Upcoming CFA Exams
December 2010: 86 days left
December 2010: 86 days left
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What is CFA?
CFA Program
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CFA Exam
Each CFA Program level culminates in a six-hour examination administered in two three-hour segments. These examinations are live, proctored exams, and are offered in hundreds of locations in more than 90 countries throughout the world.
Exam Curriculum
| Level I | Level II | Level III | |
| Ethical and Professional Standards | 15% | 10 % | 10 % |
| Investment Tools | 50% | 30-60% | 0% |
| - Quantitative Methods | 12% | 5-10% | - |
| - Economics | 10% | 5-10% | - |
| - Financial Reporting and Analysis | 20% | 15-25% | - |
| - Corporate Finance | 8% | 5-15% | - |
| Asset Classes | 30% | 35-75% | 35-45% |
| - Equity Investments | 10 % | 20-30% | 5-15% |
| - Fixed Income | 12% | 5-15% | 10-20% |
| - Derivatives | 5% | 5-15% | 5-15% |
| - Alternative Investments | 3% | 5-15% | 5-15% |
| Portfolio Management and Wealth Planning | 5% | 5-15% | 45-55% |
| Total | 100% | 100% | 100% |
Source: CFA Institute, 2009
Exam Format
| Level I | Level II | Level III | |
| Time | 6 hours | 6 hours | 6 hours |
| Number of Questions | 240 questions | 120 question | 60 questions + essays |
| Question Types | Multiple Choice | Item Set | Item Set & Essay |
| Focus | Knowledge and Comprehension | Analysis and Application | Synthesis and Evaluation |
Exam Pass Rate
As CFA candidate enrollments have continued to increase over the past decade; exam pass rates have shown an overall decline. Level I pass rates hit 34 percent in 2004 and have continued to hover in that range. As shown in the graph below, the June 2008 and December 2008 Level I pass rates at 35 percent, the Level II pass rate for June 2008 was 46 percent, and for Level III it was 53 percent.
Source: CFA Institute - CFA Program Candidate Profile
CFA Exam Pass Rate 2009
Source: CFA Institute 2009
Exam Dates
- Level I – The Level I exam takes place twice a year, in June and December.
- Level II & III – The Level II & III exams take place only once a year, in June.
CFA Exam Registration Fees
June 2010 Exam Levels I, II, and III
| Payment deadlines | Program enrollment
(new candidates only) | Exam registration | Total cost |
|---|---|---|---|
| 23 Sep 2009 | $400 | + $620 | = $1020 |
| 17 Feb 2010 | $400 | + $710 | = $1110 |
| 17 Mar 2010 | $480 | + $955 | = $1435 |
Exam Registration
In order to enroll in the exams, you must register with CFA Institute directly online through www.cfainstitute.org.
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Hedge Fund Manager and President
Hilldale Investment Mgt.
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