CFA Level 3 Exam Pass Rate Climbs to 49%, Still Below Decade Average

• CFA or Chartered Financial Analyst is one of the most sought-after designations for investment professionals across the globe.
• To become a CFA charter holder, candidates must pass all three CFA exams and meet work experience requirements.
• The pass rate for CFA level 3 exam for February 2024 was below the 10-year average.

CFA level 3

Exam Pass Rate

• In the February 2024 session, 49% of candidates passed the Level III CFA exam.
• Slightly up from the 47% pass rate in August 2023 and the 48% rate in February 2023.
• Despite that, the pass rate was still below the 52% average over the past 10 years.
• The latest results show an improvement from historically low pass rates across all levels of the CFA exam set in 2021.

How many appeared:

• Around 14,000 candidates took the Level III exam in February 2024 at testing centers worldwide.
• The test was administered at 448 testing centers around the world.
• Historically, the institute offered the exam on paper but transitioned to computer-based testing during the pandemic.

First-Time Versus Deferred Candidates

• First-time testers scored above the average pass rate, at 56%.
• Those who had deferred the exam had an average passing rate of 36%, the institute said in a statement.

“We are pleased to note that we had zero pandemic-related exam-location cancellations during the February testing period and to see that the Level III pass rate is once again closer to historical norms,”

Chris Wiese, managing director for education at the institute, said in a statement.

CFA Level 2

Exam Pass Rate:

• According to the institute, the pass rate of CFA level 2 for November 2023 was 44%.
• It is above the 10-year average of 40%.

Exam Administration:

• Almost 14,585 candidates sat for the Level 2 exam in November 2023
• The exam was administered in 360 cities worldwide.

CFA Level 1

CFA Level I Exam Pass Rate

• The pass rate for the CFA Level One exam jumped to 44% in February 2024
• Up from 35% in November 2023 and 37% in August 2023
• Above the 10-year average of 40%
• This shows an improvement from the historically low pass rates seen in 2021 due to exam deferrals during the COVID-19 pandemic

Exam Administration

• Almost 17,000 candidates sat for the Level I exam in February 2024
• The exam was administered at 471 testing centers worldwide

First-Time Versus Deferred Candidates

• First-time testers had a 52% pass rate
• Candidates who had deferred the exam had a 28% pass rate

Curriculum and Test Changes

• The CFA Level I exam in February 2024 was the first to use an updated curriculum
• The new curriculum is designed to make learning more efficient and provide more practice opportunities
• The CFA exam transitioned to computer-based testing during the pandemic, moving away from paper-based tests

Should you pursue a CFA?

CFA or Chartered Financial Analyst is one of the most sought-after professional designations for investment professionals globally.

With the boom in industrialization and globalization, India has seen a surge in demand for CFA professionals.

Common career paths for CFAs include corporate banking, equity, risk management, and research.

FAQs

CFA Popularity

There are more than 190,000 CFAs as of March 2023.

Offered by the CFA Institute, the certification is recognized in over 160 countries worldwide

CFA Eligibility Criteria

The CFA course typically requires candidates to have a bachelor’s degree or equivalent work experience

CFA Exam Schedule

The CFA exam is offered three times a year for Levels I and II, and twice a year for Level III. Here’s a breakdown of the schedule:

• Level I: February, May, August, and November.
• Level II: May, August, and November.
• Level III: February and November.