once again performed better than the international average pass rate.

Fifty-one local residents sat at least one of the three different parts of the CFA designation, which is recognised as the standard of professional and academic excellence in the investment business.

The CFA results locally were: Level I, 24 candidates sat, 13 passed; Level II, 12 candidates sat, seven passed; Level III, 15 candidates sat, 13 passed.

The only part for which the exam rate in Bermuda (54 percent) was lower than the international rate (55 percent) was for Level I.

The local pass rate for Level II was 58 percent, compared with an overall rate of 56 percent; and, more impressively, 87 percent of local candidates passed Level III, compared with an overall rate of 76 percent.

It was the first time more than 50 people on the Island had written CFA papers and that more than ten had achieved the CFA designation, said Mr. Jamsheed Khan, president of the Bermuda Society of Financial Analysts.

The BSFA is affiliated with the Association for Investment Management and Research, of Virginia, which runs the CFA exams all over the world.

Worldwide, nearly 13,000 candidates in 42 countries were tested on June 5, 1993.

Mr. Khan, who is manager of research at the Bermuda Monetary Authority, said: "Bermuda has consistently performed above the international pass rate.

"A few years ago Singapore joined the scheme and it was stated that, on a per capita basis, Singapore had more CFAs than anyone with a ratio of one CFA in 10,000 people.

"However, since 1984, Bermuda has graduated 42 CFAs and, unofficially, I believe that there is no doubt that the Island now has the highest concentration of CFAs anywhere in the world.'' The BSFA, which was formed in December, 1988, is growing quickly and now has 53 members, he said.

The organisation's primary role is to provide education facilities for CFA candidates.

Its other roles included participating in recent discussions on the investment industry which were implemented by the Bermuda Monetary Authority.

Mr. Jamsheed Khan.