The CFA Program, administered by CFA Institute, sets the global standard for investment industry knowledge and ethical behavior. CFA Institute determines the curriculum, administers the exam, and awards the charter. Known as the “gold standard” among financial industry professionals, the CFA charter is recognized as a significant benchmark within the financial community.

Level I CFA® Exam

The Level I CFA study program concentrates 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.

  • Format: multiple-choice
  • Questions:
    • 240 equally weighted questions
    • Morning Session: 120 questions; Afternoon Session: 120 questions
    • Each question has 3 answer choices
    • On average, 1.5 minutes should be allocated for each question
  • Important Dates:
    • December 2014 exam registration closes on September 17, 2014
    • December 2014 exam day: December 6, 2014
    • December 2014 CFA exam results available in January 2015
    • June 2015 exam registration closes in March 2015
    • June 2015 exam day: June 6, 2015
    • June 2015 CFA exam results available in July 2015
Level II CFA® Exam

In the Level II CFA study program, 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.

  • Format: item set or “mini cases” (Each item set contains a vignette with an average length of 1.5 pages)
  • Questions:
    • 20 item sets or “mini cases”
    • Morning Session: 10 item sets; Afternoon Session: 10 item sets
    • Each item set has 6 multiple-choice questions
    • Exam is graded for 360 points, corresponding to the number of minutes on the exam
  • Important Dates:
    • June 2015 exam registration closes in March 2015
    • June 2015 exam day: June 6, 2015
    • June 2015 CFA exam results available in July 2015
Level III CFA® Exam

In the Level III CFA study program, 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.

  • Format: Essay and item sets
  • Questions:
    • Morning Session: 10-15 essay questions
    • Afternoon Session: 10 item sets, 6 multiple-choice questions in each
    • Exam is graded for 360 points, corresponding to the number of minutes on the exam
  • Important Dates:
    • June 2015 exam registration closes in March 2015
    • June 2015 exam day: June 6, 2015
    • June 2015 CFA exam results available in July 2015