Achieve the highest distinction in the investment management profession – the CFA designation. The Chartered Financial Analyst® (CFA) credential is held by over 150,000 professionals around the world. The charter gives a strong understanding of advanced investment analysis and real-world portfolio management skills. The CFA Program is a self-study, graduate-level program divided into three levels of exams. Passing these exams is one step to becoming a CFA charterholder.

How to Earn the CFA Charter

Enroll in the CFA Program and register for an examThere are requirements to enroll in the CFA program.

  • Pass the Level I exam – Offered in June or December
  • Pass the Level II exam – Offered only in June
  • Pass the Level III exam – Offered only in June

Have four years of professional work experience in the investment decision-making processThis work experience can be accrued before, during, or after participation in the CFA Program. Join CFA Institute as a regular memberCandidates must become members in order to obtain their charter.

CFA Program

The Chartered Financial Analyst (CFA) credential is held by over 150,000 professionals around the world. The charter gives a strong understanding of advanced investment analysis and real-world portfolio management skills. The CFA Program is a self-study, graduate-level program divided into three levels of exams. Passing these exams is one step to becoming a CFA charterholder.

The CFA Program curriculum is offered in English only, like the exams. The curriculum is organized into three levels and each level is organized into 17–18 study sessions. Each study session includes assigned readings, learning outcome statements (LOS), and problem sets. All exam questions are based on the content in the corresponding curriculum for that level. Each exam question is based explicitly on one or more LOS. The CFA Program curriculum increases in complexity as you move through the three levels.

The increase in complexity can be demonstrated with the ethical and professional standards curriculum content. This content is similar for each exam level; however, candidates are asked different types of questions:

  • Level I tests your knowledge of the ethical and professional standards.
  • Level II tests how you apply those standards to situations analysts face.
  • Level III tests how you apply the standards in a portfolio management and compliance context.

CFA Requirements

To become a CFA candidate, you must enroll in the CFA Program before you can register for the Level I Exam.

  • Meet the education requirement in one of the following ways:
      1. Undergraduate education: A bachelor’s (or equivalent) degree or be in the final year of your bachelor’s degree program. You will have to complete your bachelor’s degree program in order to register for the Level II exam
      2. Work experience: Four years of professional work experience (does not have to be investment related), or
    1. A combination of professional work experience and education that totals at least four years. Part-time positions do not qualify, and the four-year total must be accrued prior to enrollment.
  • Have an international travel passportCFA Institute requires that every CFA Program candidate have a valid international travel passport to register and sit for the exam.
  • Be prepared to take the exams in EnglishThe CFA Program exams are only offered in English.
  • Meet the professional conduct admission criteriaAll candidates in the CFA Program must complete a Professional Conduct Statement form to attest that they are in compliance with this requirement.
  • Live in a participating countryThere are some countries that CFA Institute cannot work with. Be sure your country is not excluded from participation in the program.

Program Enrollment Fee

A one-time program enrollment fee is required when you register for your first Level I CFA Program exam. You must also pay the exam registration fee (see below for deadlines).

Program enrollment fee: USD 450

Exam Registration Fees and Deadlines

All registration deadlines end at 11:59 pm ET.

June 2019 Exam (Levels I, II, III)

Early registration fee USD 650 (ends 17 October 2018)
Standard registration fee USD 950 (ends 13 February 2019)
Late registration fee USD 1,380 (ends 13 March 2019)

December 2019 Exam (Level I)

Early registration fee USD 650 (ends 27 March 2019)
Standard registration fee USD 950 (ends 14 August 2019)
Late registration fee USD 1,380 (ends 11 September 2019)

How to do Registration

  • Visit the official website.
  • Register yourself.
  • In order to complete the exam registration process, you must submit all the required information and documents viz.
    • Education information,
    • Professional Conduct Statement,
    • Candidate’s electronic signature
    • The required fees.

To get complete information on registration process – click here.

Exam Details

LEVEL 1 : The Level I exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must attend both sessions.

  • Morning session (3 hours): 120 multiple choice questions, covering all topics
  • Afternoon session (3 hours): 120 multiple choice questions, covering all topics

The Level II exam has a total of 20 item set questions:

  • Morning session: 10 item set questions
  • Afternoon session: 10 item set questions

LEVEL 2 : On the Level II exam, you will have a total of 120 items (20 vignettes with 6 items each) compared to 240 multiple choice items on the Level I exam.

The Level II exam is worth 360 points, corresponding to the number of minutes on the exam. The 120 Level II items are equally weighted, 3 points each, with no penalty for incorrect answers.

On the Level II (and III) exams, some topics are covered in the morning session only and other topics are covered in the afternoon session only.

LEVEL 3 : The Level III exam consists of item set and constructed response (essay) questions:

  • Morning session: Constructed response (essay) questions (usually between 8 and 12 questions, each with several subparts) with a maximum of 180 points. (The point value for each question is provided in the exam book.)
  • Afternoon session: 10 item set questions

CIPM Program

The CIPM Program offers practice-based skills for investment performance and risk evaluation, manager selection, and communication of investment results.

Claritas Program

The Claritas Program offers anyone working in financial services a clear understanding of the investment industry and their role and responsibilities within it.

Official Website : www.cfainstitute.org

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