More than 22,000 Investment Professionals Worldwide Pass Level I CFA Exam, Help to Advance Highest Standards of Professionalism

CFA Program develops future professionals and boosts standards of education in investment management.

TORONTO, Jan. 26, 2016 /CNW/ - CFA Institute, the global association of investment management professionals, reports that 43 percent of the 52,315 candidates that took the Chartered Financial Analyst (CFA) Level I exam in December 2015 have passed. Canada represented the fourth largest group to write the exam, behind the U.S., China, and India. The CFA Program is a globally recognized, graduate level curriculum that links theory and practice with real-world investment analysis, and emphasizes the highest ethical and professional standards. These successful candidates now progress to Level II of the CFA Program, having taken the first step towards leading the way in building a sustainable investment profession.

The December 2015 exam saw a record number of Level I candidates tested, an increase of 11 percent from the previous year.  Canadian test centres in Toronto, Montreal, Vancouver and Calgary saw the total number of Level I candidates rise by 4 percent from 3,725 in 2014 to 3,890. Additionally, in June and December of 2015 the highest total number of more than 103,000 candidates sat for Level I of the CFA Program, an increase of nearly 10 percent on 2014. These record numbers of candidates reflect the increasing credibility of the exam and the growing demand from employers and regulators for the CFA designation.

"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, CFA, president and CEO of CFA 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. I congratulate today's successful candidates who are now one step closer to earning the CFA designation, the mark of distinction that is globally recognized as the definitive standard for industry ethics and education."

To earn the CFA designation, candidates must pass all three levels of exam (successful candidates often report dedicating in excess of 300 hours of study per level); meet the work experience requirements of four years in the investment industry; sign a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct; apply to a CFA Institute society; and become a member of CFA Institute.

The CFA Program curriculum develops knowledge and competencies that investment professionals deem necessary in today's ever changing marketplace. It covers ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, wealth management and portfolio analysis. Level I exams are offered in both June and December and Levels II and III are offered only in June. It takes most candidates more than three years to complete the CFA Program, and requires dedication and determination. (View historic pass rates)

"The CFA Program is incredibly well-regarded," said Jeff Spector, CFA, VP of Strategic Partnerships and Alliances, FactSet. "It's known for its integrity, the difficulty of the exams, and its stature in the industry. There are many professional benefits of earning the CFA charter but the real outcome benefits our clients as we develop the investment knowledge base to serve their needs."

The December 2015 Level I exam was administered in 102 test centers in 71 cities across 40 countries worldwide. Examples of countries and territories with the largest number of candidates that took the Level I CFA exam last December are the United States (11,676), Mainland China (9,502), India (4,991), Canada (3,890), United Kingdom (3,718), Hong Kong (2,110), Singapore (1,591), South Africa (1,257), and United Arab Emirates (1,179).

Candidates seek CFA charter for career advancement

According to the 2015 CFA Program Candidate Survey, more than 60 percent of respondents see career advancement and development opportunities as the main personal benefit to taking the CFA Program, closely followed by helping to achieve long term career goals. Furthermore, 98 percent of candidates who responded believe that the CFA Program improved their understanding of important topics and, on a scale of one (very low level value) to 10 (very high level value), rate the value of the CFA charter as 8.9. Candidates are very positive towards employment with 92 percent of candidates who responded expecting employment opportunities for investment management professionals to increase or stay the same over the next six months. For more information on CFA Institute research and data visit  

About CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behaviour in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors' interests come first, markets function at their best, and economies grow. CFA Institute has more than 135,000 members in 145 countries and territories, including 129,000 CFA charterholders, and 147 member societies. For more information, visit

SOURCE CFA Institute

For further information: Jannine Rane, FleishmanHillard, +1 416 645 3662,; Alliccia Hernandez, CFA Institute, +1 212 705 1739,

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