Thirty-Six Percent of 46,644 Candidates Worldwide Passed December 2010 Level I CFA Exam

CHARLOTTESVILLE, VA, Jan. 25 /CNW/ - CFA Institute today announced that 36 percent of the 46,644 worldwide candidates that sat for the Chartered Financial Analyst (CFA) Program Level I exam taken in December 2010 were successful.  (Explore CFA charterholder profiles.)

In Canada, of the 46,644 total exam candidates, 3,427 took the December Level I exam (an increase of five percent from 3,258 candidates in 2009). The CFA Program is a graduate-level credentialing program that links theory and practice with real-world investment analysis, valuation, and portfolio management, and emphasizes the highest ethical and professional standards. To earn the CFA designation, candidates must pass all three levels of exam (successful candidates report that they study at least 300 hours for each 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.

John Rogers, CFA, president and CEO of CFA Institute, said, "I congratulate the successful Level I candidates who are now one step closer to becoming CFA charterholders. They have shown dedication and determination in undertaking the CFA Program, and have demonstrated their commitment to raising standards in the investment industry. A key takeaway from the global financial crisis is that more emphasis must be placed on the values of ethics, education, and professional excellence in the industry.  These candidates have shown us that they are willing to act with these important principles in mind."

The CFA exams cover ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement. Level I exams are held in both June and December, and Levels II and III are only held in June. It takes most candidates more than three years to complete the CFA Program, and requires dedication and determination. (View historic pass rates)

Rogers continued, "The CFA charter is recognized worldwide as the gold standard designation for investment professionals. The number of candidates who registered for the CFA exam in calendar year 2010 (June and December exams combined) increased to 204,688 (an eight percent increase from 2009), demonstrating that the CFA designation continues to attract individuals who want to enhance their knowledge and skills to succeed in today's competitive world of investing and finance."

"The CFA designation is recognized globally by employers, investment professionals, and investors as the definitive standard by which to measure the competence, integrity and dedication of serious investment professionals. CFA Institute has administered more than one million exams since the inauguration of the CFA Program in 1963.

The December 2010 Level I exam was given at 89 test centers in 63 cities 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 (10,887), India (5,812), Mainland China (5,646), the United Kingdom (3,488), Canada (3,427), Hong Kong (3,203), Singapore (1,814), and South Africa (970).

Tom Robinson, CFA, managing director of Education at CFA Institute, said, "The CFA Program undergoes an ongoing review to keep pace with the ever changing nature and complexities of the investment industry. The curriculum is developed from the Candidate Body of Knowledge™ (CBOK™), an outline of the knowledge and skills required to perform professional responsibilities in an effective and ethical manner. Earning the CFA designation signifies to peers, employers, clients, and many regulators around the world that a professional is well respected, knowledgeable and dedicated to upholding the highest standards in the industry."

Select colleges and universities also have an appreciation for the global relevance of the CFA charter and the advantages it provides. CFA Institute has identified these top institutions as CFA Program Partners, meaning that they embed a significant percentage of the CFA Program CBOK into their degree programs, as well as commit to include the CFA Institute ethical and professional standards in their curricula. This recognition tells students and employers that the school's curriculum is closely tied to professional practice and is well suited to preparing students to sit for the CFA exams. Currently, there are 128 CFA Program Partners on six continents, including 10 in Canada. These include:  Concordia University; HEC Montréal; Queen's University; Université Laval; Université de Sherbrooke; University of Alberta; University of British Columbia; University of Toronto; University of Western Ontario; and York University.

Notes to Editors

About CFA Institute
CFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 102,000 members, who include the world's 92,000 CFA charterholders, in 133 countries and territories, as well as 135 affiliated professional societies in 58 countries and territories. More information may be found at

SOURCE CFA Institute

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