L1 & L2 Pass Rates

I’ve been sneaking around L1 and L2 forums. Interestingly, the pass rates for L1 and L2 are 42% and 39% respectively. I hope the pass rate for L3 is higher than both!

2 finally crossed 1. i’m not sure why, but the last two years CFA has decided to make 1 super easy and 2 impossible. i guess it’s to get people invested in the program so that they take level 2 a bunch of times. easier to give up if you fail level 1.

yes I agree level 2 pass rates are dropping, 39% in 2010, 41% in 09, almost 50% in 08. I remember I aced level 1 exam in June 08 but barely passed level 2 in June 09 which was fucking hard Let me add level 3 pass rates are decreasing, too.

where did u find the link of the passing rate? thanks

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Otarik Wrote: ------------------------------------------------------- > yes I agree level 2 pass rates are dropping, 39% > in 2010, 41% in 09, almost 50% in 08. > > I remember I aced level 1 exam in June 08 but > barely passed level 2 in June 09 which was fucking > hard > > Let me add level 3 pass rates are decreasing, too. it was 46% in 2008

say what you will bout wikipedia but the website updated with the quickness today http://en.wikipedia.org/wiki/Chartered_Financial_Analyst Year Level 1 Level 2 Level 3 2010 42% 39% – 2009 46%/34% 41% 49% 2008 35% 46% 53% 2007 39% 40% 50% 2006 40% 48% 76% 2005 35% 56% 55% 2004 35% 32% 64% 2003 41% 47% 68% 2002 44% 47% 58%

This trend doesn’t look good…

Here’s the link with previous year pass rates. L1 and L2 results are out in our emails, and the pass rates are indicated in the messages (and posted all over). http://www.cfainstitute.org/cfaprogram/Documents/1963_current_candidate_exam_results.pdf

dpcfa Wrote: ------------------------------------------------------- > 2 finally crossed 1. > > i’m not sure why, but the last two years CFA has > decided to make 1 super easy and 2 impossible. i > guess it’s to get people invested in the program > so that they take level 2 a bunch of times. easier > to give up if you fail level 1. my thoughts exactly. gets people on the hook…

My guess the level III results would be around 50%. Does anyone know how many took the level III exam this year?

I would propose that declining pass rates are a good thing. Most of you guys have 20+ years left in your careers and declining pass rates imply that the CFA charter is becoming more competitive/selective/prestigious. Later in your careers, you will be happy you got it now when it was “cheap”.

pimpineasy Wrote: ------------------------------------------------------- > say what you will bout wikipedia but the website > updated with the quickness today > > http://en.wikipedia.org/wiki/Chartered_Financial_A > nalyst > > Year Level 1 Level 2 Level 3 > 2010 42% 39% – > 2009 46%/34% 41% 49% > 2008 35% 46% 53% > 2007 39% 40% 50% > 2006 40% 48% 76% > 2005 35% 56% 55% > 2004 35% 32% 64% > 2003 41% 47% 68% > 2002 44% 47% 58% wow i did not realize that L1 June was 46%. guess that means this was not the first time 2 crossed 1.

ohai Wrote: ------------------------------------------------------- > declining pass rates imply > that the CFA charter is becoming more > competitive/selective/prestigious. Maybe. I believe it just means more people are sitting for the exams recently due to the labor market. Lots of people registering and either not aware how tough the program is, or just not taking the time to adequately prepare.

I hope that the pass rate will be even lower (of course after I finished the level 3 exam ^^).

lol me two and I would be pissed off if the pass rate become higher after I pass level 3 :slight_smile:

I think this year’s L2 had a lower pass rate because June '09 was high at 46%. That was the first test where the multiple choice answers went from 4 to 3. I think it turned out a little easier than CFAI thought, so they made the December exam much harder (biggest divergence between June/December on record) and they made this L2 harder. I agree that as more people take the exam the pass rates should drop as well, but my theory is that the above played a role as well.

June '09 was at 41%. June '08 was at 46%.

Exert form MANAGEMENT DISCUSSION AND ANALYSIS 2009 for the CFA Institute. The CFA Institute business model continues to be primarily dependent on CFA program exam fees and related revenue,which now contribute approximately 85 percent of total operating revenue (excluding investment income). This revenue is fully susceptible to fluctuations in the number of CFA Programcandidates and thus represents a sizeable risk to the organization.NewLevel I candidate demand tends to be the most elastic in response to industry conditions,whereas candidates that have passed the Level I exam, and havemore effort and resources invested in the program, tend to exhibit less demand elasticity as theymove through the program.

Look at the L2 results in 2004 – 32%! But if you follow it further, you’ll see the retakers got rewarded the next year with a pretty generous L2 56% pass rate and then the following year with a crazy high L3 pass rate of 76%! Looks like the CFAI made it up to those they dinged in 2004’s L2 test.