The regional make-up of CFA exam candidates highlights that the centre of gravity for wealth management and finance is moving eastward.

China has overtaken the US in the number of people taking CFA Institute exams, new figures show. Asia-Pacific is now the region with the most candidates entering these exams, highlighting how the global centre of gravity for financial services is shifting eastward.

Some 43 per cent of the 59,627 candidates who took the Chartered Financial Analyst Level 1 exam in December last year emerged with a pass, the CFA Institute said in a statement. The number of candidates entering the exams rose by 14 per cent compared with the level in 2015.

Globally, China surpassed the US, with 14,181 exam-takers versus 12,187 candidates in the US. India was third, with 6,357 candidates.

Aside from China and India, the largest number of candidates in Asia-Pacific came from Australia (2,387), Hong Kong (2,210) and Singapore (1,577). Successful candidates progress to Level II of the CFA Program.

Asia-Pacific (30,569 candidates) continued to be the largest source of candidates, accounting for 51 per cent of all candidates in the December 2016 exam. 

The results come at a time when there continues to be discussion around the need for more qualified financial advisors to help people deal with intergenerational wealth transfer and more complex financial markets. This news organisation has a list of courses for wealth management professionals. (See here.) To view a recent article about a top-level appointment at the CFA Institute, click here.