[原创]CFA China pass rate compares to other countries

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64 Percent of Level 3 Chartered Financial Analyst Candidates Worldwide

Passed June Exams, CFA Institute Reports;

Almost 8,700 Passed Third and Final Exam

737 words
25 August 2004
09:00
Business Wire
English
(c) 2004 Business Wire. All Rights Reserved.

CHARLOTTESVILLE, Va. - (BUSINESS WIRE) - Aug. 25, 2004 - Sixty-four percent of the more than 13,500 current and aspiring investment professionals who sat in June for the third and final examination leading to the prestigious Chartered Financial Analyst(R) designation - or 8,669 individuals - passed the exam, CFA Institute announced today.

They will begin receiving their CFA charters as early as October, assuming that they have also completed the minimum work-experience requirement of three years in the investment industry and have signed a commitment to abide by the CFA Institute Code of Ethics.

To earn the CFA charter, candidates must sequentially pass three six-hour examinations that are widely considered the most rigorous in the investment profession.

On average, CFA candidates take four years to pass the three required examinations. (The level-one exam is offered twice a year, while the second- and third-level exams are offered just once a year.) The examinations cover ethical and professional standards, securities analysis and valuation, financial statement analysis, quantitative methods, economics, corporate finance, portfolio management and performance measurement. CFA Institute recommends at least 250 hours of study per exam.

More than 61,500 individuals sat for one of the three exams in June - including roughly 24,000 each at levels one and two. The pass rate for all three levels combined was 40%.

Among those who passed the level-three CFA exam are:

-- 3,720 individuals who took the exam in the United States (where 69% of level-three candidates passed)

-- 964 who took the exam in Canada (where 59% of level-three candidates passed)

-- 1,987 who took the exam in Europe (where 75% of level-three candidates passed)

-- 1,405 who took the exam in Asia (where 49% of level-three candidates passed)

The chair of CFA Institute, Theodore R. Aronson, CFA, and its president and CEO, Thomas A. Bowman, CFA, co-signed a letter to this year's CFA candidates congratulating those who passed.

"Successful completion of the CFA Program represents a substantial achievement," they wrote. "It is for this reason that the CFA designation enjoys such a sterling reputation throughout the global investment community, respected by employers, investors, and fellow investment professionals alike."

Currently, there are 57,794 CFA charterholders in 114 countries and territories (not counting candidates from the June examinations).

About CFA Institute

CFA Institute is the global, non-profit professional association that administers the Chartered Financial Analyst(R) curriculum and examination program worldwide, publishes research, conducts professional-development programs, and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 70,000 members in 119 countries and territories, including the world's 57,794 CFA charterholders, as well as 129 affiliated professional societies in 50 countries and territories. CFA Institute is headquartered in Charlottesville, Va., USA, with regional headquarters in London and Hong Kong. It was known as AIMR (Association for Investment Management and Research) from 1990 to early 2004, and before that was two separate organizations whose roots go back to 1947. More information may be found at www.cfainstitute.org.

Candidates Passing Level Three CFA Exam in
Selected Countries, Territories

Number who % of level 3 test-takers
passed level 3 who passed

United States 3,720 69%
Canada 964 59%
United Kingdom 746 82%
Hong Kong 409 47%
Singapore 294 49%
Germany 284 77%
Switzerland 257 76%
Korea 182 43%
Australia 174 77%
South Africa 160 59%
Mainland China 153 62%
The Netherlands 97 74%
India 96 72%
France 94 68%
Spain 77 65%
Japan 75 44%
Malaysia 64 45%