Curriculum
To earn the CFA charter, candidates must successfully pass through the CFA Program, a graduate-level self-study program. Candidates can expect to spend approximately 250 hours in pursuit of this CFA designation.
The course of study is determined by the Candidate Body of Knowledge® (CBOK), thus surveys of present charterholders around the world help to determine the framework for the curriculum and exams, drawn from the following Topic Areas:
- Ethical and professional standards
- Quantitative Methods for Investment Analysis
- Economics
- Financial Reporting and Analysis
- Corporate Finance
- Analysis of Equity, Debt, Derivative and Alternative Investments
- Portfolio Management and Wealth Planning
Examination Requirements
There is an examination at the conclusion of each Level, offered at locations throughout the world. Candidates must complete three levels of examinations sequentially. Candidates may enroll for only one examination at a time. Candidates who fail an examination are encouraged to repeat the level.
Candidates are permitted take as long as necessary to complete the program, and there is no limit to the number of times candidates may take each exam. The curriculum changes each year to meet the dynamic nature and complexity of the global investment profession.
Each examination is six hours in duration, divided between morning and afternoon sessions. A two-hour lunch break is provided at the conclusion of the morning session.
- Level 1 - the exam is offered two times per year, June and December, and is composed of multiple-choice questions.
- Level 2 - the exam is offered in June only, and is composed of item-set questions.
- Level 3 - the exam is offered only in June only, and is composed of item-set and essay questions.
Candidates must wait to receive their examination results before enrolling for the next examination because the results will determine whether a candidate must repeat the current level or advance to the next level.
Additional Requirements
Candidates must meet experience and education requirements and ethical standards, including four years of qualified, professional work experience or a combination of work and college experience that totals at least four years; plus, have a U.S. bachelor's (or equivalent degree), OR be in the final year of a bachelor's degree program.
Ongoing Requirements
Upon receiving notification of acceptance, charterholders will be required to pay annual dues of $225 (may be prorated depending on month) and society dues that vary depending upon one's local society.
