Some of these changes are as follows: 1  The Church was no longer independent from the state. 2  They reached the end of feudalism. 3  The people of France gained rights and liberties, along with legal equality. 4  Women gained some power; mainly a voice for political and social rights.
The CFA Program includes a series of three exams; Levels I, II, and III. Are offered annually â at test centers around the world â on the first Saturday in June. The Level I exam is also offered in December.
CFA Exam Pass Rates Historical Trend. Note: since 2009 the Level 1 exam has been offered twice a year. The 2009-2012 rates shown above are average of the two exams within the same year. The 10-year weighted average CFA exam pass rates for Level 1 is 38% â itâs certainly not an easy exam to pass!