CFA® Exam Overview and Guidelines (Updated for 2021)
The Chartered Financial Analyst or CFA program is a professional certification issued to financial and investment professionals by the CFA Institute. Candidates who seek the charter must take the exam at Level I, Level II and Level III. In addition to clearing the exams, the candidate must show that they have a minimum of four years of full-time working experience in the financial or investment sector, before they are awarded the charter.
The paper was previously always conducted in a paper format. Starting in 2021, the CFA exam is shifting to a computer-based format only.
The CFA exam is split into three levels. The key areas covered by the curriculum include quantitative methods, ethical and professional standards, corporate finance, fixed income, economics, financial reporting and analysis, equity investments, derivatives, alternative investments and portfolio management and wealth planning.
Exam Prerequisites
Exam candidates must meet one of the following enrollment criteria:
- Have a Bachelor's degree from a college or university
or
- Be a final year student at the time of registering for the Level I program. Degree must be completed before Level II.
or
- Have 48 months or 4 years as a full-time professional who is paid for their services. The work experience must be successive. Part-time work and internships do not qualify.
In addition to the above criteria:
- Candidates must have a valid international passport.
- Candidates must be proficient in English. The exam is only conducted in English.
- Candidates must complete a Professional Conduct Statement form.
- Candidates must live in a participating country. The institute cannot conduct business with students of certain countries.
Fees
A one-time enrollment fee of $450 is to be paid during registering for Level I exam. The payment should be made in US dollars only. Apart from the one-time enrollment fee, the standard registration fee for Level I is $1000. A fee of $700 is available for early bird registration. In the event of the candidate wanting to reschedule the exam a rescheduling fee of $ 250 will be charged.