CFA Institute, the global association of investment professionals, has announced that nearly 16,000 candidates have passed the Level III CFA Exam held in June and are set to begin their journey as investment management professionals.

It said of the 28,884 candidates who sat for the Level III CFA exam in June, 54 percent had passed the third and final exam.

Pending experience and membership requirements, these successful candidates will become CFA charterholders starting in early October, it said.

In addition, of 50,230 candidates who sat for the Level II exam in June 2016, 46 percent were successful and of 58,677 candidates who took the Level I exam, the pass rate was 43 percent.

Globally, a total of 64,020 candidates passed Levels I, II and III, with the overall pass rate for all three levels at 46 percent.

In the Middle East and North Africa (Mena) region, 3,726 candidates sat for the CFA exam in June, representing an increase of 8 per cent compared to the previous year, it said.

The UAE had the most number of CFA candidates in the region with 1,557 aspiring charterholders, representing an 11 percent increase from 2015. Saudi Arabia had 482 candidates, 12 percent more than last year. Bahrain (316 candidates), Qatar (170), Oman (97), Lebanon (387), Jordan (103) and Egypt (410) also saw increased levels of participation.

Kuwait, with 204 candidates, was the only country in the Mena region which experienced a marginal decrease in enrolments for the exam. 

“Congratulations to the successful candidates who have demonstrated their commitment to the highest standard of professional knowledge and ethics,” said Paul Smith, CFA, president and CEO of CFA Institute.

“At CFA Institute, we aspire to develop future investment management professionals for the global financial markets. These candidates have taken the first step to earn the CFA designation and to join us in our pursuit to build professionalism, market integrity and a more trustworthy industry that puts clients’ interests above their own interests.” 

To earn the CFA charter, candidates must pass all three levels of the exam, 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; and become a member of CFA Institute.   – TradeArabia News Service