CFA Level I Pass Rates Rise, But Fewer Make the Attempt
Candidates for the Chartered Financial Analyst (CFA) designation who took the first exam in the program's three-step process in February passed the test at a rate of 38%, up two percentage points from November.
However, the number of people taking the test fell, extending a decline in the wake of the pandemic—even with the program now offering more opportunities to take all three levels of its rigorous exams.
The CFA Institute said Tuesday 16,959 people took the Level I exam in February, down 11% from 18,992 in the same period last year and 41% from 28,683 in February 2021.
The February dip means the number of Level I candidates taking the test in May, August, and November would need to increase in order to top last year's total of 82,435.
The program has struggled to attract the number of candidates—at all three of its exam levels—that it did prior to the pandemic.
The number of people attempting to pass Level I, for instance, fell 35% last year from 2021 and 48% from 2019. Similar declines occurred for Level II and Level III exams:
Source: CFA Institute
Prior to the pandemic, the CFA Institute offered two Level I exams per year, one in June and one in December. It only offered Level II and Level III exams every December.
Beginning in 2021, when the CFA transitioned to computer-based tests for the first time, the CFA also expanded the number of tests it offers annually.
Candidates now can take Level I four different times each year, enabling those who fail to retake tests sooner. In addition, they can take three Level II and Level III tests annually.
Because of the pandemic, the CFA offered one additional Level I and Level III test in 2021 after canceling a Level I test in June 2020.
When the 2021 changes occurred, pass
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