A record number of candidates sat for the Chartered Financial Analyst Level 1 exam in December and 43 percent passed, the CFA Institute announced Wednesday.

These candidates will now go on to the Level II and III tests required before they earn the CFA designation. In December, 52,315 candidates took the test, up from 47,175 the previous December, when 44 percent passed. In addition to passing the three levels of testing, CFA designees must meet work experience requirements.

The CFA Institute is a global association of investment management professionals.

“For more than 50 years, CFA Institute has minted the most rigorously credentialed practitioners who adhere to the highest educational, professional and ethical standards and are committed to putting investor interests first,” said Paul Smith, president and CEO of the institute. “We are committed to developing future professionals with the necessary technical skills, knowledge and ethics and with a clear understanding of their role in society.”