The CFA Institute has announced a Level 1 exam global pass rate of 39% for the aspiring investment professionals worldwide who took the June 2011 exam. As previously reported, the AIM students in the Class of 2011 achieved an 88% pass rate on the Level 1 CFA exam, bringing them one step closer to earning the distinguished CFA charter.
Note: To earn the CFA charter, candidates must sequentially pass three six-hour exams that are widely considered to be among the most rigorous in the investment profession. Charterholders must also have 48 months of qualified experience in the investment industry.
A total of 41 AIM graduates recently took the June CFA exams and the group achieved an 83% overall pass rate. Dr. David Krause, AIM program director said, “I’m very pleased with the overall results. While I expect high pass rates for our graduates on the Level 1 exam since we emphasize the CFA core body of knowledge in the AIM program curriculum; I am delighted in the high pass rates for Levels 2 and 3. As most investment professionals realize, it is not easy to pass these exams given the significant work hours required on the job. To say the least, I’m very proud of our AIM alumni for all they have accomplished since they graduated from Marquette.”
The June 2011 Level 1 exam global pass rate was 39% and the pass rate was 88% (14 of 16) for the AIM graduates in the Class of 2011 who took the exam. The Level 2 global pass rate was 43% and the pass rate was 69% (9 of 13) for AIM graduates sitting for the June exam. The global pass rate was 51% for the third and final exam that leads to the prestigious CFA designation – and 92% (11 of 12) AIM graduates passed the Level 3 exam in June. Dr. Krause commented, “The eleven AIM graduates passing Level 3 in June have accomplished an important milestone in their careers at a very early age. I am thrilled for them and I know their employers recognize how this will boost their advancement within the profession. Congratulations go out to everyone who achieved this important goal.”
The CFA Institute expects that the majority of the candidates who passed the Level 3 exam will become CFA charterholders later this year, bringing the number of charterholders worldwide to about 100,000. We are proud to report that since the inception of the AIM program in 2006, 20 AIM graduates have passed all three CFA exams.
Those passing Level 3 this year were:
· Mike Carlson (AIM '08)
· Luke Junk (AIM '08)
· Luke Lamanna (AIM '08)
· Andy O'Connell (AIM '08)
· Pat Abeln (AIM '09)
· Alison Bettonville (AIM '09)
· Chris Cebula (AIM '09)
· Maggie Hughes (AIM ’09)
· Andy Parker (AIM ’09)
· Andy Verchota (AIM '09)
· Kyle Zabel (AIM '09)
Dr. Krause said, “While I am impressed with the overall pass rate, we will continue to encourage all of our AIM graduates to take the CFA exams. As the first undergraduate university to become a CFA Program Partner, we recognize the CFA designation as an important measure of the success of our program. This allows us to demonstrate to employers that AIM graduates have the knowledge and skills to succeed in today’s competitive world of finance right out of our undergraduate program. We will keep refining the curriculum to assist our students in taking and passing the CFA Level 1 exam upon graduation.”
John Rogers, CFA, president and CEO of CFA Institute said, “Employers, institutional and individual investors, and regulators alike see great value in the heart of the CFA Program – financial education and professional ethics training. Investors know that when working with a CFA charterholder, they are working with a serious investment professional who is also a trusted adviser.”
The CFA Institute has administered more than one million exams since the inauguration of the CFA Program in 1963. The Chartered Financial Analyst (CFA) designation is the globally recognized standard among finance professionals by which employers validate the knowledge, integrity and professionalism of investment managers and financial analysts. The CFA Program consists of three levels of examination which measure a candidate's ability to apply the fundamental knowledge of investment principles at a professional level. The CFA exam is administered annually in more than 70 nations worldwide.