Nearly 20,000 Candidates Pass Level III CFA® Program Exam, Will Join CFA Institute to Build a Better World for Investors


Mumbai: CFA Institute, the global association of investment management professionals, announced that of 35,518 candidates who sat for the Level III CFA® Program exam in June, 56% passed the third and final exam. Successful candidates will become CFA charterholders starting early October pending verification of professional experience and other membership requirements. They will join more than 154,000 charterholders around the globe who have earned the CFA designation and lead the investment industry by promoting the highest standards of professionalism to build a better world for investors.

Overall 179,241 candidates sat for all three levels of CFA® Program this year, a 18% growth YoY globally and with 46% overall pass rate. Of 79,507 candidates who sat for the Level I exam in June, 43% were successful and of 64,216 candidates who took the Level II exam, the pass rate was 45%. These candidates will continue their journey to becoming CFA charterholders. View historical pass rates and a series of infographics about the growth of the CFA Program.

18,949 exam takers (all three levels) were from India, the third largest number after mainland China (50,642) and the United States (31,988). Mumbai (7,678) registered the highest number of candidates, followed by New Delhi (4,414), Kolkata (1,935), Bengaluru (1783), Pune (1211), Hyderabad (727), Ahmedabad (666), and Chennai (535). Growth was notable in India as candidates tested increased by over 28% year-on-year. Regionally, Asia Pacific continues to be the largest source of candidates, with 95,570 exam takers.

“Congratulations to all candidates who passed and those who will soon be awarded the CFA charter. Our incoming charterholders are joining a global community of highly motivated individuals committed to putting investors’ interests ahead of their own and creating a profession that serves society’s need for a well-functioning investment management industry built on trust,” said Vidhu Shekhar, CFA, Country head, India, CFA Institute.

The June Level I, II, and III exams were administered in 286 test centers in 185 cities worldwide. The top 10 markets with the largest number of candidates tested are: mainland China (50642), United States (31988), India (18949), Canada (13125), United Kingdom (11380), Hong Kong (5862), Australia (4986), Singapore (3369), Korea (2409) France (1869), and South Africa (2359).

Less than one in five candidates who begin the CFA Program end up finishing, which is testament to the determination and mastery of professional competencies demonstrated by successful Level III candidates. The depth and breadth of the CFA Program curriculum provides a strong foundation of advanced investment analysis and practical portfolio management skills, which gives investment professionals a career advantage.