Press release from our friends at the Chartered Financial Analyst (CFA) Society of the Philippines. I personally know several people who passed the exam and who will be getting their CFA charter this year. Congratulations!
“CFA Institute Announces June 2011 Worldwide CFA Exam Results
CFA Institute announced today that 43% of 115,027 current and aspiring investment professionals worldwide passed the June 2011 CFA exams, bringing them one step closer to earning the CFA designation, a mark of distinction that is globally recognized by employers, investment professionals, and investors as the definitive standard by which to measure serious investment professionals.
CFA Charter eligibility requirements
To earn the CFA charter, candidates must sequentially pass three 6-hour exams that are widely considered to be among the most rigorous in the investment profession. The 2011 exams were given at 266 test centers in 189 cities worldwide. In the Philippines, there were 309 candidates taking the June 2011 exams.
The Level I global pass rate was 39% (48,068 took the exam) and the Level II global pass rate was 43% (44,175 took the exam). Of the 22,784 individuals who in June 2011 took the third and final exam that leads to the prestigious CFA designation, 51% passed. CFA Institute expects that the majority of candidates who passed the Level III exam will become CFA charterholders later this year, bringing the number of charterholders worldwide to nearly 100,000.
The CFA program
The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income, alternative investments; derivatives; portfolio management; and wealth planning.
The Level I exam is offered twice per year, while the Level II and Level III exams are offered once each year. The Level I exam consists of multiple-choice questions. Level II is composed of item sets (i.e., mini cases with detailed vignettes), and the questions at Level III are 50 percent item set and 50 percent short answer and essay.
Those who passed the Level III exam will begin receiving their CFA charters, provided that they also have completed the minimum work experience requirement of four years in the investment industry, signed a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, applied to a CFA Institute society, and become a member of CFA Institute.”
See also: CFA Exam Scholarship in the Philippines