Mumbai, India (PressExposure) August 13, 2014 -- CFA Institute, the global association of investment professionals that sets the standard for professional excellence and credentials, reports that 54% of the 26,882 candidates who sat for the Level III Chartered Financial Analyst┬« exam administered globally in June 2014 passed the final test toward attaining the respected CFA charter. Successful candidates who meet all requirements will receive their CFA charter starting in October, joining 125,000 CFA Institute members in the organization's effort to restoring trust in the investment industry by putting investors' interests above all.
Forty-six percent (54,768) of all candidates who took the three exam levels of the CFA Program in June 2014 passed. The CFA Program is a globally recognized, graduate-level curriculum that links theory and practice with real-world investment analysis and emphasizes the highest ethical and professional standards. For the Level II exam, 46% of candidates passed, whereas 42% of those who took the Level I exam were successful (view historical pass rates).
"These successful candidates have demonstrated their commitment to professional excellence, education, and ethics, and we congratulate them on their hard work and dedication. Each of them can play a vital role in helping us build a more trustworthy financial industry that better serves society," said Steve Horan, CFA, CIPM, managing director and co-lead of education at CFA Institute.
Asia Pacific continued to be the largest source of candidates, accounting for 42% of all candidates in the June 2014 exam. Globally, China had the second-largest number of exam takers, with 19,395 candidates (the United States leads with 29,625 candidates) and India, third with 9,516 candidates. Aside from China and India, the largest number of candidates in Asia Pacific came from Hong Kong (5,422), Singapore (2,983), Australia (2,314) and South Korea (3,104).
"The candidates that sit for the CFA exam each year are fine examples of those in finance who are committed to putting investors first and building a culture of trust in the industry," said Jayesh Gandhi, president of Indian Association of Investment Professionals (IAIP), the member society of CFA Institute in India. "Successful candidates in India have shown a significant commitment to professional knowledge, education and ethics, and are part of the CFA Institute effort to build a more trustworthy financial industry that better serves society. We congratulate these successful candidates on their hard work and dedication."
To earn the CFA charter, candidates must sequentially pass three exams that are widely considered to be the most rigorous in the investment profession. In addition, candidates must meet the work experience requirement of four years in the investment industry, sign a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, apply to a CFA Institute member society, and become a member of CFA Institute.
The CFA Program curriculum is firmly grounded in the knowledge and skills required every day in the investment profession and covers ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement.
The Level I exam is offered twice a year, whereas the Level II and Level III exams are offered once a year. On average, candidates report spending more than 300 hours of study to prepare for each level, and they typically take four years to pass all three levels. When asked about their primary motivation for registering for the CFA exam in a recent CFA Institute survey, the top three reasons that candidates cited were career advancement, a higher level of knowledge, and improved chances of obtaining a job.
CFA Institute has administered well over a million exams since 1963. The June 2014 exams were given at 255 test centers in 196 cities across 91 countries.
CFA Institute sets the highest standards of ethics, education, and professional excellence in the investment industry. Last year, it launched its Future of Finance initiative, a long-term global effort to shape a trustworthy, forward-thinking financial industry that better serves society. As part of the Future of Finance initiative, CFA Institute marked Putting Investors First Month in May in more than 60 cities worldwide to unite financial professionals to place investors' interests above all.