(Bloomberg) -- The pass rate for the final level of the chartered financial analyst exam stayed below the decade average, while first-time test takers had a higher success rate than those who chose to delay testing.

In February, 49% of candidates passed the Level III test, up from 47% for those who sat for the exam in August and just above the 48% of passers in February of 2023, the CFA Institute said Thursday. Still, the results remain below the 52% average for the past decade, according to historic pass rates. 

The institute also broke down the difference between those who took the exam for the first time versus those who took it after studying and delaying their exam for various reasons, including Covid or other disruptions. First-time testers scored above the average pass rate, at 56%, while those who had deferred the exam had an average passing rate of 36%, the institute said in a statement. Level I test-takers showed similar divergence in their success rate based on deferrals.

“We again urge all candidates to try to remain on track to give yourself the best chance for success,” Chris Wiese, managing director for education at the institute, said.

The latest results show an improvement from historically low pass rates across all levels of the CFA exam set in 2021. Almost 14,000 candidates sat for the Level III exam in February, which was administered at 448 testing centers around the world. Historically, the institute offered the exam on paper, but transitioned to computer-based testing during the pandemic. 

To become a charter holder, a candidate must pass all three exams and meet certain work-experience requirements. Last week, Level I candidates got their results, with a 44% success rate for those who took the exam in February, up from 35% in the previous testing period.

Read More: CFA Level 1 Pass Rate Rises to 44%, Above Historic Average

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