Lowest CFA Level 3 Exam Pass Rate

This is one of those very rare occasions where CashBench focus more on my personal experience rather than analyse news or give out investment tips. Today, Channel NewsAsia has an article under Singapore News  on the 45% pass rate for all CFA candidates. This is across all three CFA levels around the globe, based on results of the recent Jun 2009 examinations. In the Asia Pacific region, the passing rate was even lower at 42%. Right here in Singapore, 7,800 signed up for one of the strength-draining 6-hour exams this year. In fact, the results for levels 2 and 3 were only released yesterday, and represents an important milestone for CashBench.

First, the release of the results meant that CashBench has passed the third and final level of the CFA examinations. Each of the 3 levels were so rigorous that only a very well-prepared participant can ever dream of passing. Of all the investment related programmes or certifications out there, the CFA charter holder examinations is often regarded as the most difficult and rigorous. Currently, Singapore only has 2,343 CFA chart holders who have passed all exams and accumulated the required professional experience. Hence, it is often a pre-requisite and/or preferred qualification for many senior investment related positions.

Second, this year’s CFA level 3 examination was also significant in another way.  Usually, most participants at CFA level 3 will already be very well prepared since they have gone through 2 rigorous levels beforehand. However, since the CFA examinations started in 1963, the global passing rate for level 3 participants this year is the lowest ever! To be part of the 49% who have passed the level 3 examination for 2009 is therefore even more special personally.

CashBench is glad to have gone through this journey nevertheless as participating in both a top-ranked MBA programme as well as the CFA program simultaneously meant that CashBench is much more well-versed across business and finance, particularly in investment-related sub-fields. For those who would like some extra ad-hoc help for their own CFA examinations, CashBench has the CFA Ace and CFA Ace Premium service to answer CFA related questions that you may have while preparing for the examinations.

Finally, and most importantly, CashBench wants to especially thank two friends who helped to kick-start my CFA journey. For the first friend, the act was simple but crucial. This friend owned a CFA-approved calculator and very generously gave away the calculator to CashBench 2 years ago. There are in fact only 2 calculator models approved for use in CFA examinations and this simple act meant that CashBench need not buy a new one. The calculator is still working :) The help from a second friend was more indirect but also crucial. When CashBench has just started MBA classes, one of his classmates started sharing on the CFA program and the classmate’s own experience in pursuing the program. Without this generous and unreserved sharing, CashBench may not have started and passed the CFA examinations so soon. To both friends, CashBench says a very big thank you!