CFA Program

The CFA Program, administered by CFA Institute, is a graduate-level study and examination program intended to expand your working knowledge and skills relating to investment decision-making. Successful completion of the program and its requirements will earn you the CFA designation, one of the profession's most valued symbols of distinction and excellence, as well as highest ethical and professional standards.

Program Requirements

Typical CFA candidates include analysts, portfolio managers, investment bankers, traders, fund managers, and auditors. In order to be listed as a CFA charterholder, one must fulfill the following requirements:

Master English at a professional level
Hold a US Bachelor's degree or equivalent, or have 4 years of full-time qualified professional experience (this can be fulfilled before, during, or after the exams)
Pass all three levels of CFA Program exams sequentially
Become a regular member of CFA Institute
Meet the professional conduct criteria and maintain the status.

Program Levels

The CFA program is divided into three "levels", each of which concludes with an examination. The Institute offers the Level I exam twice a year: in June and December. The exams for Levels II and III are offered once annually in June. Candidates who fail to pass one of the exams cannot advance to the next level, though they may repeat the examination.

Program Curriculum

The CFA Program curriculum is based on the CFA Institute Candidate Body of Knowledge, which emphasizes current investment theory and practices – the practical knowledge and skills essential to high-level performance in investment-related functions.

As in a postgraduate program, the course work and examinations go beyond a fundamental, introductory level and are designed for those who are prepared for master's-level work.

Topics include:

Asset valuation
Portfolio management
Equity, debt, derivatives, and alternative investments
Economics
Financial statement analysis
Corporate finance and the fundamentals of financial management
Ethical and professional standards
Quantitative methods for investment analysis

Program Enrollment 1985 – 2008

Source: CFA Institute

As shown in the graph above, the number of candidates enrolled for the CFA exam program has greatly increased in the past 20 years. Although historically a North American recognition, the CFA program is now the most respected and valued credential in the international finance community. In 2008, over 60 % of candidates come from outside North America, showing how truly global the CFA is.

Program Registration

In order to enrol for the exams, you must register with CFA Institute directly online through www.cfainstitute.org.