The CFA Institute announced Tuesday that of the 26,882 candidates that sat for the Level III CFA exam in June, 54% successfully passed, paving the way to become CFA charterholders.

That pass rate is slightly above the 10-year average of 53%, but four percentage points lower than the historical average rate of 58% since the inception of the CFA program in 1963.

Level I and II pass rates in June were both in line with their long-term averages and slightly higher than the 10-year averages.

The CFA Institute will eclipse a milestone in December when the number of exams administered since its inception will top 2 million.