The CFA® Program consists of a series of three examinations (Levels I, II, and III) that must be taken in succession. The exams are offered only once annually in June, with the exception of Level I candidates, who also have the option of sitting for the exam in December.
A minimum of 300 hours of preparation per CFA exam level is recommended, although some candidates will need more or less time, 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.
Earning the CFA® charter demonstrates your mastery of a broad range of practical portfolio management and advanced investment analysis skills.
| Level I | Level II | Level III | |
| Topic Focus | Investment Tools | Asset Valuation | Portfolio Management |
| Learning Focus | Knowledge and Comprehension | Application and Analysis | Synthesis and Evaluation |
The curriculum is organized into 10 general topic areas that provide a framework for making investment decisions:
To be eligible to enter the CFA® Program, you must:
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.
To obtain a printed version of the CFA Program enrollment and registration forms in the mail, call CFA Institute Customer Service Department at 800.247.8132 (U.S.) or +1 434.951.5499 (Int’l.) or email them at info@cfainstitute.org
CFA® Exam Fees
CFA exam fees range from $620 to $1,610, depending on your CFA exam level and when you register.
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The Learning Outcome 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.
Candidates concentrate on the tools and concepts related to investment valuation and 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.
Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.
Candidates are required to demonstrate a higher level of understanding of the materials tested at Levels I and II, as well as display effective knowledge of the entire portfolio management process.
Note: Information provided by CFA Institute
Note: Information provided by CFA Institute
View the most current dates associated with your CFA exam testing cycle»
Note: Information provided by CFA Institute
The CFA exam is administered in testing centers located in countries all over the world.
See a complete, up-to-date listing and choose your exam site»
Important: As a new candidate, be sure to read all of the testing policies set forth by CFA Institute.
Note: Information provided by CFA Institute
