More than 14,000 pass Level III CFA exam in June
14 August 2014
Category: News, Asia, China, Global, Hong Kong, Korea, Singapore
By Asia Asset Management
More than 14,000 candidates worldwide successfully passed the Level III CFA exam during June, representing a pass rate of 54%, according to the latest figures from the CFA Institute.
During the month, almost 27,000 candidates from across the globe sat the Level III paper, which is the final test towards attaining CFA charter status. Those who passed the exam and meet all the necessary requirements will receive their charter starting in October, joining the existing 125,000 CFA Institute members worldwide.
Asia-Pacific was also the largest source of candidates for the June examination, accounting for 42% of individuals that sat the test. China was home to the second-largest number of exam takers, with 19,395, following the US, which had 29,625. Hong Kong saw 5,422 candidates; Singapore 2,983; Australia 2,314; and Korea 3,104.
“These successful candidates have demonstrated their commitment to professional excellence, education, and ethics, and we congratulate them on their hard work and dedication. Each of them can play a vital role in helping us build a more trustworthy financial industry that better serves society,” commented Steve Horan, managing director and co-lead of education, CFA Institute.
Of the 47,000 who sat the Level I CFA exam in June, 42% passed, while 46% of the 45,000 candidates who sat the Level II paper were successful.
In order to become a CFA charter holder, candidates are required to sequentially pass three exams considered among the most difficult in the investment profession. They must also meet the work experience requirement of four years in the investment industry, and agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, among other requirements.
The Level I exam can be taken twice per year, while the Level II and Level III papers are offered only once annually. Candidates typically spend about 300 hours studying for each level, taking an average of four years to pass all three exams.
Worldwide, there are approximately 125,000 CFA members across 145 countries and territories, including 116,500 CFA charter holders, and 143 member societies.