CFA is an American Certification awarded by the CFA Institute USA. CFA designation is a mark of distinction that is globally recognized by employers, investment professionals and investors as the definitive standard to measure serious investment professionals.
The curriculum is divided into four major areas:
• Ethical and professional standards
• Tools and inputs for investment valuation and management
• Asset valuation
• Portfolio management

Who can do?

Most common occupations of CFA charter holders:

• CEO • Investment Counselor
• Chief Investment Officer • Investment Firm Manager
• Equity Analyst • Portfolio Manager
• Fixed Income Analyst • Portfolio Strategist
• Investment Banker • Sales/Marketing Professional

Eligibility Requirements:
  • Anyone with a U.S. bachelor’s degree (or equivalent) or
  • in the final year of bachelor’s degree program at the time of registration
  • have four years of qualified, professional work experience
  • have a combination of work and college experience that totals at least four years.

Course Outline

TOPIC AREA LEVEL I LEVEL II LEVEL III
Ethics & Professional Standards 15% 10-15% 10-15%
Quantitative Methods 12% 2018
10% 2019
5-10% 0
Economics 10% 5-10% 5-10%
Financial Reporting & Analysis 20% 2018
15% 2019
15-20% 2018
10-15% 2019
0
Corporate Finance 7% 2018
10% 2019
5-15% 2018
10% 2019
0
Equity Investments 10% 2018
11% 2019
15-25% 2018
10-15% 2019
5-15% 2018
10-15% 2019
Fixed Income 10% 2018
11% 2019
10-20% 2018
10-15% 2019
10-20% 2018
15-20% 2019
Derivative Investments 5% 2018
6% 2019
5-15% 2018
5-10% 2019
5-15% 2018
5-10% 2019
Alternative Investments 4% 2018
6% 2019
5-10% 5-15%
Portfolio Management & Wealth Management 7% 2018
6% 2019
5-10% 2018
5-15% 2019
40-55% 2018
35-40% 2019

Exam Format

CFA (USA) Level-I CFA (USA) Level-II CFA (USA) Level-III
240 Multiple Choice Questions – 120 in Morning Session of Exam and 120 in Afternoon Session of Exam 20 Item Set Questions – 10 in Morning Session of Exam and 10 in Afternoon Session of Exam 10-15 Essay Questions in Morning Session of Exam and 10 in Afternoon Session of Exam

Exam Duration

CFA (USA) Level-I CFA (USA) Level-II CFA (USA) Level-III
There are 2 sessions of 3 hours each on exam day. There are 2 sessions of 3 hours each on exam day. There are 2 sessions of 3 hours each on exam day.

Exam Dates

CFA (USA) Level-I CFA (USA) Level-II CFA (USA) Level-III
Offered in June & December Only Offered in June Only Offered in June Only

Exam Fee

• CFA candidates pay one time initial enrollment fee but in addition to that they are required to pay exam registration fee. CFA has different exam fee according to the dates. We encourage you to visit the official website of the CFA Institute www.cfainstitute.org

• Program enrollment fee: USD 450‡

Early registration fee USD 650
Standard registration fee USD 950
Late registration fee USD 1,380‡

Exam Location

CFA® Program exams are offered in over 170 cities in June and over 70 cities in December, at testing facilities around the world. The June exam is usually offered at test centers located in the cities below. CFA Institute will assign a test center to you taking into account your requested exam location based on availability.