Several thousand Wall Streeters can finally breathe a sigh of relief today knowing that they passed the third, and final, level of the Chartered Financial Analyst (CFA) exam.
According to the CFA Institute, 14,663 out of 27,468 candidates for the June exam passed Level 3. That works out as a 53% pass rate, down slightly from the 54% rate last year.
The CFA, which consists of three gruelling six-hour exams, is widely considered to be the most difficult test taken by financial professionals. The candidates are tested
on ethical and professional standards
, financial reporting and analysis, corporate finance, economics, quantitative methods, equity, fixed income, alternative investments, derivatives, portfolio management, and wealth planning.
It takes several months to prepare for each level, and most of the candidates are working full-time finance jobs while studying. Fewer than 20% of candidates pass all three levels on their first attempt.
The results are scheduled to start going out at 9 a.m. Fewer than 100 Level 3 candidates accidentally had access to their preliminary and unconfirmed scores a few weeks ago.
The candidates are nervous. Wish them luck!
It won’t be long now… Level III CFA results!
— Jeffrey Grossman CFA (@jmnajgrossman) August 11, 2015