64 Percent of Level 3 Chartered Financial Analyst Candidates Worldwide Passed June Exams, CFA Institute Reports; Almost 8,700 Passed Third and Final Exam.

CHARLOTTESVILLE, Va. -- Sixty-four percent of the more than 13,500 current and aspiring investment professionals who sat in June for the third and final examination leading to the prestigious Chartered Financial Analyst(R) designation - or 8,669 individuals - passed the exam, CFA Institute announced today.

They will begin receiving their CFA charters as early as October, assuming that they have also completed the minimum work-experience requirement of three years in the investment industry and have signed a commitment to abide by the CFA Institute Code of Ethics.

To earn the CFA charter, candidates must sequentially pass three six-hour examinations that are widely considered the most rigorous in the investment profession.

On average, CFA candidates take four years to pass the three required examinations. (The level-one exam is offered twice a year, while the second- and third-level exams are offered just once a year.) The examinations cover ethical and professional standards, securities analysis and valuation, financial statement analysis, quantitative methods, economics, corporate finance, portfolio management and performance measurement. CFA Institute recommends at least 250 hours of study per exam.

More than 61,500 individuals sat for one of the three exams in June - including roughly 24,000 each at levels one and two. The pass rate for all three levels combined was 40%.

Among those who passed the level-three CFA exam are:

--3,720 individuals who took the exam in the United States (where 69% of level-three candidates passed)

--964 who took the exam in Canada (where 59% of level-three candidates passed)

--1,987 who took the exam in Europe (where 75% of level-three candidates passed)

--1,405 who took the exam in Asia (where 49% of level-three candidates passed)

The chair of CFA Institute, Theodore R. Aronson, CFA, and its president and CEO, Thomas A. Bowman, CFA, co-signed a letter to this year's CFA candidates congratulating those who passed.

"Successful completion of the CFA Program represents a substantial achievement," they wrote. "It is for this reason that the CFA designation enjoys such a sterling reputation throughout the global investment community, respected by employers, investors, and fellow investment professionals alike."

Currently, there are 57,794 CFA charterholders in 114 countries and territories (not counting candidates from the June examinations).

About CFA Institute

CFA Institute is the global, non-profit professional association that administers the Chartered Financial Analyst(R) curriculum and examination program worldwide, publishes research, conducts professional-development programs, and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 70,000 members in 119 countries and territories, including the world's 57,794 CFA charterholders, as well as 129 affiliated professional societies in 50 countries and territories. CFA Institute is headquartered in Charlottesville, Va., USA, with regional headquarters in London and Hong Kong. It was known as AIMR (Association for Investment Management and Research) from 1990 to early 2004, and before that was two separate organizations whose roots go back to 1947. More information may be found at www.cfainstitute.org.

Candidates Passing Level Three CFA Exam in
                    Selected Countries, Territories

                Number who                    % of level 3 test-takers
                passed level 3                who passed

United States        3,720                             69%
Canada                 964                             59%
United Kingdom         746                             82%
Hong Kong              409                             47%
Singapore              294                             49%
Germany                284                             77%
Switzerland            257                             76%
Korea                  182                             43%
Australia              174                             77%
South Africa           160                             59%
Mainland China         153                             62%
The Netherlands         97                             74%
India                   96                             72%
France                  94                             68%
Spain                   77                             65%
Japan                   75                             44%
Malaysia                64                             45%


 Candidates Passing Level Three CFA Exam in Selected US States and DC

               Number who                    % of level 3 test-takers
               passed level 3                who passed

New York State      999                                72%
California          452                                68%
Illinois            281                                72%
Massachusetts       264                                68%
Texas               190                                67%
Pennsylvania        141                                72%
Washington DC       139                                68%

Candidates Passing Level Three CFA Exam in Selected Canadian Provinces

               Number who                    % of level 3 test-takers
               passed level 3                who passed

Ontario             519                                55%
Quebec              191                                62%
British Columbia    111                                65%
Alberta             104                                66%