credit analysis / strategy / valuation with 22 percent; and risk management with 12 percent of the charterholders who have passed the examinations since 2004.

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