Roughly 20% of test-takers didn’t even show up in June

CFA results are out from June’s annual testing, and the numbers are…

The CFA Institute said that the percentage of test-takers who passed fell. It appears that the goal of expanding test access to new markets may have been responsible.

The CFA I test is notoriously difficult for the bulk of takers. The June cohort for the Level I exam experienced a passing rate of 41%. The figure is a two-percentage-point decline from the 2018 cohort.

CFA Institute said that 83,656 people took the test.

“This is an exciting time to be building a career in the investment profession, with ever more opportunities to make a positive impact,” Paul Smith, president, and CEO of the CFA Institute, said in a statement. “The complexities of delivering returns, particularly within the context of global sustainability, will require more expert analysis and a willingness to bring those skills to bear within and beyond traditional markets.”

CFA Results for Level II and III

The rate of success also fell for Level II test-takers. Of the 74,735 people who took the second test in pursuit of certification, fewer than 50% passed. The number of people who passed Level III clocked in at 56%, which is about the same as the previous year. Those who passed are eligible for the certification.

The CFA Institute said that 38,377 students sate for Level III. It also said that exams took place in 95 countries at 193 testing facilities. The CFA Institute continues to expand access to financial testing around the globe.

However, the number that stood out the most was the large percentage of people who didn’t even bother to show up. Reports indicate that roughly 20% of people didn’t even attend.

There are more than 167,000 CFA charter holders worldwide in 164 markets. The CFA Institute offers the Level II and Level III tests once a year. The Level I test is available two times per year.