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CFA Exam Results - August 2011 FINAL.DOCX


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									                   CFA Institute Announces June 2011 Worldwide CFA Exam Results

                     43 percent of 115,027 CFA candidates from 90 countries pass

London, 16 August 2011 - CFA Institute announced today that 43 percent 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.

To earn the CFA charter, candidates must sequentially pass three six-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.

The Level I global pass rate was 39 percent (48,068 took the exam, up from 46,863 in June 2010) and the
Level II global pass rate was 43 percent (44,175 took the exam, up from 43,406 in 2010). Of the 22,784
individuals (up from 21,462 in 2010) who in June 2011 took the third and final exam that leads to the
prestigious CFA designation, 51 percent 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.

“It is encouraging to see the growth in the overall number of candidates registering for the CFA
Program, despite the volatile aftermath of the global financial crisis,” said John Rogers, CFA, president
and CEO of CFA Institute. “A number of factors are driving the demand for further financial education,
including a desire for personal career development and a growing demand for well-qualified investment

“We believe that we can help to rebuild trust in the financial community through education and the
advancement of professional ethics in the investment profession; our charterholders do this by adhering
to our Code of Ethics and our Standards of Professional Conduct. Last year, we conducted 20 panel
discussions in worldwide locations to test our curriculum against what the profession needs and uses
now. This continuous practice analysis process enables us to revise the curriculum annually - ensuring
that we provide candidates with current and relevant practical knowledge.”

“The overall increase in uptake of the CFA Program demonstrates the importance which the investment
industry places on the CFA credential, which is valued not only because it is challenging and
comprehensive, but because it is relevant. ” said Tom Robinson, CFA, managing director of education for
CFA Institute. “This year’s exam results conform to the recent 10-year exam history. It is important to
keep in mind that exam pass rates are based on a standard-setting process that considers what a
qualified candidate needs to know to practice in the current environment, rather than a set passing
score or rate.”

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. CFA Institute has administered well over a
million exams since the inauguration of the CFA Program in 1963.

On average, candidates report spending in excess of 300 hours of study to prepare for each level. CFA
candidates typically take four years to pass the three required exams. 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 – 11,567 candidates − will begin receiving their CFA charters in
early October 2011, 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. (View an interactive website that recognizes the 7,353 charterholders who earned their
charter in 2010.)

Just as earning the CFA charter shows that an investment professional is committed to a higher
standard, hiring a CFA charterholder signifies that a firm is, too. Employers and media around the world
recognize the CFA charter as the standard of professional excellence, and, with such widespread
recognition, CFA charterholders earn a significant competitive advantage for international employment.
CFA charterholders are typically employed by investment companies, mutual funds, broker-dealers,
investment banks, and as private wealth managers.

Regulators around the world also recognize the value of the CFA charter (read more). Nearly all U.S.
state securities commissions grant CFA charterholders an exemption from their licensing exams for
investment advisers and investment adviser representatives. The NYSE and FINRA provide an exemption
from the analysis portion (Series 86) of the Research Analyst Qualification Exam for certain applicants
who have passed Level II of the CFA exam. Additionally, regulators in 21 other countries and territories
such as Australia, Brazil, Canada, Hong Kong, Mexico, Peru, Singapore, South Africa, and the United
Kingdom accept the CFA designation as meeting licensing or qualification requirements. In Indonesia,
the Philippines, and Thailand, passing a certain level of the CFA exam is required to practice in the

Select colleges and universities have an appreciation for the global relevance of the CFA charter and the
advantages it provides for their graduates. These institutions have been identified by CFA Institute as
CFA Program Partners and they embed a significant percentage of the CFA Program Candidate Body of
Knowledge into their degree programs, as well as commit to cover the CFA Institute ethical and
professional standards in the curriculum. This recognition tells students and employers that the
university curriculum is closely tied to professional practice and is well suited to preparing students to sit
for the CFA exams. Currently, there are 137 CFA Program Partners on six continents, including Saïd
Business School at the University of Oxford and The Johnson School at Cornell University. (View
historical pass rates) (PDF)
Examples of countries and territories with the largest number of candidates that took a CFA exam are
the United States (29,537), Mainland China (13,787), India (10,515), Canada (9,514), the United Kingdom
(7,742), Hong Kong (6,534), Singapore (3,619), Germany (1,689), South Africa (1,621), Switzerland
(1,543), France (1,431), and the United Arab Emirates (1,158).

                                                  - ENDS -

About CFA Institute

Media Contacts

Nicole Haroutunian, PR Manager

+ 44 (0) 207 350 9551, nicole.haroutunian@cfainstitute.org

Steve Wellard, Director, Marketing and Communications

+ 44 (0) 207 350 9550, steve.wellard@cfainstitute.org

Notes to editors

About CFA Institute

CFA Institute is the global association for investment professionals. It administers the CFA and CIPM
curriculum and exam programmes 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 105,000 members, who include the world’s 95,000
CFA charterholders, in 133 countries and territories, as well as 135 affiliated professional societies in 58
countries and territories. More information may be found at www.cfainstitute.org

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