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Less than half pass CFA Institute exams in June

The CFA Institute announced today that just 45 percent of candidates worldwide passed the June 2009 CFA exams, of a total 104,111 who sat for the qualification.

In Europe 50 per cent of the 17,860 candidates achieved a pass in the CFA charter, which consists of three six-hour exams.

The CFA curriculum includes ethical and professional standards, financial reporting and analysis, corporate finance, economics, quantitative methods, equity, fixed income, and alternative investments, derivatives, portfolio management and wealth planning.

The 2009 exams were given at 256 test centers in 182 cities worldwide.

The Level I global pass rate was 46 percent and the Level II global pass rate was 41 percent. Of the 19,436 individuals who took the final exam in June 2009, 49 percent passed.

The CFA Institute says it expects the majority of those candidates who passed the Level III exam will become CFA charterholders later this year, bringing the number of charterholders worldwide to nearly 90,000.

CFA Institute president and chief executive John Rogers says: “We are encouraged by the number of investment professionals who have committed themselves to this rigorous programme. We believe that financial education and professional ethics training, which are at the heart of the CFA program, are cornerstones of future financial market stability. It is gratifying to see this strong level of demand for the CFA charter.”

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