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CFA pass rate for June Level 3 exam holds at highest since 2006

[NEW YORK] A similar percentage of candidates passed the third and final level of the Chartered Financial Analyst exam in June as a year ago with a record number of people taking all three parts of the test.

54 per cent of those sitting for the third test were successful, according to a statement Tuesday from the Charlottesville, Virginia-based CFA Institute. That matches the success rate in June 2016, which was the highest since 2006, when 76 per cent passed.

The CFA Institute said in July that 43 per cent of those taking the test in June passed the first part of the exam and 47 per cent passed the second, the most in any year since 2006.

A total of 31,631 people took the third level of the test - a 10 per cent increase over last year - with almost 152,000 taking all three parts, the organisation said.

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Candidates can take all three levels in June compared with December, when only the first level is given. It takes four years and costs hopefuls US$3,000 on average to take all three parts, which tests knowledge of investment tools, portfolio management and wealth planning, according to the CFA Institute.

Successful candidates study an average of 1,000 hours for the exams, the organisation said.

The fastest growth in the number of test takers was in China, where 33,934 people sat for the exam, surpassing the number in the US for a second straight year, the the institute said.