CFA Institute Reports Results for Testing in May

CFA Institute, the global association of investment professionals, announces that of 21,603 candidates worldwide who sat for the Level III CFA® Program exam in the May/June testing window, 42 percent have passed, marking the completion of their CFA Program examinations. All candidates will be notified of their results today. To become a charterholder, a candidate must: pass all three examination levels, be a regular member of CFA Institute, and meet the work experience requirement. Currently more than 170,000 investment professionals around the world hold the CFA® charter.

For the first time, candidates across all three levels of the CFA Program sat their exams using computer-based testing (CBT) in testing centers around the world, versus gathering in often large meeting spaces as had been the case for paper-based testing. Level I CFA Program candidates received their results on 27 July. Of those 26,005 Level I exam candidates, 25 percent passed. Level II CFA Program candidates received their results on 3 August. Of those 33,066 Level II exam candidates, 40 percent passed. View historical pass rates at https://www.cfainstitute.org/-/media/documents/support/programs/cfa/cfa-exam-results-since-1963.ashx

The May 2021 administration—exam Levels I, II, and III combined—was the largest CBT administration held to date, both in terms of seated candidates and the number of candidates whose CFA exam studies were disrupted by the pandemic. Some Level I candidates had been deferred twice prior to the May administration due to restrictions caused by the global pandemic, with fewer of those candidates passing their exam than might have been expected given previous pass rate trends. The degree of difficulty of the May exams was consistent with previous exam administrations.

Margaret Franklin, CFA, President and CEO of CFA Institute, comments:

“CFA Program candidates have again demonstrated their resilience and their commitment to the investment profession by sitting their exams amidst changeable and challenging conditions. Exam preparation amidst pandemic restrictions is clearly very tough and impacted many candidates. For those celebrating their Level III exam success today, I add my heartfelt congratulations and my hopes that you will embrace the charterholder network and its many opportunities to get involved and make a positive impact on the profession.”

Covid-19 restrictions required some May examinations to be cancelled, including all those scheduled to be held in India, one of the largest markets for CFA Program candidates. In total, examinations for 20,142 candidates were affected. Impacted candidates have been invited to reschedule their exam sitting for a future testing window, public-health conditions permitting.

Peg Jobst, Managing Director of Credentialing at CFA Institute, comments:

“We know it has been deeply disappointing for candidates whose exams have been canceled due to Covid-19 restrictions. While so many have experienced this disruption, we are hopeful that with our transition to computer-based testing now complete, we can tentatively look ahead to greater certainty about exam sittings across markets, despite the pandemic. Computer-based testing means smaller venues that are better placed to accommodate Covid-19 regulations, and a greater number of test venues to bring the exam location closer to more candidates. This past May we were able to offer the highest number of CFA exam testing facilities to date.

“With respect to the markedly lower pass rates, I want to assure our candidates that the degree of difficulty of the May exams was consistent with previous exam administrations. To ensure every candidate’s exam is processed with appropriate due diligence, we use the best-known and most widely used standard-setting method among professional credentialing programs. Unfortunately, fewer candidates passed at each level of the May exams than we might have expected given historical pass rate trends. While some impacted candidates were able to pass, we believe the disrupted nature of the deferred candidates’ studies is reflected in the overall passing rate across all three levels,” continued Jobst.

The transition to computer-based testing enables candidates to select their preferred testing date from within a multi-day exam testing window. Candidates for the May exams attended in person at one of more than 800 proctored examination facilities—more than twice the number of exam facilities available than with the prior paper-based testing system—located in 374 cities in 96 markets worldwide.

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