India came third in the number of candidates who took the CFA or Chartered Financial Analyst exam in June, organizers said.
Of the 125,443 candidates who sat for the exams globally, 10,651 were from India, CFA Institute said. A total of 57,476 candidates passed the exams.
Only the United States (30,715) and China (21,057) had more candidates taking the exams.
To earn the CFA charter, candidates must sequentially pass three six-hour exams that are widely considered to be the most rigorous in the investment profession and accrue four years of relevant work experience.
The Level-I exam is offered twice every year, and the Level-II and Level-III exams are offered once each year. On an average, candidates report spending in excess of 300 hours of study to prepare for each level. CFA candidates typically take four years to pass the three required exams.
CFA Institute has more than 1,400 charterholders in India who work in prominent firms, including SBI Mutual Fund, The World Bank, Reliance MF, HP Financial Services, Barclays, IDFC, HSBC, KPMG, PwC, EY, Deloitte and DSP Black Rock to name a few.
Asia-Pacific was the largest source of candidates, with 52,740 exam takers, accounting for 42 per cent of the total.
Mumbai was the center with the highest number of applicants at 4,321, followed by New Delhi (2,668) and Bengaluru (1,257).
“We have seen strong growth in the demand for high caliber investment professionals in India,” said Vidhu Shekhar, CFA, Country Head, India for CFA Institute.
“The growth in our membership and candidate numbers reflects this trend. The investment management industry needs qualified professionals to manage client portfolios and provide good investment advice. CFA has long been the global standard credential for investment management, and we congratulate the candidates in India who have passed any of the three levels to take a step towards becoming part of this global community.”
Since opening its first India office in Mumbai earlier this year, CFA Institute and Indian Association of Investment Professionals (IAIP), the India CFA Society, have partnered with investment industry associations such as National Securities Depository Limited (NSDL) and Indian Private Equity & Venture Capital Association (IVCA) to promote investor rights and private equity investments as a key to healthy economic growth.
“Investors have the right to be served by ethical professionals who act as stewards of their investments,” said Paul Smith, CFA, president and CEO, CFA Institute.
“As professionals and through their dedication and commitment to the CFA Program and the CFA Institute code of ethics, today’s successful candidates join us in our pursuit to build professionalism, raise standards, and prove the value of the investment profession. If we all work together to nurture a culture of ethical behavior, investor protection, and market integrity, we can make a difference.”