I’ll let it here before the Result Day - so nobody could say I am trying to explain my exam performance with this figures.
So, let’s start from this official document: http://www.cfainstitute.org/programs/cfaprogram/Documents/1963_current_candidate_exam_results.pdf
As you can see, the Level III results (during the last 10 years) perform in a kind of mean-revert pattern. One positive outlyer was the last year (58%). Can we this year the passing rate will be less, even much less vs 2014 (see the pattern of 2006 - 2007 years)?
Yes, I think that is the case.
To begin with, let’s read something extremely interesting: Official CFAI Financial report for 2014.
http://annualreport.cfainstitute.org/downloads/CFA_Annual_Report_2014.pdf
On the page 16 we’ll read:
The CFA Institute business model continues to be primarily dependent on CFA Program exam fees and related revenue, which constitute more than 80% of total operating revenue (excluding investment income)
Now let’s turn to page 12 and we’ll see that the CFA Program (which counts for the main part of the CFAI earnings) was the only one which suffered from fee decrease.
After that the pass rate grew up and we had the following (http://www.bloomberg.com/news/articles/2015-06-04/cfa-exam-lures-record-crowd-of-candidates-seeking-career-boost):
A total of 159,889 candidates registered to sit for the exam’s three levels, an increase of 7.4 percent from a year earlier, according to a statement Thursday from the Charlottesville, Virginia-based CFA Institute.
So… The pass rate last year grew up, fee-paying candidates have been attracted and this year… well, this year we’ll defenetly see something like 46-48% pass rate.
Just my prediction.
Have a great summer before the result will come.