The Chartered Financial Analyst (CFA) charter, long seen as a benchmark for investment professionals, is facing a decline in candidate participation. Data from the CFA Institute shows that only 116,727 candidates sat for the exams in the first eight months of 2024, down from 163,000 in 2023, and far below the 2019 peak of more than 270,000.

The chart above highlights this stark trend. After years of steady growth, registrations collapsed during the pandemic in 2020 and have struggled to recover ever since. Although pass rates have stabilized—currently around 46% after dropping to 22% in 2021—overall participation has yet to bounce back.

Regionally, China, once the fastest-growing market, has seen slowing demand following strict lockdowns and economic uncertainty. By contrast, India’s registrations have doubled since 2014 to over 31,600, helping offset some of the global decline, though not enough to restore peak levels.

CFA Institute CEO Margaret Franklin acknowledges these challenges, noting that structural shifts in asset management—such as the growth of passive investing and private capital—have reduced the CFA’s once essential role. Still, she stresses the charter remains highly respected, particularly for younger analysts starting out.

In response, the CFA Institute has diversified its offerings, adding certifications in ESG, climate finance, private markets, and wealth management, alongside modern exam content such as cryptocurrency case studies.

The CFA designation continues to carry prestige, but its future growth depends on adapting to new market realities while retaining the rigor that defines its value.