(Bloomberg) -- The pass rate for the second level of the chartered financial analyst exam remained higher than the historic lows set last year, with Covid-19 testing disruptions continuing to wane.
In February, 44% of candidates passed the Level II exam, down from 46% in November and up from 29% in August, according to the CFA Institute. That’s slightly below the 10-year average pass rate of roughly 45% for that level.
The results show an improvement from historically low pass rates seen last year across all levels of the CFA exam. The institute cited coronavirus disruptions as a reason for the decline in success rates, but said conditions are improving.
“Most of our February test center locations proceeded as normal -- unaffected by pandemic-related cancellations,” Chris Wiese, managing director for credentialing at the institute, said in a statement Tuesday. “We’re pleased to see this reflected in the Level II pass rate, which remains back in line with historical norms.”
Nearly 11,700 candidates sat for the Level II exam in February, which was administered at 533 test centers around the world, the institute said. Last week, the association reported that Level I results also showed an improvement in pass rates, which trended closer to historic averages as 36% of candidates passed that level of the test.
Read more: CFA Level I Pass Rate Rises to 36% With Covid Disruptions Over