Organization NewsAre you...Thirty-Five Percent of 49,797 Candidates Worldwide Passed December 2008 Level I CFA Exam

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Thirty-Five Percent of 49,797 Candidates Worldwide Passed December 2008 Level I CFA Exam

Charlottesville, London, Hong Kong, January 28, 2009− CFA Institute today announced that of the 49,797 worldwide candidates that sat for the Chartered Financial Analyst (CFA) Program Level I exam which took place in December, 35 percent passed.

The CFA Program is widely regarded as the most arduous qualification in the investment profession. In order to earn the gold standard CFA designation, candidates must pass all three levels of exams (for which successful candidates report that they study a minimum of 250 hours per level); meet the work experience requirements of four years in the investment industry; sign a commitment to abide by the CFA InstituteCode of Ethics and Standards of Professional Conduct; apply to a CFA Institute society; and become a member of CFA Institute.

The number of candidates tested in December 2008 increased by 25 percent from December 2007 when 37,573 sat for the exam. Since the December administration of Level I was first offered in 2003, the number of candidates sitting for the December exam has increased by 45 percent. There are currently 86,968 charterholders globally.

John Rogers, CFA, president and CEO of CFA Institute, said, “The CFA designation is regarded worldwide by employers as the mark of excellence and is an important tool for those who want to get ahead in the investment industry. I am delighted at the number of candidates willing to invest in their own future and professional standards. There has never been a more important time for individuals and employers in the investment industry to enhance their professionalism and the numbers embarking on the CFA Program help show commitment to this cause.”

The exams cover ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement. There is no limit to the number of times permitted to take each exam: Level I exams are held in June and December, and Levels II and III are held in June. On average, successful CFA candidates take four years to pass the three required exams. (More information about the CFA Program)

By country/region, the December pass rates for the Level I exam are:

United States: 36 percent of the 12,955 total exam candidates
Canada: 35 percent of the 3,555 total exam candidates
Europe: 38 percent of the 8,158 total exam candidates
Asia and Pacific Asia: 35 percent of the 21,971 total exam candidates
Central and South America: 33 percent of the 424 total exam candidates
Africa/Middle East: 27 percent of the 2,734 total exam candidates

The December exam was offered at 52 test centers in 29 countries worldwide.

Commenting on the CFA Program, Bob Johnson, CFA, deputy CEO of CFA Institute, said, "To reflect the continually developing nature and growing complexity of the global investment profession, the curriculum of the CFA Program evolves every year. This means that charterholders and prospective charterholders are well prepared in all aspects of the industry, which is especially attractive to potential employers in a tough employment market."

About CFA Institute

CFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 100,000 members, who include the world’s 86,968 CFA charterholders, in 132 countries and territories, as well as 136 affiliated professional societies in 57 countries and territories. More information may be found atwww.cfainstitute.org

News Source : Organization NewsAre you...Thirty-Five Percent of 49,797 Candidates Worldwide Passed December 2008 Level I CFA Exam