The largest exam in the world got even larger this year as a record 86,421 candidates for the Chartered Financial Analyst credential prepare to put months of studying to the test. Thousands of candidates will converge this Saturday on 210 exam sites in 74 countries and territories to test their knowledge of investment analysis and professional ethics.

The annual test is believed to be the world’s largest simultaneously administered professional examination. Among other requirements, those hoping to attain the CFA charter must pass three levels of rigorous six-hour examinations over at least three years on subjects ranging from asset valuation to financial statement analysis to economics, portfolio management and professional ethics. In preparation, they each study on average more than 250 hours for each exam. The test format is cases, essay, multiple-choice and “item set” questions.

Despite its rigor, the CFA designation is one of the fastest-growing credentials in the world, according to Thomas A. Bowman, CFA, president and chief executive officer of the Association for Investment Management and Research, the global professional association that oversees the CFA program and administers the exams.

The demand for the CFA designation continues to be strong in Europe and Asia, says Bowman. One of the most significant increases is in South Korea, up an astonishing 50% since the 2000 exam to more than 3,200 candidates. This gives the country 60 times more candidates than current CFA charterholders. High-growth regions include Europe, up 42% over 2000 to more than 10,000 candidates; Asia, up 32% since last year to more than 21,000 candidates; and Africa, up 31% since last year to more than 2,300 candidates.

There are more than twice as many candidates registered for the 2001 exam as there are existing CFA charterholders. More than 37,000 investment professionals from 97 countries and territories currently hold the CFA charter, 4,800 of whom earned the designation in 2000.