Celestin Pepin: Qualifying as a Chartered Financial Analyst

Celestin Pepin is a certified chartered financial analyst (CFA) and a graduate of the University of St. Gallen. This article will take a closer look at the role of CFA and the qualifications required to study under the CFA Program.

CFA is a globally recognized professional designation awarded by the CFA Institute, a global organization that assesses and certifies the integrity and competence of financial analysts. To qualify as a CFA, candidates must pass three levels of exams covering economics, accounting, money management, security analysis, and ethics. Between 1963 and 2025, over 3.9 million candidates sat the CFA exams, with an overall pass rate of 45%.

To be eligible to sit the CFA exams, candidates must have a bachelor’s degree plus a minimum of 4,000 hours of relevant professional experience accumulated over a minimum of three years. Passing the CFA exams requires strong discipline, as well as an extensive amount of studying. Globally, there are over 200,000 CFA charterholders across 164 countries today.

One of the most respected qualifications in finance, the CFA charter is widely recognized as the gold standard in the field of investment analysis. The designation is awarded by the CFA Institute, a global nonprofit professional body comprising more than 200,000 charterholders, portfolio managers, and financial professionals. The CFA Institute’s mission is to promote and develop high levels of education, ethical, and professional standards across the international investment industry.

Passing the CFA Program exams requires a considerable amount of study and discipline. The Level I exam is staged four times each year in February, May, August, and November, while the Level II exam is staged three times, in May, August, and November. The Level III CFA Program exam is staged twice annually, in February and August. Candidates can sit each level of exams as many times as necessary. Each exam demands somewhere in the region of 300 hours of study. Given the significant investment of time required, many candidates are deterred from continuing the CFA Program should they fail one of the levels.

The CFA Program exams are challenging, with an average pass rate of 45% between 1963 and 2025. Having a plan in place and the self-discipline to follow it through is critical to success in all three exams. 2019 saw the most test takers to date, followed by a sharp decline during the COVID-19 pandemic, from which numbers have yet to rebound.

Operating 400 test centers globally today, the CFA Institute has been steadily adding to its testing locations, particularly in Asia, where it has seen a significant increase in demand. Renowned as one of the most difficult financial certifications to obtain, the CFA charter is a globally recognized, widely respected professional qualification that requires a considerable commitment of time and study to accomplish. Successful candidates take approximately four years, on average, to earn the designation.

Research suggests that CFA charterholders typically earn more than counterparts who have not completed the program. According to the 300Hours test prep provider, CFA charterholders earn 57% more than Level I candidates, on average.

Globally recognized and respected, the financial designation of CFA can be a valuable accreditation for candidates who are willing to invest a significant amount of time, effort, and resources. The CFA Program helps professionals to capitalize on their strengths, supercharging their education and work experience, bestowing a designation that will tell the world they have the skills necessary to thrive in today’s complex and rapidly evolving investment industry. The gold standard for investment companies, the CFA charter provides the strongest foundation in investment, financial analysis, and real-world portfolio management.