Pass Rate Declines for Third and Final Test (June '09)

CFA Says Pass Rate Declines for Third and Final Test
Wire: BLOOMBERG News (BN) Date: Aug 18 2009 10:52:14

By Michael J. Moore
Aug. 18 (Bloomberg) - A lower percentage of Wall Street job applicants passed the third and final test to become Chartered Financial Analysts, a designation that offers an edge during Wall Street’s worst shakeout in at least three decades. Forty-nine percent of candidates passed the third stage of the test, down from 53 percent last year, the Charlottesville Virginia-based CFA Institute said in an e-mailed statement today. Forty-one percent of the people who took the Level 2 test passed, down from 46 percent a year ago.

Candidates take the CFA exam betting the certification can become a path to better jobs, higher salaries and a deeper understanding of finance. Completing all three levels costs about $2,500 and takes an average of four years. Financial firms cut more than 328,000 jobs since global markets started to unravel in 2007, according to data compiled by Bloomberg. “In a tight job market, having the CFA charter is a significant distinguishing factor, and we saw much lower no-show rates for Level I of the exam, which indicates how serious candidates are about their careers,” said Tom Robinson, managing director of education at the CFA Institute.

Last month, the CFA Institute said 46 percent of Level I participants passed, up from 35 percent a year earlier. Across the three levels, 45 percent of the 104,111 test takers passed. A record 128,600 people enrolled to take one of the three levels of the exam in June.

For Related News and Information:
Stories about banks: NI BNK
Top financial news: FTOP
Bloomberg credit crunch scorecard: WDCI

CFA Level I Exam Pass Rates (June '09)

CFA Institute Says Pass Rate Climbed for Level I Exam
Wire: BLOOMBERG News (BN) Date: 2009-07-28 15:18:18.60 GMT

By Michael J. Moore
July 28 (Bloomberg) -- A higher percentage of hopefuls for the Chartered Financial Analyst designation passed the first test in a three-step process that may give them a hiring edge during Wall Street’s worst shakeout in at least three decades. Forty-six percent passed the Level 1 test of the CFA exam,up from 35 percent in December and 35 percent a year ago, the CFA Institute said on its Web site today. A record 128,600people enrolled to take one of the three levels of the exam in June, the Charlottesville, Virginia-based institute said.Results for Levels 2 and 3 will be released on August 18. A CFA is a valued credential on Wall Street held by Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., and Abby Joseph Cohen, Goldman Sachs Group Inc.’s senior investment strategist. It’s especially true after financial firms cut more than 328,000 jobs since global markets started to unravel in 2007, according to data compiled by Bloomberg. Candidates take the CFA exam betting the certification can become a path to better jobs, higher salaries and a deeper understanding of finance. The not-for-profit CFA Institute recommends candidates spend at least 250 hours studying for each phase of the test. Completing all three levels costs about$2,500 and takes an average of four years.

154 Countries
There are about 84,000 CFA charter holders globally,according to the institute. About 35 percent of the 44,063people passed the first test in the process last June. Candidates from 154 countries were scheduled for three levels of the CFA exam. The first level of the exam is offered in December and June; the final two levels are administered only in June. Last year, 46 percent passed the second test and 53percent of participants passed the final level. To qualify for CFA designation, a person must be employed in a financial job, such as a broker or an analyst, and have four years of relevant experience. Topics range from ethical standards and securities valuation to financial statement analysis and portfolio management. The CFA program started in 1963 and stems in part from Benjamin Graham, a pioneer of value investing who mentored Warren Buffett and advocated a rating system for financial analysts.


For Related News and Information:Stories about banks: NI BNK Top financial news: FTOP Bloomberg credit crunch scorecard: WDCI

CFA Exam Draws Record Numbers as Bankers Seek Competitive Edge

CFA Exam Draws Record Numbers as Bankers Seek Competitive Edge
Wire: BLOOMBERG News (BN) Date: 2009-05-13 04:00:01

By Michael J. Moore
May 13 (Bloomberg) -- A record 128,600 investmentprofessionals have enrolled to take the Chartered Financial Analyst exam in June, angling to gain a hiring edge as thefinancial-services industry sheds jobs. Candidates from 154 countries are scheduled to take one of three levels of the CFA exam, the Charlottesville, Virginia-based CFA Institute said yesterday in an e-mailed statement. The first level of the exam is offered in December and June; the final two levels are administered only in June. Last year’stotal of 118,500 candidates was the previous record. Professionals take the CFA exam betting the certificationcan become a path to better jobs, higher salaries and a deeperunderstanding of finance. Financial firms have cut more than 311,000 jobs since the credit crisis began in 2007, according todata compiled by Bloomberg. “Now more than ever we need well-trained, ethicallycentered investment professionals operating in the financialmarkets,” Bob Johnson, senior managing director of CFA Institute, said in the statement. “Candidates and charter-holders regularly tell me that when looking for a new job orworking with potential and current clients, the CFA designation distinguishes them from those without the charter.” Wall Street has suffered from the financial crisis that claimed Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Bear Stearns Cos. New York City has lost more than 23,000 financial jobs from the beginning of 2007, and that number maydouble by the second quarter of 2010, according to the city’s Office of Management and Budget.

250 Hours of Study
There are about 84,000 CFA charter holders globally, according to the statement. The not-for-profit CFA Institute recommends candidates spend at least 250 hours studying for each phase of the test. It costs about $2,500 and takes an average of four years to complete all three levels. Of the 49,797 people who sat for the Level 1 exam inDecember, 35 percent passed. Topics range from ethical standards and securities valuation to financial statement analysis and portfolio management. The CFA program started in 1963 and stems in part from Benjamin Graham, a pioneer of value investing who mentored Warren Buffett and advocated a rating system for financial analysts.

For Related News and Information:Stories about financial firm hires: NI FINHIRE Financial company news: FTOP Bloomberg credit crunch scorecard: WDCI

CFA Pass Rate Fell For First Exam

CFA Pass Rate Fell For First Exam, Institute Reports
2009-01-28 17:46:13.929 GMT


By Ian Katz
Jan. 28 (Bloomberg) -- A smaller percentage of candidates passed the first test of the Chartered Financial Analyst exam, a three-step process aimed at gaining a hiring edge as job losses accelerate in the financial-services industry.

Thirty-five percent passed the initial test, down from 39 percent last year, the CFA Institute said in a statement today. Almost 50,000 people worldwide took the first stage in December, a 25 percent increase from a year earlier, the Charlottesville, Virginia-based institute said.
"The number of hours candidates spent studying the material" is the main reason the percentage of people who pass varies, Bob Johnson, the institute's deputy chief executive officer, said in an e-mail.

Candidates take the exam betting the certification can become a path to better jobs, higher salaries and a deeper understanding of finance. The not-for-profit CFA Institute recommends candidates spend at least 250 hours studying for each test phase. It costs about $2,500 to
complete all three levels. Demand for the certification rose as job losses mounted in the
financial-services industry. Employment in New York City's securities industry fell 10 percent to 168,600 in December from 187,800 in October 2007, the New York state comptroller said in a report today. The state will have lost as many as 225,000 jobs and $6.5 billion in securities industry-related tax revenue by Oct. 31, the state has said.

Test Topics

To qualify for CFA designation, a person must be employed in a financial job, such as a broker or an analyst, and have four years of relevant experience. Topics range from ethical standards and securities valuation to financial statement analysis and portfolio management. About 20 percent of candidates who begin the test process will become charter holders, a designation now held by 86,968 people, according to the CFA. About two-thirds who take Level III successfully complete the process.

The CFA program started in 1963 and stems in part from proposals by Benjamin Graham, a pioneer of value investing who mentored Warren Buffett, for a rating system for financial analysts.

For Related News and Information:
News securities firms: NI SCR
Top financial stories: FTOP
Stories about job cuts: NI JOBCUTS
Stories about financial services: NI FIN

--With reporting by Henry Goldman in New York. Editors: Steve Geimann,
Alec D.B. McCabe

To contact the reporter on this story:
Ian Katz in Washington at +1-202-624-1827 or ikatz2@bloomberg.net

To contact the editor responsible for this story:
Alec McCabe at +1-212-617-4175 or
amccabe@bloomberg.net