- CFA
- About the exam
CFA Exam Overview
To earn the CFA® Charter, you need to pass all three exam levels (Level I, Level II and Level III).
Each of these exams focuses on different topics going from basic knowledge of investment tools, analysis with application of investment tools to concepts of analytic methods and much more.
Find out more about each exam level and their key topics
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
All CFA exams are only offered in a computer-based format.
Level I
Candidates concentrate on the tools and concepts related to investment valuation and portfolio management, as well as an overview of how these processes fit within the guidelines of the CFA Institute Code of Ethics and Standards of Professional Conduct. There are four Level I exam windows each year—February, May, August, and November. For 2021 only, CFA Institute added an additional exam window in July.
Master these concepts with a comprehensive Level I study programs at Top Finance:
Exam Format
Level I
- Format: Computer-based and multiple-choice
- Questions:
- 180 equally weighted questions
- Session 1: 90 questions
- Session 2: 90 questions
- Each session is 2 hours and 15 minutes long
Our Level I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today with Top Finance & Schweser.
Topic Weights by Level
Level I
- Ethical and Professional Standards: 15-20%
- Quantitative Methods: 8-12%
- Economics: 8-12%
- Financial Reporting/Statement Analysis: 13-17%
- Corporate FInance/Issuers: 8-12%
- Equity Investments: 10-12%
- Fixed Income: 10-12%
- Derivatives: 5-8%
- Alternative Investments: 5-8%
- Portfolio Management and Wealth Planning: 5-8%
These topic weights were used to develop a Level I study plan you can follow to ensure complete coverage of the material. Top Finance's study plan is included in our packages.
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
All CFA exams are only offered in a computer-based format.
Level II
Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.
Master these concepts with a comprehensive Level II study programs at Top Finance:
Exam Format
Level II
In 2022, there will be two Level II exam windows in each year; the first in February and the second in August. For 2021 only, the exam windows are May, August, and November.
- Format: Computer-based, multiple-choice questions using item sets or “mini-cases.” Each item set contains a vignette (with an average length of 1.5 pages). Each item set will be followed by 4 or 6 multiple-choice questions.
- Questions:
- 88 equally weighted multiple-choice questions
- Session 1: 44 multiple-choice questions
- Session 2: 44 multiple-choice questions
- Each session is 2 hours and 15 minutes long - Each session is approximately 2 hours and 15 minutes long
Our Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today with Top Finance & Schweser.
Topic Weights by Level
Level II
- Ethical and Professional Standards: 10–15%
- Quantitative Methods: 5–10%
- Economics: 5–10%
- Financial Reporting/Statement Analysis: 10–15%
- Corporate Finance/Issuers: 5–10%
- Equity Investments: 10–15%
- Fixed Income: 10–15%
- Derivatives: 5–10%
- Alternative Investments: 5–10%
- Portfolio Management and Wealth Planning: 10–15%
These topic weights were used to develop a Level II study plan you can follow to ensure complete coverage of the material. Top Finance's study plan is included in all of our packages.
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Level III
Candidates are required to demonstrate a higher level of understanding of the materials tested at Levels I and II, as well as display effective knowledge of the entire portfolio management process.
Master these concepts with a comprehensive Level II study programs at Top Finance:
Exam Format
Level III
In 2022, there will be two Level III exam windows each year—the first in May and the second in November. For 2021 only, CFA Institute added an additional window in August.
- Format: Vignettes/item sets with multiple choice or constructed response questions.
- Questions:
- Session 1: Constructed response (essay) format. 8–11 essay questions with multiple parts per question.
- Session 2: Item set format. Each item set will be followed by 4 or 6 multiple-choice questions. 44 total questions.
- Each session is approximately 2 hours and 15 minutes long
Our Level III study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today with Top Finance and Schweser:
Topic Weights by Level
Level II
- Ethical and Professional Standards: 10–15%
- Quantitative Methods: 0%
- Economics: 5–10%
- Financial Reporting/Statement Analysis: 0%
- Corporate Finance/Issuers: 0%
- Equity Investments: 10–15%
- Fixed Income: 15–20%
- Derivatives: 5–10%
- Alternative Investments: 5–10%
- Portfolio Management and Wealth Planning: 35–40%
These topic weights were used to develop a Level III study plan you can follow to ensure complete coverage of the material. Top Finance's study plan is included in all of our programs.
Earn Your Charter
Here is the list of requirements you need to meet
Education
One of the following must be met:
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Have a bachelor’s degree or equivalent
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Be in the final year of a bachelor’s degree
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Have 4 years of relevant work experience
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Or have a combination of professional work and university experience that totals at least four years.
Experience
Must have 4 years of professional work experience in the investment decision making process (accrued before, during, or after the CFA® Program.
Exam
Pass the three-level exam administered by CFA Institute with Level I, II and III offered annually in February, May, August & November.
License
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Pledge to adhere to CFA Institute Code of Ethics and Standards of Professional Conduct
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Join CFA Institute as a regular member.