The pass rate for the Chartered Financial Analyst Level 3 exam is further below the ten-year average, and first-time candidates continue to have a higher pass rate than those who choose to postpone the exam. The CFA Association said on Thursday that in August, 48% of candidates passed the Level 3 exam, down from 49% in February, but up from 47% a year ago. According to historical pass rates, the 10-year average pass rate is 52%.

The pass rate for the Chartered Financial Analyst Level 3 exam is further below the ten-year average, and first-time candidates continue to have a higher pass rate than those who choose to postpone the exam. The CFA Association said on Thursday that in August, 48% of candidates passed the Level 3 exam, down from 49% in February, but up from 47% a year ago. According to historical pass rates, the 10-year average pass rate is 52%.