Why are people against CFA

Over 21,000 investment professionals worldwide have passed CFA® programs

New York / Frankfurt, August 20, 2019- CFA Institute, the leading global professional association for the investment industry, announces that 56 percent of a total of 38,377 candidates worldwide will pass the third and final exam of the CFA in June 2019® Program have passed. Depending on the evidence of the required professional experience, they are entitled to the coveted CFA award® To lead a charterholder ("Chartered Financial Analyst"). The candidates will be informed of their results today. Currently, over 167,000 investment professionals worldwide are qualified as CFA charterholders.

Candidates for Level I and II of the CFA Program received their results on August 6th. Of 83,656 people who participated in Level I worldwide, 41 percent were successful. Level II was passed by 44 percent of a total of 74,735 candidates. (The exam statistics since 1963 can be found here.)

“Our warmest congratulations go to all candidates who received good news today about their exam success,” congratulates Paul Smith, CFA, President and CEO of the CFA Institute. “This is a very exciting time to start your career in the investment sector. There are more and more ways to make a positive contribution. At the same time, it has become more complex to generate returns, especially in the context of global sustainability efforts. This requires a high degree of professional analysis and a willingness to bring one's skills to bear within traditional markets and beyond. The CFA program will grow a global community of investment professionals who have demonstrated best practices and a strong commitment to ethics, and are ready to act as guides for the industry. "

The CFA Program curriculum is continually evolving to incorporate the latest practical methodology and to ensure that candidates passing through the program have the current and relevant knowledge and skills. This year's curriculum included FinTech (including two ethics case studies), machine learning and professional standards in investment management.

Trend towards more gender equality in the industry

Demand for the CFA Program continues to grow in all regions and shows the strong interest in the CFA qualification as a differentiator for individuals seeking long-term careers in the investment industry. Australia saw the strongest growth of the ten largest markets. The number of candidates there has increased by 23 percent compared to the previous year.

The proportion of women among the examinees has increased worldwide. In the past five years, the number of participants has more than doubled globally and now makes up 39 percent of all candidates. Among the Level I candidates - an important indicator of future development - some markets, including the United Kingdom and Australia, achieved a proportion of women of 50 percent and more.

"Those who qualify as CFA demonstrate a high level of commitment to professional development, career development and the investment profession," explains Stephen M. Horan, CFA, CIPM, Managing Director for Credentialing and the Americas region of the CFA Institute. “The first signs of gender parity in our global candidate pools are a positive signal for the future health of our industry and also for investors, because studies show that different perspectives in the investment process improve results. Companies are increasingly focusing on diversity, so that we can look forward to a future in which the investment industry will also reflect more strongly the diversity of the investors it serves. "

New examination centers facilitate access

The exams for Level I, II and III in June 2019 were offered in 343 examination centers around the world in 192 cities. For the first time, candidates from Cambodia (Phnom Pen) and Myanmar (Yangon) were also able to take the CFA exam in their home country. In addition, test centers have been set up in Brisbane (Australia), Bhopal (India), Abuja (Nigeria) and Birmingham (UK). Computer-aided tests, which are to be introduced for Level I from 2021, will further improve the accessibility of the tests through additional test centers and the free choice of an examination date within specified time windows.




additional Information

The online portal of the CFA Institute “Explore the CFA Program” offers interested parties not only information about the CFA program but also the opportunity to check their suitability for the continuing education program. The offers include:

  • An online self-assessment questionnaire
  • A CFA program quiz
  • A library on the subjects of the CFA curriculum
  • Information on scholarships

Women's Scholarship

The CFA Institute Women in Investment Management Initiative helps to increase gender diversity in the investment industry and thus also to increase investment success. Among other things, she offers a scholarship to support and encourage women in the industry. Over 1,000 women scholarships have been awarded to the CFA program this year. In addition, last year the CFA Institute brought together executives from across the investment industry to develop a roadmap for companies on how to create greater equity and accelerate the shift towards greater diversity. This resulted in 20 recommendations for action that companies can implement with immediate effect.


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CFA Institute

The CFA Institute is a leading global trade association for professional investors and investment managers. The association sets international standards in terms of professional standards and training. In addition to the vocational training program ... more