The organisation has reported results of exams taken by financial industry professionals around the world.

The largest hotel in Las Vegas could be filled more than twice over by the number of investment professionals who recently passed the CFA Institute’s Level III examination in June this year, with a pass rate of 53 per cent out of a total of 27,468 candidates.

The 14,664 successful candidates will become CFA charterholders in early October pending experience and membership requirements.

In addition, of 46,841 candidates who took the Level II exam, 46 per cent were successful and of 51,134 candidates who took the Level I exam, the pass rate was 42 per cent. Globally, 57,476 candidates passed Levels I, II, and III, with the overall pass rate for all three levels at 46 per cent. The institute says the rigour of the course is demonstrated by the fact that less than one in five candidates who begin the programme complete it.

The latest announcement comes at a time when development of talent in the world’s wealth management industry remains an important issue, as firms seek to grow more skilled professionals in-house rather than poach from rivals.

To earn the CFA charter, candidates must sequentially pass three six-hour exams. The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income and alternative investments; derivatives; portfolio management; and wealth planning.  

The Level I exam is offered twice per year, and the Level II and Level III exams are offered once each year. The Level I exam consists of multiple-choice questions. Level II is composed of item sets (i.e., mini cases with detailed vignettes), and the Level III questions are 50 per cent item set and 50 per cent short answer and essay. On average, candidates spend in excess of 300 hours of study to prepare for each level. CFA candidates typically take four years to pass the three required exams.

The 2015 exams were given in 263 test centers in 196 cities, across 90 countries worldwide. Markets with the largest number of candidates that took the CFA exam are the US (30,715), China (21,057), India (10,651), Canada (10,651), the United Kingdom (8,746), Hong Kong (5,189), and Singapore (3,193).

CFA Institute has more than 125,000 charterholders worldwide.