CFA Level I exam sees increased pass rate, new scoring system introduced

Investing.com -- The Chartered Financial Analyst (CFA) Level I exam saw a higher pass rate in February, surpassing its historical average. The CFA Institute reported on Thursday that 45% of candidates passed the exam, an increase from 43% in November and 44% in August. This is also a significant improvement from the 40% average pass rate over the past decade and the low rates of 2021, when the Covid-19 pandemic led to many candidates deferring their exams.

In addition to the improved pass rate, candidates who took the test in February received a more detailed report of their performance. This new scoring system allows candidates to understand how their performance compares to the minimum passing score. Candidates who didn’t pass can now see how close they were to the passing score, while those who passed can see by how much they exceeded the minimum requirement.

Chris Wiese, managing director for education at the institute, said in a statement that this additional information can provide candidates with actionable insights that they can apply to their study and exam habits for future tests.

However, candidates who deferred their exams still had a lower chance of success. The institute reported that first-time test-takers had a pass rate of 52%, significantly higher than the 30% pass rate of those who had deferred their exams at least once. This trend is consistent with other levels of the exam, where candidates who postponed their tests had lower success rates.

Wiese encouraged candidates to stick to their exam schedules whenever possible. The CFA charter is a highly sought-after certification among finance professionals. The three-level test is offered several times a year and can open up new job opportunities and potentially lead to higher salaries.

In February, nearly 20,000 candidates sat for the Level I exam at 482 proctored, computer-based testing centers worldwide. Candidates who took the Level III exam in February will receive their results on April 22.

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