Chartered Financial
Analyst (CFA®) Program is run by CFA Institute is a
global, not-for-profit organization comprising the
world’s largest association of investment
professionals. With over 100,000 members, and
regional societies around the world, CFA Institute
is dedicated to developing and promoting the highest
educational, ethical, and professional standards in
the investment industry. CFA Institute was
established in 1947 under the name of Financial
Analysts Federation (FAF)
The CFA designation is a mark of distinction that is
globally recognized by employers, investment
professionals, and investors as the definitive
standard by which to measure serious investment
professionals.
CFA Program consists of three levels of examination
and four years of practical experience in the area
of investment decision-making and related areas,
which will enable you to become a “CFA Charter
holder”.
CFA Program is benchmarked as equivalent to a
master’s degree in finance by United Kingdom
National Academic Recognition and Information
Centre.
CFA Program Entry Requirements
Have a bachelor's (or equivalent) degree
- or be in the final year of your bachelor's degree
program at the time of registration
- or have four years of professional work experience
(does not have to be investment related)
- or have a combination of professional work and
college experience that totals at least four years.
Part-time positions do not qualify, and the
four-year total must be accrued prior to enrollment.
- If you initially enroll/register as a final year
undergraduate student with a degree in progress, you
may not register for the Level II exam until you
have earned your degree, or obtained professional
work experience that meets the program’s entrance
requirements. At the time your degree is awarded,
you may update your account education information to
certify that your degree has been received.
Understand the professional conduct requirements
(you will be asked to sign the Professional Conduct
Statement and Candidate Responsibility Statement)
Be prepared to take the exams in English
Effective 1 January 2011: Have a valid
international travel passport (required for
enrollment and exam registration).
Examination Structure
Level I
1. 6-Hours Paper-Based Examination
2. 240 MCQs
3. Divided into two sessions (Morning and Afternoon)
Level II
1. 6-Hours Paper-Based Examination
2. 120 MCQs
3. Vignette/Case Study based questions
4. Divided into two sessions (Morning and Afternoon)
Level III
1. 6-Hours Paper-Based Examination
2. Morning Session – Essay Based Questions
3. Afternoon Session – MCQs Vignette Based
Subjects
1. Ethical & Professional Standards
2. Quantitative Methods
3. Economics
4. Financial Reporting & Analysis
5. Corporate Finance
6. Equity Investments
7. Portfolio Management
8. Fixed Income
9. Derivatives
10. Alternative Investments
Duration of CFA Program & Examination Sessions
Completing the CFA Program exams can take as little
as 18 months, but on average, it takes about four
years to earn a CFA charter.
The Level I exam is offered twice a year, in June
and December. The Level II and III exams are offered
once a year, in June.
Registration usually opens about 11 months before
each exam
Practical Experience Requirement
CFA Candidates should complete 48 months of
qualifying work experience in activities that
consist to a majority extent of:
• Evaluating or applying financial, economic, and/or
statistical data as part of the investment
decision-making process involving securities or
similar investments, which includes, but is not
limited to, publicly traded and privately placed
stocks, bonds, and mortgages and their derivatives;
commodity-based derivatives and mutual funds; and
other investment assets, such as real estate and
commodities, if these other investment assets are
held as part of a diversified, securities-oriented
investment portfolio; or
• Supervising, directly or indirectly, persons who
practice such activities; or
• Teaching such activities.
