CFA to test takers: Don’t believe everything you read

CFA to test takers: Don’t believe everything you read

CFA to test takers: Don’t believe everything you read August 11 was supposed to be the day the CFA Institute released results from this year’s CFA Level III exam which took place in early June. Unfortunately, a small number of test takers were given a sneak-peak earlier this week when it released the results for Levels I and II.

“We apologize to all CFA Program Level III candidates who briefly had access today to preliminary and unconfirmed June 2015 exam results,” wrote the CFA Institute earlier this week. “The results, scheduled to be released on 11 August, were mistakenly made available in candidates’ CFA Institute online accounts for approximately one hour. Fewer than 100 Level III candidates – or 0.4% – ­accessed their own preliminary and unconfirmed results.”

Known to be one of the most difficult scholastic tests in any industry, the pass rate for all three levels combined over the past decade is just 42 per cent. Broken down, Level I saw a pass rate of 39 per cent, Level II 44 per cent and Level III 53 per cent, suggesting even those individuals who’ve already been in the program for two years and passed the first two exams still have almost a 50/50 chance of having to go again next year.

The idea of retaking the six-hour exam isn’t something most candidates look forward to. You can bet some of the 100 or so Level III test takers who got a sneak-peak are hoping beyond hope that the “fail” mark they saw was just a mirage and come August 11 they receive better news.

A source close to the situation said it’s “possible, but unlikely” that the scores will change.

“Final results will be available to Level III candidates on 11 August as planned. Exam results are still undergoing quality review procedures, which are requisite for protecting the integrity of exam results,” wrote the CFA Institute. “We take very seriously our commitment to candidates; we sincerely regret this error and look forward to releasing results as scheduled.”