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Out of every 100 new CFA Level I candidates in 2009, only 9 passed the Level III exam in 2011.
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The CFA Program

The CFA Program is a graduate-level self-study program that combines a broad-based curriculum of investment principles with professional conduct requirements. It is designed to prepare you for a wide range of investment specialties that apply in every market all over the world.

To earn a CFA charter, you study for three exams (Levels I, II, III) using an assigned curriculum. If you pass all three exams and meet the professional and ethical requirements, you can become a regular member of CFA Institute, or “charterholder.”

You can take as long as you need to complete the program, and there is no limit to the number of times you can take each exam. The curriculum changes each year to reflect the dynamic nature and complexity of the global investment profession.

What is the CFA Charter?

First awarded in 1963, the Chartered Financial Analyst (CFA) charter has become known as the gold standard of professional credentials within the global investment community. Investors recognize the CFA designation as the definitive standard for measuring competence and integrity in the fields of portfolio management and investment analysis.

The Chartered Financial Analyst (CFA) designation is a mark of distinction that is globally recognized by employers, investment professionals and investors as the definitive standard "the gold standard" by which to measure serious investment professionals. To earn the CFA charter, one must successfully pass through the CFA Program, a practice-based, graduate level self-study program that combines a broad curriculum with professional conduct requirements and emphasizes the highest ethical and professional standards.

CFA Charterholders are:

Competent
Charterholders demonstrate a mastery of essential finance, investment and analysis knowledge by studying the rigorous curriculum and passing three challenging exams.

Credible
The CFA designation inspires trust in charterholders' expertise and cultivates confidence among clients and prospective global business partners.

Committed
CFA charterholders embody high ethical standards and objectivity, and dedicate themselves to staying informed through lifelong learning.

Competitive
Charterholders set themselves apart with their commitment to excellence and a profound understanding of the global marketplace.

Current
The examination evolves every year to reflect changing industry developments and new challenges.

Connected
Charterholders can tap into a network of more than 82,000 other investment professionals around the world.

Source: www.cfainstitute.org/cfaprogram