CFA Institute announces 44% worldwide pass rate for historic qualifying test
The CFA Institute has unveiled the results of the first-ever round of CFA Level I examinations to be administered under its new computer-based testing approach.
Of the 28,651 Level I candidates who took the exams in February 44% were successful. The tests were conducted in 850 test centres in 400 cities across 91 participating markets; overall, 1,864 Canadians sat down for the exams.
“The past year has been an extraordinary year of transition as we accelerated our shift to computer-based testing while the pandemic took hold, and we are very pleased to report this first administration of computer-based testing,” said Margaret Franklin, CFA, president and CEO at CFA Institute.
The institute reported that roughly 700 candidates had to cancel their exams because of restrictions related to COVID. The candidates were given multiple options to move their exam dates to another time in the upcoming months; the option to reschedule was also offered for those who felt uneasy due to the pandemic conditions.
In a post-exam survey, the vast majority of CFA Level I Candidates said had a positive experience with the new testing approach, which involved using test centres over a multi-day period and via computer. Under the previous approach, the exam would be held in one day at large-capacity locations.
“We warmly congratulate candidates who have successfully passed the exam and extend our thanks to all the candidates who have been so patient as we worked tirelessly to ensure we delivered the examinations in as many locations as possible,” Franklin said. “Their commitment to sitting these exams in the ever-changing circumstances of the pandemic is a testament to their perseverance and their commitment to the future of the investment profession.”
The next rounds of Level I CFA exams this year are scheduled for May 18 to 24; July 18 to 26; August 13 to 30; and November 16 to 22.
