Mainland candidates accounted for 28.7% of the exam takers. In December 2016, China’s share was 23.8%.
In order to accommodate the increase, the Institute opened a new examination centre in Hangzhou in December, adding to the six already in place on the mainland: Beijing, Chengdu, Guangzhou, Qingdao, Shanghai and Shenzhen, as well as Hong Kong. Only the US, with 19 test centres, has more than China.
Globally, 68,086 candidates took the CFA level I examination in December, a 14% increase from the year before, of which 29,583 passed the test. The 43% pass rate was in line with the average of the past four years, according to data from CFA Institute.
In order to earn the CFA designation, a candidate has to pass three levels of examinations and fulfil work experience requirements. Only level I examinations are administered in December, while all three levels of examinations take place in June every year. It takes most candidates more than three years to complete the program, according to CFA Institute.
CFA Level I candidates sitting December 2017 exam (top countries)
Data: CFA Institute
Asia-Pac increase
The number of CFA level I candidates in Asia-Pacific grew by 25% since December 2016 to 38,150, with the region leading the global growth, according to CFA Institute. Asia-Pacific now accounts for 56% of the candidates. Notably, the number of exam participants in India grew by 20% compared to 2016.
The Institute also noted a significant increase in the participation of women and students among the candidates in Asia-Pacific. Women accounted for 41% of the candidates in the region, compared to 35% globally. Students made up 28% of the the exam-takers, compared to 24% globally.
The pass rate in the region was 42% in December, compared to 45% on average in the Americas, Europe, Middle East and Africa.
The December examinations were administered in 76 cities in 40 countries.
The CFA designation is widely recognised as establishing a standard of professional education in the financial industry.
The CFA program covers ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, wealth management, portfolio analysis and ESG (environmental, social and corporate governance) investing.
Plans have been announced to add relevant fintech topics, such as big data, artificial intelligence and robo-advisory, starting in 2019.
Since the CFA designation was established in 1963, around 1.54 million candidates have taken the level I test, historical data from the Institute shows (the number includes repeat attempts). A total of 227,000 have successfully passed all three levels of the examinations. There are now 150,000 CFA charter-holders world-wide, according to the institute.
