(Bloomberg) -- The pass rate for the first level of the chartered financial analyst exam jumped above its historic average to 46% — though test takers who’d already delayed their exam had a much lower success rate.

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In May, 46% of candidates passed the Level I test, up from 44% for those who sat for the exam in February and 35% in November, the CFA institute said Wednesday. That’s above the 40% average for the past decade, and the lowest pass rate in 2021 when exam performance was first hurt by test-taking deferrals following the Covid-19 outbreak.

The institute also broke down the difference between those who took the exam for the first time versus those who took it after delaying their exam for various reasons, including Covid disruptions. First-time testers scored significantly above the average pass rate, at 53%, while those who had deferred the exam had an average passing rate of 27%, the institute said in a statement.

“Our latest exam results analysis shows again that choosing to defer an exam impacts candidates’ chances for success,” said Chris Wiese, managing director for education at the institute. “As we have in the past, we urge candidates to try to stay on schedule when at all possible.”

The CFA is offered several times a year and can lead to new job opportunities and higher salaries in the finance industry. The Level I exam administered in February was the first time candidates had access to an updated curriculum, which the institute says is designed to make learning more efficient and provides more opportunities for practice.

More than 21,000 candidates sat the Level I exam in May, which was administered at 486 testing centers around the world. Historically, the institute offered the exam on paper, but transitioned to computer-based testing during the pandemic.

Those who took Level II of the exam in May are scheduled to receive their results next week, the institute said.

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