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.