The pass rate for the first level of the chartered financial analyst exam ticked up in the first period without pandemic-related cancellations since computer-based testing was introduced in 2021.
In February, 38% of candidates passed the Level I test, up from a 36% success rate for those who sat for the exam in November and 37% in August, the CFA Institute said Tuesday. The latest results remain below the average pass rate for the past decade of about 41%, according to the institute.
There are signs of improvement and waning impact from the pandemic. In November, the previous exam period, “numerous” candidates sat for the Level I exam after previously electing to defer their test-taking, which contributed to a lower pass rate, the institute said.
Last year saw record-low pass rates across all levels of the CFA exam. Nearly 17,000 candidates sat for the Level I exam in February, which was administered at 459 testing centers around the world. Historically, the institute offered the exam on paper, but transitioned to computer-based testing during the pandemic.
The CFA designation can lead to higher salaries and better job opportunities. A typical charterholder, of which there are more than 190,000 globally, took four years to complete all three levels.
Earlier this month the CFA Institute unveiled sweeping changes to all three levels of its exam to emphasize practical skills and reduce the amount of time candidates study, in the biggest reworking since the test was introduced in 1963.
Starting next year, candidates will take Level I and Level II tests with new content covering skills used in the working world. New study modules will reduce the time needed to prepare for the exam, which has trended higher than the historic 300-hour average.
This article was provided by Bloomberg News.