CFA Says 52% of 63,249 June Test-Takers Passed Exams

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CFA Says 52% of 63,249 June Test-Takers Passed Exams

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"Aug. 16 (Bloomberg) -- The CFA Institute, administrator of the Chartered Financial Analyst program, said 52 percent of the 63,249 people who took the three levels of exams in June passed.

Of the 26,467 candidates taking the Level I exam in June, 40 percent passed, while 48 percent of the 20,499 taking Level II passed, the Charlottesville, Virginia-based institute said. About 16,283 people took the final Level III test, with 76 percent passing.

The overall pass rate climbed this year from 48 percent in 2005 in part because of better preparation by candidates, Robert Johnson, managing director of the CFA programs division, said in a statement. Those seeking jobs in the financial services industry have swelled applications to take the tests as more employers expect the accreditation when hiring.

``Employers of investment professionals believe strongly in the value of the CFA program and many require their professional staff to earn the CFA charter,'' Jeff Diermeier, chief executive officer of the CFA Institute, said in a statement.

Candidates must sequentially pass three rigorous, six-hour exams on economics, financial accounting, securities analysis and portfolio management offered in test centers worldwide, Johnson said. The Institute's program is used to measure the competence of financial analysts, portfolio managers and investment advisers.

Employers with the largest number of CFA charterholders, include ABN Amro Holding NV, Canadian Imperial Bank of Commerce's CIBC World Markets, Deutsche Bank AG, Fidelity Investments, Goldman Sachs Group Inc., HSBC Group, Merrill Lynch & Co., Northern Trust Corp., Royal Bank of Canada, State Street Cos. and UBS AG, the CFA Institute said."
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