Charlottesville January 16 2025: The pass rate for the second level of the chartered financial analyst test plunged to the lowest since the pandemic, falling below the decade average as candidates who choose to delay their exam face a lower chance of passing.
fig 1
In November, 39% of candidates sitting for the Level II test were successful, down from a 47% pass rate for those who took the test in August and 59% for May test-takers, the CFA Institute said in a statement Thursday. The November results are below the 10-year average of 45% and the lowest since 2021 when the rate dropped to 29% due to disruptions caused by the Covid-19 pandemic.
The institute attributes the recent drop in rates to exam deferrals, with first-time test takers more likely to pass than those who pushed back their exam for any reason. The November results also represent the lowest pass rate, outside of the pandemic, since 2010.
First-time Level II testers scored significantly above the average pass rate, with 49% succeeding, while those with at least one deferral had a 26% pass rate, the institute said. Those results are in line with other levels of the exam, with lower success rates for candidates who put off their tests.
The three-level CFA test to become a charterholder is offered several times a year and can lead to new job opportunities and higher salaries. More than 13,500 candidates sat for the Level II exam in November, which was administered at 477 proctored, computer-based testing centers around the world.
Candidates who took the Level I exam, also in November, got their results earlier this week. Those also showed a difference in first-time test takers versus those who chose to defer. The pass rate for that level was 43% in November.
