Close to 20,000 Candidates Pass Level III CFA® Program Exam, Will Join CFA Institute to Build a Better World for Investors

CFA Institute, the global association of investment management professionals, announced that of 35,518 candidates who sat for the Level III CFA^® Program exam in June, 56 percent have passed, completing their final CFA Program exam. All candidates will be notified of their results today. Successful Level III candidates will become CFA^® charterholders starting in early October, pending verification of professional experience and other membership requirements. They will join more than 154,000 charterholders around the globe who have earned the CFA designation and lead the investment industry by promoting the highest standards of professionalism to build a better world for investors.

Level I and II candidates received their results on 14 August. Of 79,507 candidates who sat for the Level I exam in June, 43 percent were successful and of 64,216 candidates who took the Level II exam, the pass rate was 45 percent. These candidates will continue on their journey to becoming CFA charterholders.

“Congratulations to all candidates who passed their June exam and those who will soon be awarded the CFA charter,” said Stephen M. Horan, CFA, CIPM, managing director of credentialing at CFA Institute. “Successfully completing all three levels of the CFA Program is an outstanding accomplishment, setting the foundation for a career-long journey of professional learning. As we strive to build a better world for investors, our incoming charterholders are joining a global community of highly motivated individuals committed to putting investors interests ahead of their own, and creating a profession that serves society’s need for a well-functioning investment management industry built on trust.”

The total number of candidates who sat for a CFA Program exam in June grew 18 percent globally year-over-year, with a 25 percent increase in Level I candidates for the same time period. Strong demand for the program continues in emerging and developing economy markets, where candidate numbers have doubled over the past five years. View historical pass rates.

Strong candidate growth reflects a steadily increasing interest in the CFA charter as an international credential and underscores the demand for the organization’s new test centers. Since December 2017, CFA Institute has made it possible for candidates to sit the exam in a further seven locations. These include Lagos and Ulaanbaatar, enabling some 938 candidates in Nigeria and Mongolia to sit their CFA exam in their home country for the first time. Other new test locations include Barcelona, Spain; Dalian and Hangzhou China; Hyderabad, India; and Rio de Janeiro, Brazil. More new test locations are planned for the December 2018 exams. 

“Expanding access to test centers around the world, especially in developing markets, remains central to our mission of building professionalism and raising standards in the investment management industry globally,” says Paul Smith, CFA, president and CEO, CFA Institute. “For aspiring investment management professionals, greater access to our credentialing programs represents more than a pass rate or career advancement. Well-trained, ethical investment professionals help pave the way for economic growth, greater confidence in financial systems, and ultimately more opportunities for the communities they serve.”

The June Level I, II, and III exams were administered in 285 test centers in 185 cities worldwide. The top 10 markets with the largest number of candidates tested are: mainland China (50,642), United States (31,988), India (18,949), Canada (13,125), United Kingdom (11,380), Hong Kong SAR (5,862), Australia (4,986), Singapore (3,369), South Korea (2,409) and South Africa (2,359).