<Li> Become a member of the CFA Institute </Li> <Li> Adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct . </Li> <P> Independent of any other requirements for becoming a charterholder, the CFA Program takes an average of four years for candidates to complete . </P> <Table> <Tr> <Th> Year </Th> <Th> Level 1 </Th> <Th> Level 2 </Th> <Th> Level 3 </Th> </Tr> <Tr> <Td> 2018 Pass% </Td> <Td> 43% / x </Td> <Td> 45% </Td> <Td> 56% </Td> </Tr> <Tr> <Td> 2017 Pass% </Td> <Td> 43% / 43% </Td> <Td> 47% </Td> <Td> 54% </Td> </Tr> <Tr> <Td> 2016 Pass% </Td> <Td> 43% / 43% </Td> <Td> 46% </Td> <Td> 54% </Td> </Tr> <Tr> <Td> 2015 Pass% </Td> <Td> 42% / 43% </Td> <Td> 46% </Td> <Td> 53% </Td> </Tr> <Tr> <Td> 2014 Pass% </Td> <Td> 42% / 44% </Td> <Td> 46% </Td> <Td> 54% </Td> </Tr> <Tr> <Td> 2013 Pass% </Td> <Td> 38% / 43% </Td> <Td> 43% </Td> <Td> 49% </Td> </Tr> <Tr> <Td> 2012 Pass% </Td> <Td> 38% / 37% </Td> <Td> 42% </Td> <Td> 52% </Td> </Tr> <Tr> <Td> 2011 Pass% </Td> <Td> 39% / 38% </Td> <Td> 43% </Td> <Td> 51% </Td> </Tr> <Tr> <Td> 2010 Pass% </Td> <Td> 42% / 36% </Td> <Td> 39% </Td> <Td> 46% </Td> </Tr> <Tr> <Td> 2009 Pass% </Td> <Td> 46% / 34% </Td> <Td> 41% </Td> <Td> 49% </Td> </Tr> <Tr> <Td> 2008 Pass% </Td> <Td> 35% / 35% </Td> <Td> 46% </Td> <Td> 53% </Td> </Tr> <Tr> <Td> 2007 Pass% </Td> <Td> 40% / 39% </Td> <Td> 40% </Td> <Td> 50% </Td> </Tr> <Tr> <Td> 2006 Pass% </Td> <Td> 40% / 39% </Td> <Td> 48% </Td> <Td> 76% </Td> </Tr> <Tr> <Td> 2005 Pass% </Td> <Td> 36% / 34% </Td> <Td> 56% </Td> <Td> 55% </Td> </Tr> <Tr> <Td> 2004 Pass% </Td> <Td> 34% / 36% </Td> <Td> 32% </Td> <Td> 64% </Td> </Tr> <Tr> <Td> 2003 Pass% </Td> <Td> 42% / 40% </Td> <Td> 47% </Td> <Td> 68% </Td> </Tr> <Tr> <Td> 2002 Pass% </Td> <Td> 44% </Td> <Td> 47% </Td> <Td> 58% </Td> </Tr> <Tr> <Td> 2001 Pass% </Td> <Td> 49% </Td> <Td> 46% </Td> <Td> 82% </Td> </Tr> <Tr> <Td> 2000 Pass% </Td> <Td> 52% </Td> <Td> 54% </Td> <Td> 65% </Td> </Tr> <Tr> <Td> 1999 Pass% </Td> <Td> 64% </Td> <Td> 54% </Td> <Td> 59% </Td> </Tr> <Tr> <Td> 1998 Pass% </Td> <Td> 59% </Td> <Td> 62% </Td> <Td> 59% </Td> </Tr> <Tr> <Td> 1997 Pass% </Td> <Td> 53% </Td> <Td> 59% </Td> <Td> 59% </Td> </Tr> <Tr> <Td> 1996 Pass% </Td> <Td> 53% </Td> <Td> 65% </Td> <Td> 64% </Td> </Tr> <Tr> <Td> 1995 Pass% </Td> <Td> 51% </Td> <Td> 46% </Td> <Td> 70% </Td> </Tr> <Tr> <Td> 1994 Pass% </Td> <Td> 48% </Td> <Td> 48% </Td> <Td> 73% </Td> </Tr> <Tr> <Td> 1993 Pass% </Td> <Td> 55% </Td> <Td> 56% </Td> <Td> 76% </Td> </Tr> <Tr> <Td> 1992 Pass% </Td> <Td> 59% </Td> <Td> 64% </Td> <Td> 82% </Td> </Tr> <Tr> <Td> 1991 Pass% </Td> <Td> 62% </Td> <Td> 54% </Td> <Td> 75% </Td> </Tr> <Tr> <Td> 1990 Pass% </Td> <Td> 60% </Td> <Td> 63% </Td> <Td> 75% </Td> </Tr> <Tr> <Td> 1989 Pass% </Td> <Td> 54% </Td> <Td> 64% </Td> <Td> 79% </Td> </Tr> <Tr> <Td> 1988 Pass% </Td> <Td> 55% </Td> <Td> 60% </Td> <Td> 71% </Td> </Tr> <Tr> <Td> 1987 Pass% </Td> <Td> 58% </Td> <Td> 64% </Td> <Td> 72% </Td> </Tr> <Tr> <Td> 1986 Pass% </Td> <Td> 59% </Td> <Td> 64% </Td> <Td> 77% </Td> </Tr> <Tr> <Td> 1985 Pass% </Td> <Td> 60% </Td> <Td> 74% </Td> <Td> 73% </Td> </Tr> <Tr> <Td> 1984 Pass% </Td> <Td> 58% </Td> <Td> 61% </Td> <Td> 81% </Td> </Tr> <Tr> <Td> 1983 Pass% </Td> <Td> 65% </Td> <Td> 65% </Td> <Td> 64% </Td> </Tr> <Tr> <Td> 1982 Pass% </Td> <Td> 59% </Td> <Td> 68% </Td> <Td> 73% </Td> </Tr> <Tr> <Td> 1981 Pass% </Td> <Td> 61% </Td> <Td> 85% </Td> <Td> 74% </Td> </Tr> <Tr> <Td> 1980 Pass% </Td> <Td> 63% </Td> <Td> 77% </Td> <Td> 86% </Td> </Tr> <Tr> <Td> 1979 Pass% </Td> <Td> 63% </Td> <Td> 84% </Td> <Td> 88% </Td> </Tr> <Tr> <Td> 1978 Pass% </Td> <Td> 64% </Td> <Td> 85% </Td> <Td> 75% </Td> </Tr> <Tr> <Td> 1977 Pass% </Td> <Td> 63% </Td> <Td> 81% </Td> <Td> 78% </Td> </Tr> <Tr> <Td> 1976 Pass% </Td> <Td> 72% </Td> <Td> 74% </Td> <Td> 84% </Td> </Tr> <Tr> <Td> 1975 Pass% </Td> <Td> 70% </Td> <Td> 75% </Td> <Td> 84% </Td> </Tr> <Tr> <Td> 1974 Pass% </Td> <Td> 70% </Td> <Td> 74% </Td> <Td> 84% </Td> </Tr> <Tr> <Td> 1973 Pass% </Td> <Td> 60% </Td> <Td> 57% </Td> <Td> 65% </Td> </Tr> <Tr> <Td> 1972 Pass% </Td> <Td> 64% </Td> <Td> 77% </Td> <Td> 73% </Td> </Tr> <Tr> <Td> 1971 Pass% </Td> <Td> 61% </Td> <Td> 74% </Td> <Td> 80% </Td> </Tr> <Tr> <Td> 1970 Pass% </Td> <Td> 66% </Td> <Td> 77% </Td> <Td> 61% </Td> </Tr> <Tr> <Td> 1969 Pass% </Td> <Td> 74% </Td> <Td> 78% </Td> <Td> 68% </Td> </Tr> <Tr> <Td> 1968 Pass% </Td> <Td> 70% </Td> <Td> 75% </Td> <Td> 77% </Td> </Tr> <Tr> <Td> 1967 Pass% </Td> <Td> 71% </Td> <Td> 89% </Td> <Td> 90% </Td> </Tr> <Tr> <Td> 1966 Pass% </Td> <Td> 77% </Td> <Td> 66% </Td> <Td> 83% </Td> </Tr> <Tr> <Td> 1965 Pass% </Td> <Td> 85% </Td> <Td> 78% </Td> <Td> 91% </Td> </Tr> <Tr> <Td> 1964 Pass% </Td> <Td> 79% </Td> <Td> 94% </Td> <Td> 95% </Td> </Tr> <Tr> <Td> 1963 Pass% </Td> <Td> - </Td> <Td> - </Td> <Td> 94% </Td> </Tr> <Tr> <Td> Overall Pass% </Td> <Td> 42% </Td> <Td> 46% </Td> <Td> 57% </Td> </Tr> <Tr> <Td> Last 10 years' (2009 - 2018) Pass% </Td> <Td> 41% </Td> <Td> 44% </Td> <Td> 52% </Td> </Tr> </Table>

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