Some Perspective on CFA Pass Rates

The CFA announced the results of the recent round of exams in mid-August (8/16). Bloomberg has the scoop:

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.

Some perspective on  the CFA pass rates:

The way I read this is, using the pass rates given in this article, that for every 100 candidates who take the level one CFA exam, only 15 pass level 3. Thus, despite "better preparation by candidates," the test remains a challenge to see through from level 1-3. Good luck to those working on it! - Ed