Some of these changes are as follows: 1  The Church was no longer independent from the state. 2  They reached the end of feudalism. 3  The people of France gained rights and liberties, along with legal equality. 4  Women gained some power; mainly a voice for political and social rights.
The CFA Program includes a series of three exams; Levels I, II, and III. Are offered annually â at test centers around the world â on the first Saturday in June. The Level I exam is also offered in December.
(The CFA costs $2,300 altogether, including registration fees and test fees.). But the tests are tough. Last year, only 46% of people passed the tests â or 42% of Level I test takers, 46% of Level II test takers, and 54% of Level III test takers. Level I tends to have the lowest pass rate, Schacht said, because that's the stage where the amateurs are weeded out from the serious players.