A record number of people just got good news about their CFA exam results

In June, thousands of aspiring finance buffs took the notoriously tough Chartered Financial Analyst exam.

And now the results are in for the first and second level of the test.

The pass rate for level two of the exam was up one per cent from last year at 47%. That’s the highest pass rate for level two since 2006.

43% of candidates who took level one of the exam passed, according to a tweet by the CFA Institute.

By gross numbers, a record 25,807 candidates passed level one, and a record 23,321 candidates passed level two.

Results for level three will not be announced until August 8.

Level I tends to have the lowest pass rate of the three exams because that’s when the amateurs are weeded out from the serious players. Each level tests different material, according to the CFA Institutes website:

  • “Level I tests your knowledge of the ethical and professional standards.”
  • “Level II tests how you apply those standards to situations analysts face.”
  • “Level III tests how you apply the standards in a portfolio management and compliance context.”

According to the CFA Institute, 2016’s test takers spent about 322 hours studying for the exam.

Becoming a CFA charter-holder is a huge leg up for anyone hoping to build a career in investment management.

It’s also a much cheaper credential than an MBA.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.