It is not crazy to suggest that the Covid Transition Period – CTP – might have disrupted normalized studying and test-taking protocol. On the other hand, if you have spent the better part of two years (18 months in quarantine), what the heck else were you doing in regards to furthering your career in the investment business? And, is failing the CFA – which in this designation holders opinion has disintegrated into a morass of the mostly useless topics d’jure vs a well-rounded mix of securities analysis and a lap around the industry at large – a good thing for the nature of the “industry” or not? (Is this a club worth belonging to today?) Or is it another example of the difficulty in convincing youth to work hard on their own for a goal? (Ouch Dad) Or, is this another example of, “if you got in, anyone could get into an Ivy League school in 1980.”

Jeffrey Bronchick, CFA

CFA Pass Rate Plummets to Record Low of 25% for Level 1 Exam (1)

By Katherine Doherty
(Bloomberg) — The pass rate for the Chartered Financial Analyst Level I exam administered in May was the lowest since testing began in 1963.

Twenty-five percent of applicants passed the latest test, down from 44% for those who sat for the February examination, according to the CFA Institute’s website. The 10-year average pass rate is 42%.

Nearly 26,000 candidates sat for the Level I exam, which was administered at test centers around the world, the CFA Institute said in a statement Tuesday.

“The degree of difficulty of the May Level I exam was consistent with previous Level I exam administrations, and this is the case whether we look back to paper-based testing or computer-based testing, which we introduced in February this year,” CFA Institute spokesman Matthew Hickerson said. Passing all three CFA exams can lead to higher salaries and better job opportunities. Candidates on average study 300 hours for each level and take four years to complete the series. The pandemic upended the normal timeline of test-taking and preparation. Some candidates preparing for the Level I exam had
to defer their test twice due to restrictions caused by the virus, according to the CFA Institute.

“While some impacted candidates were able to pass, we believe the stop-start nature of the deferred candidates’ studies is reflected in the overall passing rate,” the organization said.

Historically, the institute offered all three levels of the test on paper in June, and another chance to take the first part in December. After transitioning to computer-based testing, the institute now offers the exams more times throughout the year.

Original article appeared at Bloomberg.com.