The pass rate for the second level of the chartered financial analyst exam surged past its historic average, marking a comeback from the dip caused by pandemic-related disruptions to test-taking.

In May, 52% of candidates passed the Level II test, up from a 44% success rate for those who sat for the exam in November and 40% in August, the CFA Institute said Thursday. That was the highest percentage since the 2020 test and before the Covid-19 crisis caused pass rates to plunge, and well above the 10-year average of roughly 45%.

“We see that the Level II pass rate continues to normalize from the depths of the pandemic as candidates’ study schedules get back on track,” Chris Wiese, managing director for education at the institute, said in a statement. “Over time we have seen that pass rate spikes do occur, and it’s nice to see more candidates making good progress through the CFA program.”

The latest results show a stark improvement from historically low pass rates across all levels of the CFA exam in 2021. Before 2020, when 55% of Level II candidates passed, the previous year when at least half of test-takers succeeded was 2005, when the pass rate was 56%, according to the institute.

Nearly 16,000 candidates sat for this May’s Level II exam, which was administered at 471 testing centers around the world. The institute historically offered the exam on paper, but transitioned to computer-based testing during the pandemic.