They were 40% last year. I hope it doesn’t go that low this year 
http://www.cfainstitute.org/cfaprog/pdf/candidate_results.pdf
I think it has to with the fact that more random guys taking this exam.
yeah and they want to control the number of people getting the charter … else it would be commoditised 
If you look at the 70-1 MPS calculation method, you will know that more unprepared people taking the test won’t lower the curve by much. So as long as you have more unprepared people but not more well-learned people, the passing rate will keep dropping.
Q113: Why is a smaller fraction of people passing level Ii exam? a) More people are passing Level I. b) There are more questions on the exam. c) The U.S. dollar is getting weaker. d) Gold futures are in contango and the U.S. dollar is weaker.
The real beauty is that the pass %age in L2 used to seem to be pretty awrite during L1 times. However, it has suddenly started feeling to be so much low… Regarding your Q., i am as sure of the answer as i was during Portfolio mgmt vignette. Ahhhhhh!!! i hated it.
Probably because the # of people taking the exam is skyrocketing, therefore probably slightly lower average ability of the candidates.