The CFA examination is known for being notoriously difficult, which traditionally has contributed to the poor pass rate for the examination. But that wasn’t the case this past June, according to Bloomberg.
The CFA Institute is going to be adding a record 21,380 new chartered financial analysts after a robust 56% of test takers passed the third and final level of the examination this summer. Pass rates for the exams are often under the 50% level.
However, the pass rate for the third level of the exam this year was unchanged year-over-year and compares to 41% who passed the first level of the exam and 44% who passed the second part of the exam, according to the CFA Institute.
For instance, women now account for more than 39% of CFA candidates and some markets, like the UK and Australia, have reached gender parity for the first part of the exam. The number of females taking the examination has more than doubled over the last five years.
Part of the reason for the record numbers is also because the institute has expanded the number of test centers that offer the exam, adding sites and places like Cambodia and Myanmar. The exam was offered at 343 test centers in 192 cities this past summer and the new CFAs will add to the ranks of 167,000 who already carry the charter.
The CFA Institute will offer computer-based testing for candidates starting in 2021, which will allow candidates to choose their own exam date within new test taking windows.