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17-08-2007, 12:03 PM
By Demian McLean
Aug. 16 (Bloomberg) -- The number of test-takers who passed the June exam to become chartered financial analysts fell by a fifth from last year, hitting a three year-low of 42 percent.
A total of 71,897 candidates took the exam this year, a near-record number, the Charlottesville, Virginia-based CFA
Institute said today. Last June, 52 percent overall passed the test, which measures the competence of portfolio managers and investment advisers and is a key credential for money managers and analysts.
The Level I and II pass rates were each 40 percent, together making up 59,120 of the test takers. Some 12,777 people took the third and final exam that leads to the CFA designation, with half
of them passing.
Charterholders earn an average $180,000 a year compared with $116,850 for those without, according to a 2005 survey by the institute. Among those with a decade or more experience, CFAs make 18 percent more than people with master's degrees in
business administration, earning an average $236,500 compared with $200,000.
Employers with the largest number of CFA charterholders include Bank of America Corp., Deutsche Bank, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Merrill Lynch & Co.
One in four test-takers failed to show up for the exam after having paid fees of up to $1,155.
``That's about a typical no-show rate,'' said Kathy Valentine, spokeswoman for the CFA Institute.
She had no explanation for the 10-point drop in the pass rate from last June. Average global pass rates since 1963, when the first exam was given, are 54 percent overall. They hit 40
percent in 2004.
Asia contributed the largest group of test-takers at 25,914 and had a pass rate of 39 percent. U.S. candidates were the second-largest bloc, with 23,221 test takers and a pass rate of 44 percent.
Europe, with 11,732 candidates, had the highest pass rate at 47 percent.
Aug. 16 (Bloomberg) -- The number of test-takers who passed the June exam to become chartered financial analysts fell by a fifth from last year, hitting a three year-low of 42 percent.
A total of 71,897 candidates took the exam this year, a near-record number, the Charlottesville, Virginia-based CFA
Institute said today. Last June, 52 percent overall passed the test, which measures the competence of portfolio managers and investment advisers and is a key credential for money managers and analysts.
The Level I and II pass rates were each 40 percent, together making up 59,120 of the test takers. Some 12,777 people took the third and final exam that leads to the CFA designation, with half
of them passing.
Charterholders earn an average $180,000 a year compared with $116,850 for those without, according to a 2005 survey by the institute. Among those with a decade or more experience, CFAs make 18 percent more than people with master's degrees in
business administration, earning an average $236,500 compared with $200,000.
Employers with the largest number of CFA charterholders include Bank of America Corp., Deutsche Bank, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Merrill Lynch & Co.
One in four test-takers failed to show up for the exam after having paid fees of up to $1,155.
``That's about a typical no-show rate,'' said Kathy Valentine, spokeswoman for the CFA Institute.
She had no explanation for the 10-point drop in the pass rate from last June. Average global pass rates since 1963, when the first exam was given, are 54 percent overall. They hit 40
percent in 2004.
Asia contributed the largest group of test-takers at 25,914 and had a pass rate of 39 percent. U.S. candidates were the second-largest bloc, with 23,221 test takers and a pass rate of 44 percent.
Europe, with 11,732 candidates, had the highest pass rate at 47 percent.