The pass rate for the first level of the chartered financial analyst exam declined again, while remaining above last year’s historic lows, as the lingering effects of the pandemic continued to disrupt test-taking.
(Bloomberg) — The pass rate for the first level of the chartered financial analyst exam declined again, while remaining above last year’s historic lows, as the lingering effects of the pandemic continued to disrupt test-taking.
In November, 36% of candidates passed the Level I test, down from 37% success rate for those who sat for the exam in August and 38% in May, the CFA Institute said Thursday. The average pass rate for the past decade is about 41%, according to the institute.
“Only four exam locations were disrupted by pandemic-related cancellations during the November exam series,” Chris Wiese, managing director for credentialing at the institute, said in a statement. “Yet, unfortunately, disrupted study schedules brought about by prior exam deferrals and cancellations may have impacted results for some candidates again.”
In November, “numerous” candidates sat for the Level I exam after previously electing to defer their test-taking, which contributes to a lower pass rate, Wiese said.
The latest results do show an improvement from record-low pass rates across all levels of the CFA exam last year. Nearly 25,000 candidates sat for the Level I exam in November, which was administered at 539 testing centers around the world. Historically, the institute offered the exam on paper, but transitioned to computer-based testing during the pandemic.
Test-takers who passed Level I can now register for the next exam, which will be administered in May, August and September. Those who sat for Level II in November will get their results on Jan. 19, the institute said.
Passing all three levels of the CFA exam can lead to higher salaries or new employment prospects, which is becoming increasingly handy in a tight labor market as bankers across Wall Street face the prospect of fresh job cuts at the start of the year.
–With assistance from Ellen Braitman.
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