Thirty-four Percent of 44,209 Candidates Worldwide Passed December 2009 Level I CFA Exam

Charlottesville, London, Hong Kong, January 27, 2010 − CFA Institute today announced that

34 percent of the 44,209 worldwide candidates that sat for the Chartered Financial Analyst® (CFA®) Program Level I exam taken in December 2009 were successful.

The CFA Program is recognised worldwide as the gold standard qualification for investment professionals. To earn the CFA designation, candidates must pass all three levels of exams (for which successful candidates report that they study 250 to 300 hours for each one); 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; apply to a CFA Institute society; and become a member of CFA Institute.

The exams cover ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement. Level I exams are held in June and December, and Levels II and III are held in June. On average, successful CFA candidates take four years to pass the three required exams. (More information about the CFA Program)

John Rogers, CFA, CEO and President of CFA Institute, said, “Despite challenging economic conditions, more than 44,000 individuals around the world took the Level I exam in December. This is a remarkable testimony to the dedication of candidates to the CFA Program and to their commitment to excellence and integrity in the investment arena. These individuals, through their personal commitment and undertaking to live the values of ethics, education and professional excellence, actively demonstrate commitment to raising standards in the investment industry. I wish every candidate success in continuing their studies through the CFA Program and quest to join the 86,000 CFA charterholders we have around the world.”

By region, the December pass rates for the Level I exam are:

The Americas: 34 percent of the 14,717 total exam candidates

Europe, Middle East, and Africa: 34 percent of the 9,457 total exam candidates
Asia and Pacific Asia: 34 percent of the 20,035 total exam candidates

The December exam was offered at 92 test centers in 55 cities in 31 countries worldwide including in Zurich.

Tom Robinson, CFA, Managing Director of Education at CFA Institute, said, “The CFA Program is subject to an ongoing and annual review by market experts to ensure we address the developing nature and complexities of financial markets. This is reflected in the breadth and depth of the CFA Program’s Candidate Body of Knowledge.  Completing this qualification and earning the CFA charter is unique in investment management and recognised by fellow professionals, employers and many regulators around the world.”

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About CFA Institute

CFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has nearly 100,000 members, who include the world’s 86,400 CFA charterholders, in 133 countries and territories, as well as 136 affiliated professional societies in 57 countries and territories. More information may be found at www.cfainstitute.org

About Swiss CFA Society

Founded in 1996, the Swiss CFA Society (SCFAS) is one of 136 CFA Institute organizational members worldwide. The SCFAS is a non-profit organization and was the first society in the EMEA region to be directly affiliated with CFA Institute. With its 2000 plus members, the SCFAS is a volunteer-led organization, relying on its members to support its operations and strategic direction. The vision of the SCFAS is to be a leader in fostering the highest level of knowledge, professionalism, and integrity in the investment business. Its mission is to represent the interests of its members and the investment community by: promoting the values represented by the CFA designation, providing continuing professional education, supporting CFA candidates, and encouraging contact and communication among members. More information can be found at www.scfas.org