Overview of the

CFA® Program
Contents
04 Introduction to the CFA® Program

05 The benefits

06 A program that grows with you

07 Frequently asked questions

09 The CFA Program curriculum

12 CFA Charterholder’s career path

14 All about the CFA Program

The CFA® Program
The Chartered Financial Analyst (CFA®) Program WHAT IS A CFA CHARTER?
is designed to equip candidates with the
knowledge and skills necessary to compete A Chartered Financial Analyst (CFA®) charter is a
and excel in today’s complex and evolving designation given to those who have completed
investment industry. the CFA® Program and completed acceptable
work experience requirements.
It is a self-study, three-level exam that tests the
fundamentals of investment tools, company The CFA Program is a three-part exam that tests
valuation, portfolio management, and wealth the fundamentals of investment tools, valuing
planning. Whether an individual is an aspiring assets, portfolio management, and wealth
or practicing investment professional, the planning. The CFA Program is typically completed
CFA Program offers a way to move forward and by those with backgrounds in finance, accounting,
achieve professional goals. economics, or business. CFA charterholders
earn the right to use the CFA designation after
The curriculum is developed by CFA Institute, one program completion, application, and acceptance
of the world’s leading associations of investment by CFA Institute. CFA charterholders are qualified
professionals. By enlisting the investment to work in senior and executive positions in
industry’s brightest minds to continually improve investment management, risk management,
the CFA Program, CFA Institute ensures that the asset management, and many more related
curriculum is always relevant and provides real- positions such as institutional sales, private
world skills in investment analysis. equity and private wealth management.

WHY THE CFA PROGRAM

IS RIGHT FOR YOU
If you hire investment professionals
As an aspiring or practicing investment
with a CFA [designation], you
professional, you need the knowledge and skills
to thrive in a highly competitive industry. absolutely have confidence at the level
The CFA Program is designed to equip you with of qualification. You can hire people
the kind of expertise and real-world skills in with an MBA, but you don’t necessarily
investment analysis that will help you advance know that one MBA is the same as
your career. Whether you are a practicing
another MBA.”
investment professional, a student, switching
careers or looking to start a career in this field, Jenny Johnson
the CFA Program offers a way to move forward Franklin Templeton
and achieve your professional goals. COO/President

4 Overview of the CFA® Program

The benefits

DEMONSTRATING YOUR EXPANSIVE

KNOWLEDGE AND SKILLS
Designed with your future in mind, the CFA Program provides a strong
foundation for advanced investment analysis and real-world portfolio
management skills. Ongoing input from industry experts ensures that the
curriculum remains relevant and prepares charterholders to enter today’s
market desk-ready.

RELEVANT IN A VARIETY OF CAREER PATHS

CFA charterholders occupy a range of investment decision-making roles,
typically as a research analyst or portfolio manager. CFA charterholders go
on to enjoy lifelong careers in asset and wealth management, investment
banking, commercial banking, and consulting, alongside a diverse range of
career paths in and outside the industry.

VALUE IN AN EVOLVING INDUSTRY

As a globally recognized credential in the investment management
profession, earning the CFA charter demonstrates to employers that you
have the knowledge and commitment to thrive in today’s complex and
evolving investment industry. The CFA® designation is a mark of distinction,
and investment firms know it represents a higher standard.

Overview of the CFA® Program 5

A program that grows with you
EXAM ELIGIBILITY POLICY BENEFITS TO STARTING
CFA Institute has extended CFA Program YOUR CFA JOURNEY EARLY
candidate eligibility by one year to include
university students with two years remaining Utilize your time in university
in their undergraduate studies. This policy Many universities have partnerships with
change allows us to meet the expressed needs CFA Institute that can help prepare you for the
of student candidates, providing them with the CFA Program. Even if your school or program
opportunity to prepare for investment careers, doesn't directly teach the CFA Program
while also addressing industry demand for well- curriculum, your CFA Program study time will be
trained, ethical professionals. The expansion of enhanced by your business and finance courses.
the eligibility policy provides students with the
opportunity to use Level I of the CFA Program Take advantage of your head start
as a clear signal to employers that they are You are already used to studying, and if you
serious about a career in the investment industry. are in a finance-related degree, you are well
Completion of the CFA Level I exam supplies prepared to tackle the more advanced, higher
both interns and early career entrants with the education curriculum of the CFA Program.
foundational knowledge they need for success.
Gain a competitive advantage
By beginning the CFA Program earlier in your
academic studies, you'll gain a competitive
advantage for both jobs and internships, and
signal to potential employers your commitment
to the investment profession.

Provides a powerful alternative to MBA

While a traditional MBA program offers a
broad business curriculum, the CFA Program
curriculum specifically focuses on investment
analysis and portfolio management. Completion
of the program provides a deep knowledge of
investment principles and ethics, graduate-level
expertise and a respected certification as a
Chartered Financial Analyst (CFA).

Global recognition
The CFA charter is globally recognized as the
gold standard in the investment management
profession, giving you a passport to work in any
financial market you choose.

6 Overview of the CFA® Program

Frequently asked questions
When can I take the CFA exam? If I pass Level I while I’m in college, when can I
move on to the Level II exam?
Undergraduate students are eligible to register
and sit for the exam in any of our offered exam You may register and sit for the Level II exam
cycles (February, May, August, or November) as while you are still at university, but you must have
long as you are within 23 months of graduation. received your undergraduate degree before your
Level III exam date.
How much study time is involved?
A candidate should plan to devote about 300 How often can I attempt the CFA exam?
hours of study time in the pursuit of success on
Candidates are permitted to take the exam twice
their Level I exam. This includes 10-20 hours of
per calendar year (when applicable), but not in
a Practical Skills Module that provides hands-on
consecutive windows or windows that are six
application of the material you are learning.
months or less apart. Candidates are allowed a
maximum of six attempts per exam level.
Is there a best time to take the CFA exam?
Circumstances differ for everyone, but students Are there any other rules?
beginning their third year of study may already be
Only those individuals that meet all admission
enrolled in finance courses that complement their
criteria, including professional conduct
study of the CFA curriculum. Students planning to
adherence, and are not the subject of a
apply for a summer internship might benefit from
suspension or prohibition from participation in
sitting for their Level I exam in August, to allow
a CFA Institute exam program, are eligible to
final studying over holidays and to avoid conflict
register for and take the exam.
with academic exams. This will allow focused
study time and to use your results during critical
fall internship and job application periods.

Overview of the CFA® Program

The CFA® Program curriculum

KEEPING THE CURRICULUM RELEVANT

AND RIGOROUS
The CFA Program includes the foundational knowledge that firms expect as
well as the critical advanced investment analysis and portfolio management
skills that are needed in the investment industry today. CFA Institute
updates the curriculum regularly, so it reflects modern financial practices,
including machine learning; fintech; organizing, visualizing, and describing
data; and environmental, social, and corporate governance (ESG) investing.
Thus, allowing candidates to bring what they have learned through the
CFA Program to real-world scenarios.

INDUSTRY PRACTITIONER INPUT

AT EVERY STAGE
The curriculum is developed through an Education Advisory Committee that
includes industry practitioners, security market regulators, university faculty,
and policymakers. Involving financial thought leaders helps ensure that
CFA Institute provides the skills the industry wants. This approach, known
as the Program Practice Analysis process, plays a key role in establishing the
CFA Program as the global gold standard of investment credentials.

KNOWLEDGE THAT EVOLVES WITH

INDUSTRY NEEDS
CFA Institute researches and identifies trends that significantly affect the
investment industry. These insights inform updates to the curriculum
to reflect current practices and help CFA charterholders succeed in a
constantly changing profession.

8 Overview of the CFA® Program

CURRICULUM TOPICS

Financial Statement Analysis

Including Analysis of Financial Institutions, Financial Statement Modeling

Corporate Issuers
Including Corporate Restructuring, ESG Considerations in Investment Analysis

Equity Investments
Including Equity Valuation Concepts and Basic Tools, Overview of Equity Securities

Alternative Investments
Including Private Real Estate Investments

Fixed Income
Including Fixed-Income Instrument Features, Credit Risk

Portfolio Management and Wealth Planning

Including Portfolio Planning and Construction, Active Equity Investments
EXAMS THAT EVOLVE IN PRACTICAL SKILLS MODULES
COMPLEXITY The CFA Program has been expanded to include
practical, relevant skills training to provide
The CFA Program is comprised of three levels of
candidates with on-the-job application of what
exams. Each level of the curriculum builds on the
they are learning in the curriculum. A Practical
prior level and becomes increasingly complex,
Skills Module (PSM) uses a combination of videos,
with a core of ethics and professional standards
multiple-choice questions, guided practice, and
across all levels. The total testing time for each
case studies to develop candidates’ practical
exam is 4.5 hours.
skills. In order to receive their exam result,
candidates are required to complete at least one
PSM at each level. The PSM topic may be chosen
after registration at any time during your exam
study period and must be completed before
results are released. Each PSM takes 10-20 hours
to complete.

10 Overview of the CFA® Program

EXAM OVERVIEW: PRACTICAL SKILLS MODULES
Financial Modeling Python, Data Science & AI
How to build a top-tier three-statement financial Introduces candidates to machine learning,
model of a company in Excel to understand how artificial intelligence, and data science to
the value of a company is determined. understand financial statements, reporting,
and analysis using Python.
Python Programming Fundamentals
A fundamentals course to demonstrate the basics Portfolio Development and Construction
of Python and how to use Jupyter Notebook for Develop, implement, and manage an
developing, presenting, and sharing data science institutional investor portfolio, drawing from
projects related to finance. lessons learned in the CFA curriculum and
using advanced Excel skills.
Analyst Skills
Focuses on the skills equity analysts need using
insights gained from hundreds of successful analysts.

Level l Level ll Level lll

Exam Topics Ethics & Professionals Ethics & Professionals Ethics and Professional
Standards Standards Standards
Quantitative Methods Quantitative Methods Derivatives and Risk
Economics Economics Management
Financial Statement Anaylsis Financial Statement Analysis Portfolio Construction
Corporate Finance Corporate Finance Asset Allocation
Equity Investments Equity Investments Performance Measurement
Fixed Income Fixed Income
Derivatives and Risk Derivatives and Risk + Choice of Pathway:
Management Management Portfolio Management
Alternative Investments Alternative Investments Private Markets
Portfolio Management Portfolio Management Private Wealth

Question Format Multiple choice questions Vignette-supported multiple- Vignette-supported multiple-

choice questions choice questions and constructed
response (essay) questions

Exam Results Within 60 days of taking Within 60 days of taking Within 90 days of taking
Availability the exam the exam the exam

Level Meet CFA Program Pass Level I CFA exam Pass Level II CFA exam
Advancements enrollment requirements

Practice Required Required Required

Skills Module

Optional Available Available Coming in 2026

Practice Packs

Overview of the CFA® Program 11

CFA Charterholder’s career path
RELEVANCE IN A VARIETY LEVEL III SPECIALIZED
OF CAREER PATHS PATHWAYS
CFA charterholders occupy a range of investment The CFA Program curriculum has always prepared
decision-making roles including buy-side, sell- people well for buy-side jobs. As we grow
side, corporate and advisory positions. Many and develop to meet the needs of our global
CFA charterholders are portfolio managers audience, we know that the needs of our diverse
(including hedge fund managers), private wealth candidate base go beyond the buy-side.
managers, equity research analysts,
manager-of-managers, and brokers. We performed a job role analysis in April 2021,
then subsequently a market analysis to
determine adjacent job role sectors from which
VALUE IN AN to focus the specialized pathways. Two sectors
EVOLVING INDUSTRY rose to the top: Private Wealth Management and
Private Markets.
As a globally recognized credential in the
investment industry, earning the CFA charter
Beginning with 2025 exams, we have introduced
demonstrates to employers that an individual
specialized pathways at Level III — two new
has the knowledge and commitment to thrive
versions of Level III in Private Wealth Management
in today’s complex and evolving investment
and Private Markets — while also keeping our
industry. The CFA designation is a mark of
traditional Portfolio Management path.
distinction, and investment firms know it
represents a higher standard.
Candidates are now able to select a path that
teaches content more directly related to their
EXPANSIVE KNOWLEDGE, interests and aspirations. The three versions
have a ‘common core’ of curriculum at Level III,
SKILLS, AND COMMITMENT supplemented by specialized content
TO ETHICS for each pathway.
The CFA charter provides the strongest
foundation for advanced investment analysis
and real-world portfolio management skills for a
career advantage that can be used at all stages
of an individual’s career. It prepares an individual
to enter today’s market and signifies a strong
technical foundation and commitment to ethics
and professionalism.

12 Overview of the CFA® Program

 I wanted a globally recognized
qualification that would prove
my competency.”

Nina de Martinis-Majstorovic, CFA

Paris, France

Overview of the CFA® Program 13

All about the CFA® Program
COMPUTER-BASED TESTING from USD 1,390 to USD 1,090 for Level III. There
is a one-time enrollment fee of USD 350 the first
CFA Institute has transitioned all CFA exams time a candidate registers for the Level I exam.
to computer-based testing. This enables An enrollment fee is not charged for subsequent
CFA Institute to operate with flexibility and exams. All fees must be paid in US dollars.
adjust to the changing landscape quickly and
reliably in response to either global or local
situations. Exams are hosted in over 400 testing REGISTRATION PROCESS
centers located in most major cities around the Registering for the CFA exam is a
world. Candidates are permitted to take the exam two-step process:
a maximum of twice each calendar year but not
in consecutive windows or windows that are six Step 1
months or less apart. Candidates will have a total Enroll in the CFA exam through the
of six maximum attempts per exam level. CFA Institute website www.cfainstitute.org/
programs/cfa/register
CFA PROGRAM COSTS*
Step 2
BY EXAM LEVEL After the registration process is complete and
Registration costs vary depending on when a payment processed, candidates will be able to
candidate decides to register for the exam. schedule their exam via a Prometric scheduling
An early registration period is available for all tool, which presents available testing centers
three levels, which reduces the exam cost from with dates and times. This step must be
USD 1,290 to USD 990 for Levels I and II, and completed by the scheduling deadline.

LEVEL I LEVEL II LEVEL III

ONE-TIME ENROLLMENT FEE EARLY REGISTRATION EARLY REGISTRATION

USD
350 USD
990 USD
1,090
EARLY REGISTRATION STANDARD REGISTRATION STANDARD REGISTRATION
USD
990
USD
1,290 USD
1,390
STANDARD REGISTRATION
USD
1,290
*Prices noted are for February 2025 window CFA exams and beyond.

14 Overview of the CFA® Program

STUDY MATERIALS SCHOLARSHIPS
Passing the three exams marks true mastery of As part of CFA Institute commitment to
the curriculum and is the most important task promoting the highest standards of professional
required to earn the CFA charter. On average, excellence, scholarships help make the
candidates report investing over 300 hours of CFA Program more accessible for people who
study in advance of successfully passing each want to advance in their careers.
level. Becoming a CFA charterholder takes
hard work and commitment. When you are a
candidate, complete support is provided through
PREP PROVIDERS
In addition to the support provided by
the Learning Ecosystem, an adaptive study tool
CFA Institute, candidates in the CFA Program
that helps candidates to prepare for the exam,
can benefit from extra exam prep courses
available online and as an app. CFA Institute
and materials.
provides candidates with access to a wealth of
information that will help them to pass the
CFA exams and excel in their career.

WHAT IS KEY TO
STUDY TOOLS:
EXAM SUCCESS?
LEARNING ECOSYSTEM
CFA Institute provides the full curriculum in a 300 HOURS
On average, candidates spend
comprehensive digital Learning Ecosystem to all
300 hours of study per exam level,
registered candidates. It includes study sessions
plus completion of mandatory
for each level, custom study plans, practice
Practical Skills Module (PSM).
questions, mock exams, and more.
EXAM PREP
OPTIONAL PRACTICE PACK All exam questions are based on
CFA Program curriculum.
FOR LEVEL I AND LEVEL II
CANDIDATES STUDY TOOLS
Online Learning Ecosystem, Practice
A suite of additional prep materials for Level I and Questions, Mock Exams, Candidate
Level II, including extra practice questions, exam Discussion Board, Optional Practice
day experience and mock exams from the authors Packs and Prep Courses.
of the CFA Program. (Available for purchase with
Program enrollment and exam registration). 4+ YEARS
On average, it takes over four years
to complete the full program.

Overview of the CFA® Program 15

Visit www.cfainstitute.org/programs/cfa
for more detailed information.

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