Future Charterholders Commit to Shaping a More Trustworthy Financial Industry
New York, 6 August 2013
CFA Institute, the global association of investment professionals that sets the highest standards of ethics, education, and professional excellence, announced that of 25,766 June 2013 Level III candidates, 49% passed the third and final exam to earn the industry gold standard CFA charter. CFA Institute expects that the majority of candidates who passed the Level III exam will become CFA charterholders starting in early October pending experience and membership requirements, bringing the number of charterholders worldwide to more than 110,000. Of 44,874 candidates who took the Level II exam, the global pass rate was 43% and of 47,502 candidates who took the Level I exam, the global pass rate was 38%. (View historical pass rates)
Successful candidates have shown a continued commitment to professional integrity, education and trust in finance and join the CFA Institute effort to create an environment where investors’ interests come first, markets function at their best, and economies grow.
“It is the people working within the investment profession who have the ability to shape a more trustworthy financial industry that better serves society,” said John Rogers, CFA, president and CEO of CFA Institute. “Today’s candidates, with their commitment to ethics and integrity, embody that culture shift. I welcome each of them to lead by example and step forward and deliver on the industry’s promise that it is worthy of investors’ trust, forward-thinking and serves society.”
Journey from candidate to charterholder takes commitment
To earn the CFA charter, candidates must sequentially pass three six-hour exams that are widely considered to be the most rigorous in the investment profession. The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income, alternative investments; derivatives; portfolio management; and wealth planning. CFA Institute has administered well over one million exams since the inauguration of the CFA program in 1963.
The Level I exam is offered twice per year, and the Level II and Level III exams are offered once each year. The Level I exam consists of multiple-choice questions. Level II is composed of item sets (i.e., mini cases with detailed vignettes), and the Level III questions are 50% item set and 50% short answer and essay. On average, candidates report spending in excess of 300 hours of study to prepare for each level. CFA candidates typically take four years to pass the three required exams. When asked what their primary motivation for registering for the CFA exam is, candidates cite career advancement, a higher level of knowledge, and improved chances of obtaining a job as the top three reasons.
The 2013 exams were given at 268 test centers in 196 cities, across 91 countries worldwide. Examples of markets with the largest number of candidates that took the CFA exam are the United States (29,000), China (17,927), India (10,801), Canada (10,025), the United Kingdom (8,139), Hong Kong (5,778), Korea (3,255), and Singapore (3,149).
CFA Institute recently launched the Future of Finance project, a long-term global effort to shape a trustworthy, forward-thinking financial industry that better serves society. The project aims to provide the tools to motivate and empower the world of finance to commit to fairness, improved understanding, and personal integrity. The project has called for reform in six key areas in the financial industry to restore levels of trust to those of pre-financial crisis days: putting investors first; safeguarding the system; retirement security; financial knowledge; regulation and enforcement; and transparency and fairness. To learn more about the project and find ways to participate, visit www.cfainstitute.org/FutureFinance.
CFA Institute
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has more than 113,000 members in 140 countries and territories, including 102,000 CFA charterholders, and 137 member societies. For more information, visit www.cfainstitute.org.