Less than half of the nearly 70,000 candidates in a major investment management exam passed it, a professional body has revealed.
There was a 43% pass rate in the Level 1 Chartered Financial Analyst Exam last December, the CFA Institute said.
The three sets of CFA exams culminate in a widely recognised professional qualification, known as the CFA charter, for successful candidates in the investment management industry.
Last December 68,086 candidates took the first-level exam and the number of candidates had grown by 14% globally, the CFA Institute said.
Strong growth had been seen in Asia.
In Mainland China, for example, 19,598 people took the exam – a growth of more than 38%.
The number of candidates compares to over 12,100 in the US, and over 4,300 in the UK.
To earn the charter, candidates must pass all three levels of the exam, which the CFA Institute said is considered to be the most rigorous in the investment profession. They must also 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; and become a member of CFA Institute.
Fewer than one in five candidates who begin the program end up successfully earning the charter. Successful candidates take an average of four years to complete the CFA Program.
Candidates who passed now go on to Level II.
Paul Smith, CFA, president and chief executive of the CFA Institute, said: “Congratulations to our successful Level I candidates, who are one step closer to becoming CFA charterholders and joining us in our mission to build a better world for investors.”
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