37pc pass Level I CFA exam
In an environment of lack of trust in finance, CFA Institute, the global association of investment professionals, reported 37pc of the 48,981 candidates that took the Chartered Financial Analyst (CFA) Level I exam in December have passed and taken the first step to joining the next generation of highly educated and ethical investment professionals.
In 2012 a record number of candidates sat for Level I of the CFA Program, a globally recognized, graduate level curriculum that links theory and practice with real-world investment analysis, and emphasizes the highest ethical and professional standards.
According to the CFA Institute 2013 Global Market Sentiment Survey, CFA Institute members think the profession must encourage a culture of ethics and integrity inside financial firms, which can be fostered through adherence to codes and standards like the CFA Institute Code of Ethics and Standards of Professional Conduct, followed by all CFA charterholders.
"Although major equity markets have rebounded since their 2009 lows, public confidence in the financial industry remains at a very low level," said John Rogers, CFA, president and CEO of CFA Institute.
"As the leading body of investment professionals with more than 110,000 members worldwide, CFA Institute drives the industry toward higher levels of financial expertise and ethical standards.
"Today's successful candidates are one step closer to earning the CFA designation, which, after 50 years, remains the gold standard in education for investment professionals emphasizing the highest ethical and professional standards."
To earn the CFA designation, candidates must pass all three levels of exam (successful candidates often report dedicating in excess of 300 hours of study per level); meet the work experience requirements of four years in the investment industry; sign a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct; apply to a CFA Institute society; and become a member of CFA Institute.
The CFA Program curriculum is firmly grounded in the knowledge and skills required every day in the investment profession and covers ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement.
Level I exams are offered in both June and December and Levels II and III are offered only in June.
It takes most candidates more than three years to complete the CFA Program.
The December 2012 Level I exam was administered in 95 test centers in 67 cities across 38 countries worldwide.
Examples of countries and territories with the largest number of candidates that took the Level I CFA exam last December are the United States (11,164), Mainland China (7,636), India (5,173), Canada (3,726), the United Kingdom (3,476), Hong Kong (2,468), Singapore (1,553), and South Africa (1,107).