How many exams will I have to take?
There are three sequential levels of exams - Level 1, 2 and 3. You have to pass one exam to move on to the next one. If you fail a level, you can retake the exam. There is no limit to the number of times you can take an exam.
What are the subjects covered?
There are 10 topic areas and each of this is covered in every level. The topic areas are: Ethics, Quantitative Methods, Economics, Financial Statement Analysis (FSA), Corporate Finance, Portfolio Management, Analysis of equity investments, Analysis of fixed income investments, Derivatives, and Alternative Investments. Each topic area is further divided into Study Sessions, each Study Session into Readings and each Reading into Learning Outcome Statements (‘LOS’).
What is the format for the exams?
Each exam includes morning and afternoon sessions. The Level I questions are all multiple choice. The questions are all multiple choice with 3 choices. The morning session covers all topics and has 120 questions with 1½ minutes each. The afternoon session also covers all topics and has another 120 questions with1½ minutes each.
The Level II questions are all item set (or "mini case") questions. The Level III exams contain essay questions in the morning session and item set questions in the afternoon session.
Are all topic areas equally important?
No. The CFA®I has assigned different levels of importance for each topic area, depending on the level. The topic areas and their exam weights are set out below:
Topic Area Weights Level 1 Level 2 Level 3
Ethical and Professional Standards 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
Equity Investments 10 20-30 5-15
Fixed Income Investments 12 5-15 10-20
Derivatives 5 5-15 5-15
Alternative Investments 3 5-15 5-15
Portfolio Management and
Wealth Plannning 5 5-15 45-55
Total 100 100 100
Do I have to take the exams in three years?
No. You do not have to complete the CFA® Program within a specified time frame, and there is no limit to the number of times you can take an exam. You do not need to repeat an exam level that you already have passed, regardless of the time that elapses between exams.
When are the exams held?
Exams are held in June (all levels) and December (Level I only)
If I pass the Level I exam in December, can I register for the Level II exam held the following June?
Yes. But remember that your preparation time will be shorter. It's important to consider your personal and professional demands before registering for an exam.
How do I prepare for the exams?
CFA® Institute (‘CFA®I’) recommends that you spend at least 250 hours preparing for each exam level. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background.
Where can I find a study guide?
CFA®I doesn't provide a printed study guide. All study materials for each level, including study sessions, readings, and assigned problems, are included in the CFA® Program curriculum.
Am I required to buy the CFA® Program curriculum?
The complete curriculum is included as part of the registration and will be sent to you by the CFA®I.
