CFA Exam


The CFA (Chartered Financial Analyst) qualification is held by more than 149,000 professionals across the globe. The CFA program is a graduate level, self-study course that offers better comprehension of portfolio management abilities and advanced investment analytics. Passing the CFA exams can help get a CFA charterholder credential.


The CFA program is made of 3 levels of exams, i.e., Levels I, Level II, and Level III, which have to be taken one after the other. CFA exam dates are slated for June of every year, with the exception of Level I students who can also sit for the exam in December. The exam, like the program, is available only in English. There is no limit to the time taken to complete the CFA program and to the number of tries at passing the exams.


CFA exam eligibility


Listed below are the CFA exam requirements:
• Candidates must hold a U.S. bachelor’s degree, or an or equivalent degree
• Or, hold 4 years of professional, qualified work experience
• Or, be in final year of bachelor’s program when registering for CFA program
• Or, hold a total of 4 years of college and work experience before enrolling. Part-time work is not eligible
• Hold an international travel valid passport

CFA exam registration


Deadline for “early” registration of new candidates for exam registrations and CFA enrollments for the December 2018 Level I Exam was March 14, 2018 and was October 10, 2018 for the June 2019 Exam. Deadline for “standard” registration was August 22, 2018 for December exam and February 13, 2019 for the June exam, while the “final” deadline was September 12, 2018 for December exam and March 13, 2019 for the June CFA exam.

CFA level 1 syllabus consists of concepts and tools associated with portfolio management and investment valuation, and an overview of how these two aspects fit within the CFA Standards of Professional Conduct and Institute Code of Ethics guidelines.

CFA level 1 weights, i.e., the CFA level I exam consists of 240 multiple choice questions with equal weightage. Candidates have two sessions of examination, the morning session with 120 questions and the afternoon session with 120 questions. The CFA exam time for Level I is 6 hours.

The curriculum becomes more complex as candidates move through the different levels. The content of exam for the levels stay the same, but the questions are different and more in-depth.

The CFA exam questions for Level 2 tests the application of professional and ethical standards to different situations, asset valuation, and analysis. The Level 2 exam consists of 20 “mini cases” or item sets; each set has around 1.5 pages long vignette, each of which has six multiple choice questions. Level 3 CFA exam tests a candidate’s application of the standards in context of compliance and portfolio management and features essay questions.

CFA exam cost, CFA exam dates, and CFA exam time

The CFA exam cost ranges from $620 to $1,610 according to the level of CFA exam.

The CFA exam date for the Level I exam in December is December 1, 2018. For the June 2019 exam, the CFA exam date is June 15, 2019 for Level II & Level III for the Americas, EMEA, and APAC. The June exam date for APAC - Level I is June 16, 2019. The CFA exam time will be posted later.