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CFA® Exam Guide
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If you want to set yourself apart from the competition by achieving the highest distinction in the investment management profession, you have a viable path. As a finance professional, you are always looking to maximize your value to your clients; your career should be no different. One significant way to advance your career is by becoming a Chartered Financial Analyst® (CFA®).
To attain this prestigious distinction, you must first pass the CFA exam. The CFA exam is a finance certification comprising three levels (I, II, and III) that evolve in complexity from one to the next. The CFA Institute offers the exams twice a year in June and December. There are several requirements to sit for the CFA exam, and a CFA candidate must pass all three levels to become a CFA charterholder. The CFA Institute recommends spending about 300 hours of study time per exam to pass the CFA exam successfully. Each CFA candidate has up to four years to pass all three levels.
The CFA exam tests a broad range of finance subjects. The curriculum consists of 10 topics that are grouped into four areas, precisely: ethical and professional standards, investment tools, asset classes, and portfolio management, and wealth planning.
Want to learn more about the CFA exam? Check out the following blog posts:
The CFA Level 1 exam comprises 180 multiple-choice questions and is taken in one day and split into two sessions—morning and afternoon. Each exam session (2) is 135 minutes long.
Paper-Based Testing: The Level I paper-based exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must take both sessions to receive an exam result.
Computer-Based Testing: The Level I computer-based exam consists of 180 multiple choice questions, split between two 135-minute sessions. There is an optional break between sessions. Candidates must take both sessions to receive an exam result.
The CFA Level 1 exam is offered four times per year, typically in February, May, August, and November. In 2021, there were additional dates added to accommodate rollover from the COVID cancellations in 2020. Levels 2-3 will typically be offered two times per year, although some incremental dates were added in 2021 for COVID cancellations, as well.
You must first pass level I to take level II, and pass level II to take level III. The CFA Institute allows candidates to take as much time as needed to complete all three levels of the CFA program. How long it will take a candidate to pass all three levels and how many times a candidate may take the CFA exam will vary from one individual to another.
You will pay a one-time enrollment fee of $450 when you register for the Level I CFA exam. That gets you into the CFA Program. You will pay an additional registration fee to sit for the exam at each of the three levels. For a detailed breakdown of the CFA exam costs, visit our blog post on the topic: How Much the CFA® Exam Costs.
Beginning with the 2023 exam cycle, the price of the one-time enrollment fee will decrease from $450 to $350. The prices to register for each individual exam will increase from $700 to $900 for early registration and from $1,000 to $1,200 for standard registration.
The CFA Institute has a concise list of approved calculators allowed in the CFA exams. They are not lenient on this, so it’s crucial to get the right calculator. If you don’t have the exact model of the approved calculator, you will not be allowed to use it in the actual exam. The Texas Instruments BA II Plus and the Hewlett-Packard 12C are the two models (and some variations) supported by CFA Institute. It’s up to you which one to choose.
CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by UWorld Finance. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
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