Results out for 2013 CFA exams
08 August 2013
By Asia Asset Management
CFA Institute announced on August 7 that of the 25,766 June 2013 Level III candidates, 49% passed the third and final exam to earn the industry gold standard CFA charter. CFA Institute expects the majority of candidates that passed the Level III exam to become CFA charterholders in early October, pending experience and membership requirements. This would bring the number of charterholders worldwide to more than 110,000. Of the 44,874 candidates who took the Level II exam, the global pass rate was 43%, and of the 47,502 candidates who took the Level I exam, the global pass rate was 38%. This compares to 2012 figures in which 37.5% passed the summer and winter exams for Level I, 42% passed Level II, and 52% passed Level III.
“It is the people working within the investment profession who have the ability to shape a more trustworthy financial industry that better serves society,” said John Rogers, president and CEO of CFA Institute. “Today’s candidates, with their commitment to ethics and integrity, embody that culture shift. I welcome each of them to lead by example and step forward and deliver on the industry's promise that it is worthy of investors’ trust, forward-thinking and serves society.”
The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income, alternative investments; derivatives; portfolio management; and wealth planning.
CFA Institute has administered well over a million exams since the inauguration of the CFA programme in 1963.
On average, candidates report spending in excess of 300 hours of study to prepare for each level. CFA candidates typically take four years to pass the three required exams. When asked what their primary motivation for registering for the CFA exam is candidates cite career advancement, a higher level of knowledge and improved chances of obtaining a job as the top three reasons.
The 2013 exams were given at 268 test centres in 196 cities, across 91 countries worldwide. Examples of markets with the largest number of candidates that took the CFA exam are the United States (29,000), China (17,927), India (10,801), Canada (10,025), the United Kingdom (8,139), Hong Kong (5,778), Korea (3,255), and Singapore (3,149).
Meanwhile, CFA Institute recently launched the Future of Finance project, a long-term global effort to shape a trustworthy, forward-thinking financial industry that better serves society. The project aims to provide the tools to motivate and empower the world of finance to commit to fairness, improved understanding, and personal integrity. The project has called for reform in six key areas in the financial industry to restore levels of trust to those of pre-financial crisis days: putting investors first; safeguarding the system; retirement security; financial knowledge; regulation and enforcement; and transparency and fairness.
More News >