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:

  1. Ethical and Professional Standards
  2. Tools and Inputs for Investment Valuation and Management
  3. Asset Valuation
  4. 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.

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