About the Exams
The CFA® Program curriculum is grounded in the practice of the investment profession. The Chartered Financial Analyst® exam is administered by CFA Institute, an international, not-for-profit membership organisation with more than 155,000 members in 165 countries and territories. The CFA Program includes a series of three exams: Levels I, II, and III. The exams must be passed sequentially and are available in English only. Level I is offered in June and December. Levels II and III are offered only in June.
The four major topic areas covered on the exams are:
- Ethical and Professional Standards
- Tools and Inputs for Investment Valuation and Management
- Asset Valuation
- Portfolio Management and Performance Presentation
Each level of the CFA Program is organised primarily around a functional area:
- Level I – Tools and Inputs; Intro to Asset Valuation and Portfolio Management Techniques
- Level II – Asset Valuation; Applications of Tools and Inputs (including economics, financial statement analysis, and quantitative methods) in Asset Valuation
- Level III – Portfolio Management; Strategies for Applying Tools, Inputs, and Asset Valuation Models in Managing Equity, Fixed Income, and Derivative Investments for Individuals and Institutions
- Ethical and Professional Standards (all levels)
Curious to find out how much you already know? Take the CFA Candidate Self-Assessment Test. To learn more about CFA Institute and the exam, review the topics covered on the exam and visit the Frequently Asked Questions page.