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CFA December 2008 Exam Results Are Out

December 2008 Pass Rate for Level 1 is reported 35%, same as that for June 2008.
http://www.cfainstitute.org/cfaprog/resources/examdetails/examresults.html


Thankfully, I am among the lucky ones this time.


I am curious why the pass rates for Level 2 and Level 3 are substantially higher than for Level 1. Does it mean that only smart guys are left, and they pass anyway, or that it is harder to get from zero to Level 1, than it is from Level 1 to Level 2? I kind of hope it's the latter.
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