The CFA Institute has published exam success rates and noted that China registrations have for the first time overtaken those in the US, highlighting how Asia is accelerating in financial services.

CFA Institute, a global association of investment professionals, yesterday said more than half (54 per cent) of 28,884 candidates who sat for the Level III CFA exam in June passed the third and final exam. Data also showed that China surpassed the US in numbers of exam entrants for the first time.

Pending experience and membership requirements, successful candidates will become CFA charterholders starting in early October.

In addition, of 50,230 candidates who sat for the Level II exam in June, 46 per cent passed; of 58,677 candidates who took the Level I exam, the pass rate was 43 percent, the organisation said.

Globally, a total of 64,020 candidates passed Levels I, II and III, with the overall pass rate for all three levels at 46 per cent.

The organisation is one of a number of bodies seeking to drive talent management in financial services, and has spoken in the past of challenges faced by wealth managers and other institutions in obtaining sufficiently qualified and experienced staff. (See its comments on the Asian market, here.) Separately, this news service tracks latest updates on courses, such as at the post-graduate and MBA level, that are aimed at budding wealth managers. For more information, see here.

New candidates entering the CFA Program in this year’s exam cycle grew by 15 per cent to 102,514 candidates. Growth has been strongest in mainland China where Level I candidate registrations reached a record high of 22,999, surpassing the number of registrations in the US for the first time.  

To earn the CFA charter, candidates must pass all three levels of the exam; meet the work experience requirements of four years in the investment industry; sign a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct; and become a member of CFA Institute.  

The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income, alternative investments; derivatives; portfolio management; and wealth planning. Its depth and breadth provides a strong foundation of advanced investment analysis and practical portfolio management skills, which gives investment professionals a career advantage.  

The June 2016 Level I, II and III exams were administered in 258 test centers in 197 cities across 91 countries.