Why choose the CFA® charter
All About Exams
Course content/ Exam structure
- The CFA® program has three levels of examinations
- No exemptions are available
- Candidates cannot proceed to the next level without successfully completing the previous level.
- Each level focuses on one key area
Explore each level:
Focuses on Knowledge and Comprehension of Investment tools
Topic | Weight |
---|---|
Ethical and Professional Standards | 15 |
Quantitave Methods | 10 |
Economics | 10 |
Financial Reporting and Analysis | 15 |
Corporate Finance | 10 |
Equity Investments | 11 |
Fixed Income | 11 |
Derivatives | 6 |
Alternative Investments | 6 |
Portfolio Management & Wealth Planning | 6 |
Total | 100% |
Exam Key information
- Level I exam takes place over one day
- Split between a three-hour morning session and a three-hour afternoon session.
- You must attend both sessions to complete it.
- A total of 240 MCQs covering all topics, split equally between the morning & afternoon sessions.
Focuses on Application and Analysis of Asset Tools
Topic | Weight |
---|---|
Ethical and Professional Standards | 10-15 |
Quantitative Methods | 5-10 |
Economics | 5-10 |
Financial Reporting and Analysis | 10-15 |
Corporate Finance | 5-10 |
Equity Investments | 10-15 |
Fixed Income | 10-15 |
Derivatives | 5-10 |
Alternative Investments | 5-10 |
Portfolio Management & Wealth Planning | 5-15 |
Total | 100% |
Exam Key information
- Level II exam takes place over one day
- Split between a three-hour morning session and a three-hour afternoon session
- You must attend both sessions to complete it.
- A total of 20 item sets, split equally between the morning & afternoon sessions
- Each set contains six MCQs, giving a total of 120 questions.
- Each item worth’s three points leading to a maximum total of 360 points.
Focuses on Synthesis and Evaluation of Portfolio Management
Topic | Weight |
---|---|
Ethical and Professional Standards | 10-15 |
Quantitative Methods | 0 |
Economics | 5-10 |
Financial Reporting and Analysis | 0 |
Corporate Finance | 0 |
Equity Investments | 10-15 |
Fixed Income | 15-20 |
Derivatives | 5-10 |
Alternative Investments | 5-10 |
Portfolio Management & Wealth Planning | 35-40 |
Total | 100% |
Exam Key information
- Level III exam takes place over one day
- Split between a morning session and an afternoon session.
- You must attend both sessions to complete it
- Questions 8 and 12 are included in the morning session that require an essay response with a maximum total of 180 points
- The afternoon session includes 10 item set questions like in Level II