CFA Level I pass rate rises to 36% with Covid disruptions over

The pass rate for the first level of the chartered financial analyst exam rose from its pandemic-era lows, with Covid-19 no longer causing disruptions in testing.

In February, 36% of candidates passed the Level I test, up from a 27% success rate for those who sat for the exam in November, and 26% in August, the CFA Institute said Tuesday. The average pass rate for the past decade is about 41%, according to the association.

“With most of our February test center locations proceeding as normal and not disrupted by pandemic-related cancellations, we saw the pass rate move closer to historical averages as we expected it would,” Chris Wiese, managing director for credentialing at the institute, said in a statement.

While the association is still dealing with pandemic conditions in parts of the world, most candidates are going through the three-part CFA program “at the usual pace and with pass rates at historical norms,” Wiese said.

Passing all three CFA exams can lead to higher salaries and more job opportunities. Candidates generally study 300 hours for each level and take four years to complete the series.

The latest results show an improvement from historically low pass rates across all levels of the CFA exam last year. Almost 19,000 candidates sat for the Level I exam in February, which was administered at 586 testing centers around the world. Historically, the institute offered the exam on paper, but transitioned to computer-based testing during the pandemic.

Candidates who sat for the Level II exam in February will be notified of their results on April 19, the institute said.