Are declining CFA pass rates driven by monetary gain?
The CFA Level I and II pass rates for this year are great, but they used to be a lot higher. In fact, generally after each CFA exam, there will be a general rumbling of dissent on another low pass rate.
An extremely popular theory among candidates is that this is financially motivated. Low pass rates mean that candidates have to take the exam again, resulting in more revenue for the CFA Institute. Right?
Let's explore this theory and see if it holds water.