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Investment professionals in the CFA Program share their experiences preparing for the CFA Exam.
Final deadline for new CFA enrollments and exam registrations to be received:
- June 2010 Exam: March 17, 2010
- December 2010 Exam: TBA
Examination admission ticket available on the CFA Institute website:
- June 2010 Exam: Late April 2010
- December 2010 Exam:
Late October 2010
Examination day:
- June 2010 Exam: June 5, 2010, (June 6, 2010, in Eastern Asia/Oceania)
- December 2010 Exam: December 4, 2010 (December 5, 2010, in Eastern Asia/Oceania)
Exam results available online:
- June 2010 Exam:
Level 1 - Late July 2010,
Levels 2 and 3 - Late August 2010 - December 2010 Exam: January 2011
Follow this link to view the most current dates associated with your CFA Exam testing cycle.
The CFA Program includes three high-stakes examinations (Levels 1, 2, and 3). Each exam level is held annually in June and must be taken in succession. Level 1 is also offered in December.
A minimum of 250 hours of preparation per CFA Exam level is recommended, although some candidates will need more time (or less) depending on their individual backgrounds and experience.
As a new candidate, be sure to click on this Testing Policies link and read all of the testing policies set forth by the CFA Institute.
About the CFA® Program
The CFA designation is the pinnacle of financial professionalism, and the path to achieving it is a challenging process. There are many questions to consider before you begin preparing for the CFA Exam, including:
- What is the CFA Program?
- What financial concepts will I learn?
- What is the time commitment?
- How are the concepts tested?
- When and how do I register for the exam?
- What are the best review tools available to me?
Here we provide you with a summary of answers to these and other questions about the CFA Program, beginning with a brief overview.
Visit www.cfainstitute.org/cfaprogram/Pages/ for complete details of the CFA Program
CFA Program Overview
The CFA Program, administered by CFA Institute, sets the global standard for investment industry knowledge and ethical behavior. CFA Institute determines the curriculum, administers the exam, and awards the charter. Known as the "gold standard" amongst financial industry professionals, the CFA charter is recognized as a significant benchmark within the financial community.
The CFA Program consists of a series of three examinations (Levels 1, 2, and 3) that must be taken in succession, and are offered only once annually in June, with the exception of Level 1 candidates who also have the option of sitting for the exam in December.
A minimum of 250 hours of preparation per CFA exam level is recommended, although some candidates will need more time (or less) depending on their individual backgrounds and experience. There is no limit to the number of times you can take each exam, and you can take as much time as you need to complete the program.
The CFA curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.
The CFA Candidate Body of Knowledge™
The Learning Outcomes Statements and core concepts in the CFA Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Level 1 candidates will concentrate on the tools and concepts related to investment valuation, portfolio management, as well as an overview of how these processes fit within the guidelines of the CFA Institute Code of Ethics and Standards of Professional Conduct.
Level 2 candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level 1 curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.
Level 3 candidates are required to demonstrate a higher level of understanding of the materials tested at Levels 1 and 2, as well as display effective knowledge of the entire portfolio management process.
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CFA Program Candidate Body of Knowledge™ (CBOK)
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| Ethical and Professional Standards | |
| Investment Tools | |
| Quantitative Methods | Financial Statement Analysis |
| Asset Valuation | |
| Analysis of Equity Investments | Analysis of Derivatives |
| Analysis of Fixed Income Investments | Analysis of Alternative Investments |
| Portfolio Management | |
CFA Exam Formats
Level 1
The Level 1 examination is comprised of 240 multiple-choice questions that are equally weighted but divided into two sessions, morning and afternoon (120 multiple-choice questions per session).
Level 2
The Level 2 examination consists of a total of 120 items that are divided into 20 equally weighted item sets (10 item sets per session). Each item set contains a vignette (with an average length of 1.5 pages) as well as six multiple-choice questions.
Level 3
The Level 3 examination contains 12 to 15 essay questions in addition to 10 item sets. Essay questions may have multiple parts, and item sets include six multiple-choice questions.
Click here for complete details about each level of the CFA Exam.
Candidate Eligibility Requirements
To be eligible to enter the CFA Program, you must:
- Hold a U.S. bachelor's (or equivalent) degree, be in the final year of your bachelor's degree program, or have four years of qualified, professional work experience or a combination of work and college experience that totals at least four years
- Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
- Be prepared to take the exams in English
Learn more at www.cfainstitute.org
Enroll and Register in the CFA Program
To enter into the CFA Program, candidates must pay a one-time registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
Follow this link to enroll and register online.
To obtain a printed version of the CFA Program enrollment and registration forms in the mail, call CFA Institute's Information Central Department at: (800) 247-8132 or (434) 951-5499 or email info@cfainstitute.org.
CFA Exam Fees
CFA Exam fees range from $600 to $1,395 depending on your CFA Exam Level and also when you register.
Click here to view a breakdown of all CFA Exam fees.
CFA Exam Test Centers
The CFA Exam is administered in testing centers located in countries all over the world. For a complete, up-to-date listing and to choose your exam site, please click here.
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