Investment Professionals Worldwide Pass CFA Program® Examinations

CFA Institute, the global association of investment management professionals, reports that 6290 of the 11,330 Level III candidates who sat for the CFA examinations administered in December 2020 have passed, successfully completing the three levels on the way to becoming a charterholder. 12,806 of the 26,212 Level I candidates passed and 10,025 of the 18,136 Level II candidates passed, thereby advancing to the next level.

“I heartily congratulate those candidates who were able to sit for the December exams and pass their respective levels,” said Margaret Franklin, CFA, President and CEO, CFA Institute. “It is a tribute to the resilience and dedication of these candidates to have persevered with their exam preparation in the midst of all of the uncertainty brought on by the pandemic. Well done to all candidates progressing to the next level of the exams and to those who are now on the path to earning their CFA charter.”

To earn the CFA charter, candidates must pass all three levels of the exam, which is considered one of the most rigorous in the global investment management profession; meet the work experience requirements; commit to uphold the CFA Institute Code of Ethics and Standards of Professional Conduct; and become a member of CFA Institute. Successful candidates take an average of four years to complete the CFA Program.

Peg Jobst, Managing Director of Credentialing at CFA Institute, commented: “CFA Institute uses rigorous, industry accepted processes to ensure we maintain a consistent and fair passing standard. Those who passed in December did so because of their perseverance in the face of unprecedented conditions. We anticipate that the pass rate may remain higher as the pandemic continues due to candidates’ extended preparation time.”

Due to the impact of the coronavirus pandemic, the exams could only be administered in certain markets due to the lack of available facilities and public health regulations. As a result, the December exam was administered in 170 test centers in 91 cities across 50 markets worldwide. View historical pass rates.

Level I and II CFA Program candidates received their results on 28 January 2021, and Level III candidates received their results on 17 February 2021. Currently, more than 167,000 professionals worldwide hold the CFA® charter.

As previously announced, all three levels of the CFA exams have transitioned to computer-based testing beginning in February 2021 for more testing flexibility in terms of dates, locations, and candidate booking. The December exams represented the last paper-based exams.

CFA Institute continues to monitor local health policies across the globe, tracking developments closely, and will adapt future examination plans as needed. Throughout this period, CFA Institute remains committed upholding the relevance and passing standard of the CFA charter, and the rigor and security of exam development and delivery.

The CFA Program is tailored to professionals across the industry. The curriculum covers ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, wealth management and portfolio analysis. Learn more about the CFA Program and the latest on exam status.

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