CFA®
- Offered by the CFA® Institute, USA
- Minimum time to pass all three exams: 1.5 years
- Average time: 4 years
- Recommended 250 Hrs of study for each exam level
- "CFA Charter holders" must pass three levels, possess a bachelors degree and 4 years of work experience
- When you sign up for the CFA® Program, you become a candidate irrespective of your work experience
Benefits of CFA designation
- Most recognized international designation for finance professional in the world
- CFA are regarded as an expert in finance by clients, recruiters and employers
- Especially useful in Investment Banking, Portfolio Management, Investment Research and Security Analysis
Structure of the exam
Level I exam is available in June and December each year. Level II and III exams are available in June each year.
The recommended preparation time is 250 hours for each level.
| Level | Style of Questions | Number of Questions | Duration of the exam |
|---|---|---|---|
| I | Multiple Choice | 240 | 6 hrs |
| II | Multiple choice vignette style | 120 | 6 hrs |
| III | 50% essay type, 50% multiple choice | 60 | 6 hrs |
| Topic Area | Level I | Level II | Level III |
|---|---|---|---|
| Ethical and Professional Standards (total) | 15 | 10 | 10 |
| Quantitative Methods | 12 | 5-10 | 0 |
| Economics | 10 | 5-10 | 0 |
| Financial Reporting and Analysis | 20 | 15-25 | 0 |
| Corporate Finance | 8 | 5-15 | 0 |
| Investment Tools (total) | 50 | 30-60 | 0 |
| Equity Investments | 10 | 20-30 | 5-15 |
| Fixed Income | 12 | 5-15 | 10-20 |
| Derivatives | 5 | 5-15 | 5-15 |
| Alternative Investments | 3 | 5-15 | 5-15 |
| Asset Classes (total) | 30 | 35-75 | 35-45 |
| Portfolio Management and Wealth Planning (total) | 5 | 5-15 | 45-55 |
| Total | 100 | 100 | 100 |
More about Level I Exam
- The questions are categorized as per the topic (Clear demarcation)
- There is no negative marking in the exam
- There are three answer options to each question
- A 70% score on the test would ensure a safe pass
- Two exams on the same day having questions from all topics
More about Level II Exam
- Emphasizes asset valuation and includes applications of the tools and inputs
- The Level II CFA® exam consists of 20 item sets (mini-cases): 10 on the morning session of the exam and 10 on the afternoon session
- Each item set on the CFA® exam consists of a vignette (or case statement) and six multiple choice items (questions).
- The length of a vignette ranges from about 1 page to 2.5 pages
- The longer vignettes include several tables of information (Typically from FSA, statistics, fixed-income)
Certification fee
Levels I, II, and III : Fee (program enrollment+ exam registration) varies from $1020 - $1435, with lower fee for early registrations. Returning candidates do not need to pay the program enrollment fee.
June 2010 CFA Exam Levels I, II, and III
Dec 2010 CFA Exam Level I
*A candidate pays the Program enrollment fees only once.
**The exam registration fees also include the complete curriculum and one mock exam per level.
Know More... | Payment deadlines | Program enrollment (new candidates only)* | + | Exam registration** | = | Total cost |
|---|---|---|---|---|---|
| 23 Sep 2009: | $400 | + | $620 | = | $1020 |
| 17 Feb 2010: | $400 | + | $710 | = | $1110 |
| 17 Mar 2010: | $480 | + | $955 | = | $1435 |
| Payment deadlines | Program enrollment (new candidates only)* | + | Exam registration** | = | Total cost |
|---|---|---|---|---|---|
| 17 Mar 2010: | $400 | + | $620 | = | $1020 |
| 24 Aug 2010: | $400 | + | $710 | = | $1110 |
| 15 Sep 2010: | $480 | + | $955 | = | $1435 |
Free Course Material
