CFA® is a self study graduate-level program offered by CFA® institute, USA. The candidate is required to study for and pass three levels exams in a sequential order and meet other requirements to become the CFA® charter.

How to become a CFA®?

Meet the eligibility criteria

One has to meet any one of the following requirements mentioned below.

Have a bachelor’s (or equivalent) degree OR
be in the final year of your bachelor’s degree program at the time of registration OR

have four years of qualified, professional work experience OR
have a combination of work and college experience that totals at least four years (Note: Summer, part-time, and internship positions do not qualify.)

Enrol with IMS Proschool and prepare for the exam
IMS Proschool conducts classroom programs to train you for Level I exam. Click here to know more about our Programs

Enrol and Register with the CFA® Institute USA
CFA® Program is offered by CFA® Institute, USA. Therefore one has to enroll and register online with them on their website https://www.cfainstitute.org.
First time candidates are required to pay an enrolment fee along with the exam registration fee for Level I exam. The enrolment fee is a one time fee, the candidates have to pay only the exam registration fee subsequently.
Registration with the CFA® usually opens about 11 months before each exam. The Level I exam is held in June and December each year whereas Level II and Level III exams are conducted in June only.
It is recommended that the candidates register for only one exam at a time, and must wait to receive their exam results before registering for the next exam.

Apply for Membership after clearing Level 1 exam
You need to apply for membership in CFA® institute after clearing the Level I exam. In case you already have four years of acceptable professional work experience you may be considered for regular membership (required to receive your CFA charter). If you have less then 48 months of qualified work experience, you may be considered for affiliate membership. You can acquire the required work experience while pursuing your CFA® program or after completing all exams.

Passing the examinations
For acquiring the CFA® charter you need to pass Level I, Level II and Level III exams successfully.

Work experience
Fulfill the four year of acceptable work experience criteria as required by the CFA® institute. You can acquire the required work experience while pursuing your CFA®program or after completing all exams Log on to
http://www.cfainstitute.org/about/membership/process/Pages/work_experience.aspx to know the acceptable work experience criteria.

CFA Charterholder Membership
To qualify as a CFA charterholder member, you must be a regular member and have completed all three levels of the CFA Program.

Maintain Your Charterholder Status
Once you become a CFA charterholder, you must comply with The CFA Institute conditions, requirements, policies, and procedures for CFA charterholders and CFA Institute members. These include

Articles of Incorporation and Bylaws
Code of Ethics and Standards of Professional Conduct
Rules of Procedure for Proceedings Related to Professional Conduct
Other conditions, requirements, policies, and procedures that may be established and amended from time to time

You must also submit an annual Professional Conduct Statement and pay membership dues.
Log on to http://www.cfainstitute.org/about/membership/process/Pages/index.aspx for more information.

Program Curriculum

The CFA® program curriculum is determined by the Candidate Body of Knowledge™ (CBOK). The broad areas along with their weights in each exam is as follows.

Topic Area Level I (%) Level II (%) Level III (%)
Ethical and Professional Standards 15 10 10
Investment Tools:
Quantitative Methods 12 5-10 0
Economics 10 5-10 0
Financial Reporting and Analysis 20 15-25 0
Corporate Finance 8 5-15 0
TOTAL 50 30-60 0
Asset Classes
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
TOTAL 30 30-75 25-65
Portfolio Management and Wealth Planning 5 5-15 45-55

* Source: http://www.cfainstitute.org/cfaprogram/courseofstudy/Pages/topic_area_weights.aspx Actual exam weights may vary slightly from year to year.

About the Examination

When is the test conducted?
The Level I exam is held in June and December each year whereas Level II and Level III exams are conducted in June only. Log on to https://www.cfainstitute.org for exact test dates.

Where is the test conducted?
The test is conducted at various locations across the world. All three examinations in India are conducted only in Mumbai

What is the test duration?
The total duration of each exam is six hours i.e. three hours in the morning and three hours in the afternoon.

What is the exam fee?
The exam registration fee is in USD and subject to change therefore it is recommended that you visit website http://www.cfainstitute.org/cfaprogram/process/fees/Pages/index.aspx for latest exam fee. The current exam fee is USD 710. The first time candidate will have to pay additional USD 400 as enrollment fee.

What type of questions is asked in the test?
The Level I exam include 240 total multiple choice questions (three options). All questions are equally weighted and there is no penalty for guessing. You can log onto http://www.cfainstitute.org/cfaprogram/courseofstudy/Documents/sample_level_I_questions.pdf for more information. The topic focus on Level I is on investment tools.
The Level II CFA exam consists of 20 mini caselets (10 on the morning session of the exam and 10 on the afternoon session). Each caselet will be followed by six multiple choice questions. The total number of questions will be 120; each question will be for 3 marks with no penalty for guessing. The total marks will be 360. The topic focus on Level II is on asset valuation. You can long onto http://www.cfainstitute.org/cfaprogram/courseofstudy/Documents/sample_level_II_itemset_questions.pdf for more information.
The Level III CFA exam uses the essay format (in the morning), and mini caselet format, with 10 mini caselets, in the afternoon session. Each caselet will be followed by multiple choice questions. Each question will be for 3 marks with no penalty for guessing. The morning essay exam is 180 points and the afternoon item set exam is 180 points. The topic focus in Level III exam is on portfolio management. You can log onto http://www.cfainstitute.org/cfaprogram/courseofstudy/Documents/sample_level_III_itemset_questions.pdf for more information.

How is the test results communicated?
Results are available online only.

How many times can one take the test?
Those who fail the examination can reappear for the exam by paying the exam registration fee. There is no limit on number of attempts.