Pass or Fail? One word is all test-takers get after spending hundreds of hours studying for the CFA Level I exam. If you passed, congratulations. However, if you failed then don’t give up and register for the June exam and the statistics will be on your side to have a higher pass probability!
CFA Level I December Exam results were released yesterday and they were depressing as only 34% of candidates passed. This constitutes the lowest percentage of passing candidates in four years. December 2008’s pass rate was also discouraging at 35%. However, compare this with the relatively good 46% June 2009 pass rate and the 44% historical pass rate for all Level I exams taken since the program began in 1963!
Most people would jump into the conclusion that test-takers has a higher probability of passing the exam in June. However, CFA spokesmen dismiss this notion. In their opinion, the reasons for the discrepancy are:
1. Most people register for the exam in September, giving June candidates an additional six months to prepare.
2. It could be that people were more worried about their jobs last June and studied harder.
3. This December’s test-takers were less serious than previous groups. This is evident since 28% of applicants didn’t show up to take the test (25% increase from last year).
I tend to agree with the first point only. The second is invalid as the historical pass rate is 44%. The third point is also irrelevant as the December lows were registered last year too. I am inclined to favor the argument that indeed passing in June is easier. Many people who fail in June retake the exam in December which makes the test-takers pool much tougher. I guess numbers don’t lie and this is the most fundamental reason. Anyways, try to utilize the CFA page here at Alpha Dinar and get tips from people who passed Level I. Good luck!
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