CFA Level 1 Results Are Out, And Most People Are Finding Out They Failed

Many young Wall Streeters are probably freaking this morning, and it's not because of the snow.

It's because the CFA (Chartered Financial Analyst) Level 1 test results are coming out.

The CFA Institute said it emailed out the results, which also became available on the institute's website at 9 a.m. ET. 

According to the CFA Institute, more than 44% of the 47,175 December test-takers passed Level 1. That's a higher pass rate than usual, but most of the test-takers still failed. 

Consisting of three levels, the CFA program is considered to be the hardest series of exams on Wall Street. Fewer than 20% of candidates pass all three tests on the first try. It takes about four years to complete the program.

The average test-taker spends about six months preparing, putting in about 20 hours a week to study the exam materials for each level. 

Congrats to those who passed! 

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