About the CFA Program

The CFA Program

The Chartered Financial Analyst® (CFA®) charter is a professional designation awarded to individuals by the CFA Institute. It is highly regarded in the financial services industry and represents an advanced level of knowledge and experience. The CFA Program consists of a series of three examinations (Level 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 have to option to take the exam in December.

CFA Institute & Curriculum

The CFA Institute (www.cfainstitute.org) is the administrating body of the CFA Program that sets forth the CFA curriculum, the Candidate Body of Knowledge™ (CBOK). Level 1 candidates focus on tools and concepts that apply to investment valuation and portfolio management as well as an overview of these processes within the confines of the CFA Institute Code of Ethics and Standards of Professional Conduct. Level 2 candidates must apply the tools and concepts emphasized at Level 1 (analyzing and valuing investments), and focus on asset valuation while being able to apply the Code of Ethics and Standards of Professional Conduct. Level 3 candidates must demonstrate effective knowledge of the entire portfolio management process. They must also be capable of applying the concepts learned at Levels 1 and 2 to the portfolio management process.

Eligibility Requirements

To enter the CFA Program, incoming candidates must pay a one-time registration fee in addition to enrollment fees for each level of the exam. Beginning in 2008, the enrollment fee will include the CFA Institute reference material.

To be eligible for the CFA Program, candidates must:

• Have 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

Fee Schedule

* The exam registration fees also include the complete curriculum and one sample exam. Returning candidates pay only the exam registration fee. Registration and enrollment fees are nontransferable and nonrefundable.

Exam Registration

There are three easy ways to register and enroll in the CFA Program through CFA Institute.

1. Online registration is available on the CFA Institute website
2. Download the June 2009 registration and enrollment forms.
3. To obtain a printed version of the CFA Exam Registration and Enrollment forms in the mail, call CFA Institute’s Information Central Department at 800-247-8132 or 434-951-5499 or email info@cfainstitute.org

Exam Format

• The Level 1 examination is 100 percent multiple choice. View Level 1 sample questions.
• The Level 2 examination consists of 100 percent item set questions. View Level 2 sample questions
• Level 3 consists of 50 percent constructed response questions and 50 percent item set questions. View Level 3 Item Set sample questions. Review Level 3 Essay sample questions.

2009 Exam Format Change: Multiple choice and item set questions will be reduced to three answer choices

Exam Testing Policies

IMPORTANT: All CFA candidates should be sure to review all Testing Policies. Read all of the testing policies set forth by CFA Institute.

Test Center Locations

The CFA Exam is a phenomenon that takes place at numerous testing centers around the world. View the complete list of test centers and admission policies on exam day.