Why Are CFA Exam Pass Rates Falling?
Through surveys and focus groups, we have observed a number of common mistakes that many candidates make when designing and implementing their study programs. Each of the following points can be used to explain lower pass rates. Studying Too Little and Starting Too Late CFA Institute recently published the statistic that 57% of candidates studied less than 200 hours for the June 2004 CFA exams. In addition to this statistic, our own internal research suggests that although candidates claim to begin their studies in January (for the June exams), they do not begin a serious study effort until mid-to-late March. We are convinced that this combination of studying too little and starting too late is the primary reason why pass rates have fallen so dramatically over the last few years. Shortcuts, Guarantees, and Inflated Claims of Performance Some candidates are misled by study providers who offer shortcuts and guarantee your success on exam day. Nebulous and unverifiable claims, such as pas
