Bloomberg Article: 46% of 33,449 level 2 passed

CFA Institute Says Passing Rate Climbed for Certification Exam 2008-08-19 20:15:29.380 GMT By Ian Katz Aug. 19 (Bloomberg) – A higher percentage of Wall Street job applicants passed the final test in a three-step process that may give them a hiring edge as the financial-services industry cuts jobs at the fastest pace in at least five years. Fifty-three percent passed the third stage of the Chartered Financial Analyst test, up from 50 percent last year, the CFA Institute said in a statement today. A record 92,081 people took the exam in June, including 14,569 who cleared two preliminary exams to qualify for the test that lets them obtain CFA designation, the Charlottesville, Virginia-based institute said. Financial companies have eliminated more than 100,000 investment jobs worldwide, including 76,670 in the Americas, since the global credit crunch started a year ago, according to data compiled by Bloomberg. That’s the most dismissals since the market slump from 2000 to 2003. About 33,300 finance jobs in New York City, or 7.1 percent of the 2007 peak, will be cut by June 2009, the Independent Budget Office, a non-partisan monitor of city finances, estimated in a May report. The CFA exam and certification has become a path for financial industry candidates seeking better jobs, higher salaries and a deeper understanding of finance. The not-for- profit CFA Institute recommends candidates spend at least 250 hours studying for each phase of the test. The institute said 35 percent of the 44,063 people passed the first test in the process, and 46 percent of the 33,449 taking the second test passed. Of those who took the three exams in June, 42 percent passed, unchanged from last year. The CFA program started in 1963 and stems in part from Benjamin Graham, a pioneer of value investing who mentored Warren Buffett and advocated a rating system for financial analysts. For related news: Top financial services stories: FTOP Stories about securities firms: NI SCR --With reporting by Caroline Salas and Pierre Paulden in New York. Editors: Steve Geimann, Dan Reichl To contact the reporter on this story: Ian Katz in Washington at +1-202-624-1827 or ikatz2@bloomberg.net. To contact the editor responsible for this story: Otis Bilodeau at +1-212-617-3921 or obilodeau@bloomberg.net.

I hope the CFA certication doesnt become diluted… Pass rates for Level II and III are too high

you’re only saying that because you passed

maaagian Wrote: ------------------------------------------------------- > I hope the CFA certication doesnt become > diluted… Pass rates for Level II and III are too > high Yea man! I, too, am pissed that YOU passed!

Level III rates sound about right – could be even higher (80%?) in my opinion. Level I is waaayy too high… should be more like 10% based on the quality of these younger candidates I’m seeing these days.

plyon Wrote: ------------------------------------------------------- > Level III rates sound about right – could be even > higher (80%?) in my opinion. Level I is waaayy > too high… should be more like 10% based on the > quality of these younger candidates I’m seeing > these days. agreed

does the CFAI break out what % of takers come from asia?

wow… CFAI is a nonprofit organization? I wouldn’t have guessed. The exam is like 6x the minimum monthly wage in my country. Not to mention those pricey CFAI exams that shouldn’t have been that expensive.

I wonder do they show who passed from which country and or which state. That would be interesting to know. Like how many test takers were from NYC?

I don’t think $600 is expensive. I actually find it VERY cheap.

perhaps if you read his message again you will see he qualified it. Bacaladitos, dont be a d*ck TVnerd Wrote: ------------------------------------------------------- > The exam is like 6x the minimum monthly wage in my country.

ok granted all your wishes with regards to not diluting the charter CFAI has decided to keep the pass rate for all the level @ 10% from next year what a bunch of jokers, how does pass rate dilutes the charter? if that was the case CPA would be long gone

BIG difference between nonprofit and “not for profit” (which is what CFAI is). One earns no profit. The other doesn’t have profit making as its main goal, but will certainly TAKE any profits that result from their business.

Daj: http://www.cfainstitute.org/aboutus/press/release/08releases/20080819_02.html

CFAdummy Wrote: ------------------------------------------------------- > I wonder do they show who passed from which > country and or which state. That would be > interesting to know. Like how many test takers > were from NYC? according to bloomberg article on june 6 2008… 8,710 test takers in NY for all 3 levels

cjb001 Wrote: ------------------------------------------------------- > perhaps if you read his message again you will see > he qualified it. Bacaladitos, dont be a d*ck > > TVnerd Wrote: > -------------------------------------------------- > ----- > > The exam is like 6x the minimum monthly wage in > my country. I didn’t mean to provoke anyone. I just don’t see any reason to question whether CFAI is a non-profit organization or not. $600 is not much for all the needed materials and wages in USA. Does this make me a d*ck?

daj224 Wrote: ------------------------------------------------------- > does the CFAI break out what % of takers come from > asia? ========================= yes https://www.schweser.com/downloads/brochures/cfa_fact_sheet_2008.pdf