With the CFA December 2014 resuts out, it might help to look at the historic pass rates to analyze what the passing percentage this time was. CFA institute has been administering the CFA program since 1963. In the initial years, when the program was fresh, the pass rates were high. With the growing popularity of the program, the number of candidates taking the exam grew drastically, and in 2002, the CFA institute decided to administer CFA Level 1 exam twice in a year, in the months of June and December.
The average pass rate for CFA Level 1 exam taken in June for the years 2008-2013 was 39.67% with the overall pass rate from 2004-2013 being 38%. Certainly not easy to pass, but also not a distant dream.
CFA Level 1 pass rate difference for the exam in June and December is not significant. Apart from 2013 and 2009, where the difference was clearly visible, the general trend doesn’t support the myth that taking CFA Level 1 exam in December is better than taking it in June. Check out CFA Level 2 pass rate analysis.
Looking at the numbers, it is definitely tough to crack CFA Level 1, but you shouldn’t worry about it too much if you have the right CFA training using the right materials.
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