CFA exam results for summer 2018

Digital
Trends

• Results of the 2018 Chartered Financial Analyst exam
  were released to candidates on Tuesday.
• The CFA Institute confirmed the results for Levels I,
  II, and III of the exam.
• For the Level III exam, 56% of candidates passed, up
  from 54% from last year.
• In total, 179,241 people took the exams in June, and
  nearly 100,000 failed.
• The CFA is considered one of the most grueling exams in
  finance. 

Finance professionals who took the final level of the
Chartered Financial Analyst exam in June found out on Tuesday how
they did in the grueling test of financial know-how.

The exam, which asks candidates questions on everything from
financial modeling to the ethics of business, is considered one
of the most grueling tests in the world — less than 50% of people
pass each year.

The test is split into three levels, and people who took
Levels I and II found out their results two weeks ago. Those who
took Level III could see theirs at 9 a.m. ET.

Here’s how
candidates did at each level:

• Level I pass rate: 43%
• Level II pass rate: 45%
• Level III pass rate: 56%

Out of a total of 179,241 people who took the exam this year,
83,339 passed. That’s an overall pass rate of 46.5% and means
95,902 did not pass.

Roughly 80,000 people took Level I, 64,000 took Level II, and
36,000 took Level III.

Generally speaking, pass rates increase on each ascending level,
as Level I tends to flush out underprepared candidates. This
year, the pass rate on Level I was unchanged, while the Level II
pass rate fell from 47% last year, and the Level III rate
increased from 54%.

Only about one in five people who start the CFA program make it
through all three levels and complete the other requirements to
become a charter holder.

Becoming a CFA charter holder is a huge leg up for anyone
hoping to build a career in investment management. It’s also a
much cheaper credential than an MBA — a CFA costs about $2,500 in
total, while an MBA can easily run into the hundreds of thousands
of dollars.