(Bloomberg) -- The pass rate for the first level of the chartered financial analyst exam remained above its historic average, though test-takers who delayed their exam continued to have a much lower success rate.

Most Read from Bloomberg

In August, 44% of candidates passed the Level I test, down from 46% for those who sat for the exam in May, and the same for those who took it in February, the CFA Institute said Tuesday. That's above the 40% average for the past decade and has recovered since the lows from 2021, when exam performance was hurt by test-taking deferrals following the Covid-19 pandemic.

The institute also broke down the difference between those who took the exam for the first time versus those who took it after delaying their exam. First-time testers scored significantly above the average pass rate, at 50%, while those with at least one deferral had an average pass rate of 29%, the institute said in a statement. Those results mirror the trend seen in other levels of the exam, which shows a lower success rate among candidates who put off their tests.

"Our exam results analysis consistently shows the significant statistical impact of deferring an exam," said Chris Wiese, managing director for education at the institute, encouraging candidates to stick to a schedule and maintain their study habits.

The CFA is offered several times a year and can lead to new job opportunities and higher salaries in the finance industry. Nearly 25,000 candidates sat the Level I exam in August, which was administered at 486 testing centers around the world. Historically, the institute offered the exam on paper, but transitioned to computer-based testing during the pandemic.

Those who took Level II of the exam in August are scheduled to receive their results later this week, the institute said, while Level III test-takers will receive their results on Oct. 17.