More than 8,000 Canadians wrote CFA exams in June, and 47% of the candidates passed, the CFA Institute announced on Tuesday.

The institute reported that 8,229 Canadians wrote various levels of exams in pursuit of the Chartered Financial Analyst designation in June, up from 7,768 in June 2008. This year’s pass rate represented an increase from 41% of candidates last year.

Around the world, 45% of 104,111 CFA candidates passed the June 2009 exams, up from 42% of 92,081 candidates in June 2008.

Europe was the only region with a higher success rate than Canada, where 50% of the 17,860 candidates passed. In the United States, 47% of the 29,021 candidates passed.

“We are encouraged by the number of investment professionals who have committed themselves to this rigorous program,” said John Rogers, president and CEO of the CFA Institute. “We believe that financial education and professional ethics training, which are at the heart of the CFA program, are cornerstones of future financial market stability. It is gratifying to see this strong level of demand for the CFA charter.”

The process of earning the charter involves three six-hour exams. In June, the Level I global pass rate was 46%, the Level II global pass rate was 41%, and of the 19,436 individuals who wrote the third and final exam, 49% passed.

In the wake of a more challenging economic environment than in previous years, the institute observed a greater sense of candidate preparedness and seriousness, according to Tom Robinson, managing director of education at CFA Institute.

“In a tight job market, having the CFA charter is a significant distinguishing factor, and we saw much lower no-show rates for Level I of the exam, which indicates how serious candidates are about their careers,” Robinson said.

Those who passed the Level III exam will begin receiving their CFA charters in early October 2009, provided that they also have completed the minimum work-experience requirement of four years in the investment industry, signed a commitment to abide by the CFA Institute’s code of ethics, apply to a CFA Institute society, and become a member of CFA Institute.

IE