Thirty-nine percent of candidates passed the second level of the exam, CFA Institute said in an e-mail for candidates today, compared with 41 percent in the previous year.
Record 139 900 candidates enrolled to take CFA exams in June, seeking to capitalize, as Wall Street begins to recover from the worst shakeout over the past decade. Applicants take the test hoping that certification could lead to better jobs, higher salaries and better understanding of finance.
Financial companies adding workers first time in two years, the restoration of business after cutting over 346,000 jobs since the beginning of the credit crisis in 2007, according to data compiled by Bloomberg. In New York, 6900 financial-industrial positions were added to the end of February through June, the biggest four-month growth since 2007, according to the New York State Department of Labor.
The last round of exams drew candidates from 160 countries, including 38 200 people from the United States, 15 700 from China and 11,800 from India, said the institute on June 2. Level 1 exam, which has attracted 62,300 candidates, focuses on investment tools and the fundamentals of business. 52,500 applicants applied for a Level 2 exam, which focuses on the various asset classes.
Successful recipients statute spend an average of 300 training hours for each exam, and usually for four years to complete all three tests, in accordance with the not-for-profit institution. Candidates must have at least four years of professional experience in the investment field to get the appointment.
The institute was founded in 1990 by the merger of the Institute of Chartered Financial Analysts Federation and financial analysis. Program CFA, formerly administered by the ICFA, started in 1963 with 284 candidates. This is due partly to the Benjamin Graham, the pioneer of the value of investments who mentored Warren Buffett and advocates for a rating system for financial analysts.
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