Level I CFA
Introduces various topics likes equity, derivatives etc. which are eventually used for creating portfolios. The Level I exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must attend both sessions.
- Morning session (3 hours): 120 multiple choice questions, covering all topics
- Afternoon session (3 hours): 120 multiple choice questions, covering all topics
Each question will have 3 possible choices A, B, or C.
There is no penalty for incorrect answers.
Level II CFA
Emphasizes on application of valuation of asset. The Level II exam has a total of 20 item set questions:
- Morning session: 10 item set questions
- Afternoon session: 10 item set questions
On the Level II exam, you will have a total of 120 items (20 Case studies with 6 items each). There is no penalty for incorrect answers.
Level III CFA
Focuses on portfolio management and different strategies for creating specific portfolios for individuals and institutions. The Level III exam consists of item set and constructed response (essay) questions:
- Morning session: Constructed response (essay) questions (usually between 8 and 12 questions, each with several subparts) with a maximum of 180 points. (The point value for each question is provided in the exam book).
- Afternoon session: 10 item set questions (structure will be similar to Level II Exam).
On the Level II (and III) exams, some topics are covered in the morning session only and other topics are covered in the afternoon session only.
The Chartered Financial Analyst (CFA) Program is a professional credential offered internationally by the American-based CFA Institute.
The program covers a broad range of topics relating to investment management, financial analysis, stocks, bonds and derivatives, and provides a generalist knowledge of other areas of finance.
Exams are scored following each exam. Results for Level I and II candidates are available within 60 days of the exam date and within 90 days for Level III candidates.
The scores are directly sent to the registered email of the candidate
To enrol in the CFA Program and register for your first Level I exam, the candidate must have a valid International Passport and should meet one of the following criteria's:
- Undergraduate Education: A bachelor’s (or equivalent) degree or be in the final year of your bachelor’s degree program (You will have to complete your bachelor's degree program in order to register for the Level II exam); or
- Work Experience: Four years of professional work experience (does not have to be investment related).
The Curriculum is broadly categorized as follows and consists of the following 10 subjects:
Financial Reporting and Analysis
Portfolio Management and Wealth Planning.
Ethical and Professional Standards.
CFA Member Profiles
Corporate Financial Analyst
Investment Banking Analyst
Organizations like JP Morgan Chase, Bank of America, Citibank may also reimburse fees for their employees pursuing CFA.