The number of mainland Chinese candidates in this year’s certified financial analyst (CFA) tests is up sharply this year amid rapid developments in China’s capital markets, the Hong Kong Economic Journal reported Monday.
There are 29,632 mainland candidates, up 16 percent from last year.
Of this number 9,626 are taking level 1 exams in June, up 24 percent, the report said, citing CFA Institute managing director Paul Smith.
However, Hong Kong candidates are down 1 percent to 6,280, although the number of level 1 takers is up 17 percent.
Level 1 is an entry-level CFA qualification.
Mainland China, the institute’s second largest market, has huge potential, Smith said.
Only 5 percent of money managers outside the United States hold a CFA qualification.
By comparison, the penetration rate in Hong Kong is 10 to 15 percent, he said.
Smith said Hong Kong has 6,000 CFAs with at least four years of experience, all of whom have completed all three exam levels, equivalent to a master’s degree in finance.
The institute’s long-term target is a 100 percent penetration rate in Hong Kong, he said.
Translation by Vey Wong
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