The CFA exam is as difficult as any type of exam you’ll find in the world of finance. The 37% passing rate of level 1 last December is not much of a drop off of the 38% from last June. That does NOT include candidates that simply did not show up for the exam (somehow many think the passing rate is low in part because of all of those who don’t show up).
It Does Get Better Though
Last June, the passing rates were:
Level 1: 38%
Level 2: 42%
Level 3: 52%
Of course, even the average talent of level 1 candidates is quite high so seeing a 37% pass rate can be discouraging. In a similar way, that 42% rate for level 2 is slightly higher.. but it is 42% of the 37% that passed level 1…
Don’t Forget That..
It’s actually a great thing to see such a low passing rate: I’ve written about this. Just think about it, that is what makes the CFA title so valuable..
It’s About Being Efficient: Again last week I met someone who was taking 3 weeks off to study.. 2 in February and one just before the exam. I’d call that poor management. If you’ve seen my ebook, you know that I believe it’s not about how much time you spend studying, it’s about:
-Having a solid plan
-Sticking to it
-Those critical last few weeks are where everything gets decided