This question comes across the mind of many people who appear for the CFA exam. Well, to address this question let us look at the pass percentage of 2010 exams of all 3 levels. In 2010, the pass percentage for CFA Level I were 42%; for CFA Level II they were 39% and for CFA Level III they were 46%.
What we can infer from the above is that level II is the hardest whereas level III is the easiest to pass. However, the CFA Institute doesn’t agree to the above statement. They in fact say that pass rate for CFA Level III is generally higher because candidates are, “more prepared and focused on achieving the CFA charterholder.
If we look at the pass percentage for all levels of CFA exams from 1963 to 2010 (Read PDF), then we can conclude that the pass percentage has increased over the years. Studies show that relatively more people clear CFA level II than CFA level I. And more people clear CFA level III than CFA level II.
This may be true because by the time a candidate appears for the CFA Level II and CFA Level III exams, he/she would be more dedicated to clear the exams.
The level of preparedness with the Level II and Level III is also high. I know of candidates who interact with fellow students, from not only different cities, but different nations too. There are groups on Facebook which are dedicated to helping the student community.
I would suggest don’t think about the pass percentage, it is all in the attitude. Just keep your good work going on. You will definitely crack the all levels of CFA.
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