The pass rate for the second level of the chartered financial analyst exam slipped below historic averages as Covid-19 disruptions continue to impact some test-takers.
In August, 40% of candidates passed the Level II exam, down from 44% in February and 46% in November, according to the CFA Institute. That was also below the 10-year average success rate of roughly 45% for the level while higher than the low of 29% set in August 2021, when the pandemic upended testing.
“As with earlier sittings, we noted that candidates whose studies had been disrupted tended to struggle a bit more on the exam,” Chris Wiese, managing director for credentialing at the institute, said in a statement Tuesday. “Nevertheless, the overall trend in pass rates among other groups of candidates suggests a continuing general upward trend.”
Nearly 16,000 candidates sat for the Level II exam in August, which was administered at 465 test centers around the world, the institute said. Pandemic-related disruptions led to exam cancellations in five cities. A week ago, the association reported that Level I pass rates rose in August from last year’s historic lows. Still, they were below 10-year averages as some candidates delayed taking their tests.
All three levels of the exam were held in August. Those who took the final test will get their results on Nov. 1, the institute said. Last week, 37% of candidates were told they passed the first exam of the series.
--With assistance from Sophie Caronello.
This article was provided by Bloomberg News.