The Secular Bear Market In CFA Level III Pass Rates Has Entered Its 51st Year

Results for the notoriously difficult Chartered Financial Analyst (CFA) Level III exam are out.

And only 49% of candidates passed.

The curriculum, which consists of three levels, is widely considered to be the most difficult to attain by finance professionals (and it has its share of unbelievable horror stories).

Fewer than 20% of candidates pass all three exams on the first go, and the average person takes four years to finish all three.

This year, the pass rate dropped below 50% for the first time since 2010.

As finance as a field has grown, so too has the number of test-takers. But it appears the test has been getting harder to pass since its inception in 1963. Here's the historical pass rate.