How Many CFA Institute Members Are There?

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It is known that CFA Institute is the global organization of investment professionals that wins the investment market and is also respected in the global financial community. This organization works to set the standard for professional excellence and credentials.

Reportedly, CFA Institute has a lot of members spread across the world. With membership, it will connect them with CFA Institute and also grant you access to benefits which will help you pursue professional knowledge. If you are wondering how many members that CFA Institute has, you definitely can dive into our post to find it. Here you go!

How Many CFA Institute Members Are There?

How Many CFA Institute Members Are There

According to CFA Institute, there are over 160,000 CFA charterholders worldwide in 164 markets. It is known that CFA Institute has 9 offices worldwide and has 1616 local member societies. The data is proof that CFA Institute is a credible and trusted global association of investment management professionals.

As of 2021, CFA Institute reported that 6290 of the 11,330 Level III candidates who managed for the CFA examinations administered in December 2020 have passed. They successfully completed the III levels on the way to be a charterholder.

Reportedly, approximately 12,806 of the 26,212 Level I candidates passed and around 11,025 of the 18,136 Level II candidates passed, so advanced to the next level. Because of the pandemic of Covid-19, the CFA exams could only be done in certain markets because of the lack of available facilities and public health regulations.

As a result, the December exam was done in 170 test centers in 91 cities across 50 markets worldwide. In fact, Level I and II CFA program candidates gained their results on 28th January 2021 and Level III candidates gained their results on 17th February 2021. Today, there are over 167,000 professionals worldwide who hold the CFA charter.

As previously announced, all three levels of the CFA exams have switched to computer-based testing starting in February 2021 for more testing flexibility in terms of locations, dates and also candidate booking. The exams in December represented the last paper-based exams.

How Does CFA Institute Monitor the Exam Development?

If you want to earn the CFA charter, you surely must pass all three levels of the exams that are considered one of the most rigorous in the global investment management profession. Of course, it is in accordance with the aim of the CFA Institute where they want to create an environment where investors’ interests come first, markets function at their best, and economies grow.

In addition to passing the exams, you also need to meet the work experience requirements, become a CFA Institute member and also commit to uphold the CFA Institute Code of Ethics and Standards of Professional Conduct. On average, you will need around four years to complete the CFA program to be a successful CFA candidate.

The Managing Director of Credentialing at CFA Institute, Peg Jobst commented that CFA Institute actually uses rigorous, industry accepted processes to make sure that they maintain a consistent and fair passing standard. People who passed the exams in December performed so due to their perseverance in the face of unprecedented conditions. CFA Institute also anticipates that the pass rate probably remain higher since the pandemic continues due to candidates’ extended preparation time.

There is no doubt that CFA Institute keeps to monitor local health policies across the globe, track developments closely and also adjust future examination plans as needed. Along this period, CFA Institute remains committed upholding the relevance and passing standard of the CFA charter, as well as the rigor and security of exam development and delivery.

It is known that the CFA Program is designed for professionals across the industry where the curriculum includes ethical and professional standards, international financial statement analysis, securities analysis and valuation, quantitative method, corporate finance, economics, portfolio management, wealth management and portfolio analysis.

What Are the Requirements to Become a CFA Charterholder?

A CFA charterholder holds the highest ethical standards who works to make an annual commitment to uphold after an investment professional gains the charter. It is known that the CFA designation is created to show a strong foundation in advanced investment analysis and portfolio management, accompanied with a strict emphasis in ethical practice.

When a CFA charterholder does violate the code of ethics, it will result in industry related sanctions, a revocation of membership or suspension of the right to use the CFA designation.

To become a CFA charterholder, you should meet the following requirements:

  • Holding a bachelor’s (or equivalent) degree or being in the final year of a bachelor’s degree program. An accredited degree may not always be a requirement.
  • Passing all three levels of the CFA program
  • Having 4,000 hours in a minimum of 3 years of qualified work experience acceptable by the CFA Institute. Well, an individual-level exam can be taken prior to satisfying this requirement.
  • Having two or three letters of reference.
  • Becoming a CFA Institute member
  • Obeying the CFA Institute Code of Ethics and Standards of Professional Conduct.

Because of the timing of the exams, completion of all three levels of the CFA may be possible within two years, but you should still complete the work experience requirement of 4,000 hours over a minimum of 3 years to be a charterholder.

The Curriculum of CFA Program

The CFA program curriculum is based on a Candidate Body of Knowledge built by the CFA Institute. With the extent of changes varying by level and year, the CFA curriculum is updated annually to reflect the latest best practices.

The curriculum of CFA program consists of:

  • The Level I study program

This level emphasizes tools and inputs and covers an introduction to asset valuation, portfolio-management techniques and financial reporting and analysis.

  • The Level II study program

This level emphasizes asset valuation and covers applications of the tools and input in asset valuation.

  • The Level III study program

This level emphasizes portfolio management and covers description of strategies to apply the inputs, tools and asset valuation models to manage fixed income, equity and derivative investment for institutions and individuals.

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