FAQs: CFA Program Candidates
I am a candidate in the CFA Program. Am I also a
member of CFA Institute?
No. The CFA Institute membership process
is separate from enrollment for the CFA Program.
Is there a time limit for candidates to complete
all three exam levels in the CFA Program?
No, you may take as long as you need to complete the CFA program; your
exam results never expire; and we don't limit the number of times you can
sit for each exam level.
It has been several years since I enrolled in the CFA
Program. Will I have to pay the enrollment fee again?
No. Applicants pay an initial enrollment fee upon entering the CFA
Program. Returning candidates pay only the registration fee for each exam
taken.
Where can I view past exams?
Many actual exam questions are embedded in the curriculum and included
in the online sample
and mock exams. We do, however, take great care to eliminate past
questions that are no longer consistent with the current curriculum and
question-formatting conventions. We also provide free sample questions for each exam level to allow you to get a
sense of the rigor.
May my employer verify the status of my
application?
CFA Institute may only verify for an employer the receipt of any
recent payments they have made on your behalf. All other information is
confidential. Candidates must contact CFA Institute directly for further
assistance.
If I pass the Level I exam in December, can I register
for the Level II exam held the following June?
Yes, candidates who pass Level I in December can register for the
Level II exam held the following June.
When will my exam results be available?
Exam results are
typically available for December exams in mid-January and for the June
exams between mid-July and late August.
Can you help me determine if my degree is comparable to
a U.S. bachelor's degree?
Generally, applicants must have reached a level of study that qualifies
them for acceptance to university graduate programs in the countries
where they earned their undergraduate degrees. If you need assistance to
determine whether or not your degree is comparable to a U.S. bachelor’s
degree, CFA Institute suggests that you contact your college or
university to make an inquiry.
Exam Enrollment and Registration
When will I receive specific details on my test center
location?
The exact location of your test center will be printed on your
exam admission ticket. Admission tickets for the June exam will be
available in late April. Admission tickets for the December exam will be
available in late October. You will receive notice from CFA Institute
when the online ticket system is available.
How do I change my test center?
Follow these
instructions. CFA Institute will grant such requests if space is
available.
I just moved and sent in my address change form.
Will you automatically change my test center?
No. Changing your address and changing your test center
are two separate processes. You can submit a change of mailing address at any
time. Candidates who want to change test centers for the CFA exams must
follow these
instructions.
If I withdraw from the December Level I exam, do I have
to wait until the forms have been processed and confirmed before I apply
for the June exam?
No. Candidates may submit a paper
re-registration application for
the June exam at the same time they submit their request to withdraw from
the December exam, but they cannot apply online
until their withdrawal is processed. However, please
note that registration fees cannot be refunded or transferred from
one exam to the next. You will need to pay another registration fee for
the June exam.
If I request an exam score retabulation, should I wait
to receive the retabulation result before re-registering?
No. We strongly encourage you to re-register at the earlier (and less
expensive) deadline.
I am not able to sit for the exam. Can I request a
refund or transfer my registration to the next exam?
No. Once you submit your application for the CFA Program, all of our
policies immediately go into effect. As our refund policy states,
your CFA Program enrollment fee and exam registration fee are
non-refundable and non-transferable (i.e. another candidate cannot use
your fees and you cannot apply your fees to another exam
offering). Please note that your CFA Program enrollment fee will
remain valid throughout your candidacy.
How long does it take to process my enrollment and
registration application?
Online applications are
processed within 48 hours and you will be notified of your status.
May I withdraw my registration in the Level I
exam?
Yes. View complete information on withdrawal
options. If you would like to re-register for the Level I exam, fax
the appropriate registration form along with your withdrawal request to
+1 (434) 951-5240. Deadline information is available on the withdrawal request form.
I am a U.S. veteran. Can I be reimbursed for CFA
Program fees?
Yes. You pay CFA Program fees up front and we provide you with
documentation to submit to the U.S. Department of Veterans Affairs for
reimbursement. Please contact
us for more information.
I heard that CFA Institute writes the exam questions
based on what is, or is not, in the notes prepared by prep course
providers. Is that true?
No. The exam development process begins long before any review course
has published its notes. CFA Program question writers begin drafting exam
questions in mid-July, and spend many months reviewing and fine-tuning
the questions and guideline answers. Exam questions are finalized by
early March so that copyediting and secure printing can take place in
time to ship the exams around the world.
Do commercial prep course providers receive advance
exam details from CFA Institute?
No. At no time during the exam development process do either the
question writers or CFA Institute staff consult with or provide exam
information to prep course providers. It is important to note that prep
course providers can only guess at what items will appear on the exams;
very often they guess wrong.
I have begun studying for the Level I exam and
discovered that there are many formulas presented. Are candidates
expected to memorize all these formulas?
Candidates are expected to be able to perform the actions specified in
the learning outcome statements (LOS). If a formula is required, then it
should be committed to memory.
Am I required to buy the CFA Program curriculum
separately?
Beginning with the 2008 exams, the complete curriculum is included as
part of the registration. Learn more about
this change.
Remember that the exams are developed directly from the curriculum and are consistent with the learning outcome statements (LOS) assigned by CFA Institute. There is no substitute for studying the original material.
How is the curriculum shipped and when will
I get it?
The curriculum is shipped via UPS (Worldwide Saver for international
shipments/UPS Ground for North America shipments). Candidates should
allow six to nine business days for delivery. For international
candidates, the package should reach the customs department within nine
business days. It will be up to the candidate to clear the package from
customs.
I live outside the United States. Will I have to pay
any additional import fees when the CFA Program curriculum is
shipped to me?
Maybe. Customs and import requirements vary from country to country, and
unfortunately we cannot provide detailed information that will apply to
all candidates. If your local regulations require you to pay an import
fee, you will be contacted by the shipping company (UPS, FedEx, or DHL)
with additional information.
What features of the approved calculators should I be
prepared to use on the exams?
You should practice and become proficient at using any of the specific
calculator features needed to address the learning outcome statements
(LOS) in the curriculum. Examples include, but are not limited to,
present and future values, annuity payments, square roots, and exponents.
You should also know how to use general features of your chosen
calculator, such as changing the number of decimal places displayed.
I have to use a screwdriver to replace the batteries in
my Texas Instruments BA II Plus calculator. Will I be allowed to do this
during the exams if my battery dies?
Yes. If your calculator requires the use of a screwdriver to replace
batteries, you may bring one and keep it in your pocket or place it under
your chair until you need to use it. However, CFA Institute advises you
to place fresh batteries in your calculator(s) on the day before the
exams. Replacing batteries during the exams will use valuable testing
time.
There is a problem with using the HP 12C calculator to
do some time value of money calculations. Should I be concerned that the
HP 12C automatically rounds up when computing the time required to
accumulate a given future value?
No. CFA Institute is aware that the HP 12C rounds up when computing the
time required to accumulate a certain sum. We have taken that into
consideration in the creation of questions and in the grading process.
I understand that there are only two calculator models
that I’m allowed to use. This is an archaic rule that has no basis except
to impose restrictions on candidates. Why can’t I use my
HP17B2?
Many calculators, such as the HP17B2, have text-storing capabilities.
Candidates could bring text stored in the calculator into the testing
room, creating an unfair situation. By adopting a calculator
policy of permission (defining what a candidate may use) rather than
a policy of omission (attempting to describe what the candidate may not
use), we can more easily protect the integrity of the CFA exam. It is a
standard practice of many professional testing bodies to provide a short
list of permissible models. In the current policy, the HP model is
available for candidates who prefer Postfix notation entry, and the TI
model is available for those who prefer algebraic notation entry. Both of
the models approved for use on the CFA exams are available for sale
worldwide and are relatively inexpensive. The policy was developed to
create a level playing field for all candidates. Please note that CFA
Institute does not sell calculators, nor does CFA Institute receive any
financial remuneration from sales of either calculator model.
Why can’t I bring my mobile phone into the testing
room if I agree to turn the sound off?
CFA Institute is concerned not only for the distraction posed by
ringing telephones, but also for the potential for cheating. With camera
and text messaging capabilities, mobile phones are actively being used by
students around the world to take an unfair advantage. Therefore, to
ensure a fair and equitable opportunity for all candidates, mobile phones
are not
allowed in the testing room. Any mobile phone found in the testing
room will be confiscated, and the candidate will be reported to CFA
Institute for disciplinary action.
Is there a dress code for the exams?
No. CFA Institute advises candidates to dress comfortably and in
layers. Temperatures in the testing room should be comfortable; however,
sometimes candidates get hot or cold during the exams. We suggest that
you wear soft-soled shoes to keep noise in the testing room to a minimum.
What is the CFA Institute contingency plan in the event
of inclement weather?
CFA Institute will make every effort to administer the exam as
scheduled. Please view the cancellation
policy.
What is the exam day schedule like?
Read about a typical exam
day.
What topics will I see on the exam during the morning
session or during the afternoon session?
Traditionally on Level I and II exams, all topics are covered in
the morning session and all topics are covered again (with different
questions) in the afternoon session. On the Level III exam, some topics
are covered in the morning session only and other topics are covered in
the afternoon session only.
If I am are trying to calculate a ratio that mixes
income statement and balance sheet statement information, when should
I use the average values of the balance sheet information as opposed
to the beginning- or end-of-year values? On the exams, how should I
calculate such a ratio?
The way ratios are calculated depends on the availability of data and
how particular ratios are going to be used. There is no “one size fits
all” solution, and such differences are part of the nature of financial
analysis. Candidates should be familiar with the assigned curriculum and
be prepared to perform calculations and interpretations based on that
curriculum. If it is relevant, the exam questions will normally specify
how the calculation is to be performed (e.g., “use beginning-of-year
balance sheet data for your calculations”).
In quantitative methods we often refer to the z-table,
t-table, and F-table. Will these tables be provided during the
exam?
No. CFA Institute will not provide distribution
tables with the exam. If a question requires information from a specific
distribution table, that information will be provided with the question,
but the tables themselves will not be provided. Similarly, time value of
money tables (present value, future value, etc.) are neither needed nor
provided. The two approved calculators are capable of performing any required
present value and future value calculations.
When answering constructed response-essay exam
questions, may I use abbreviated words to save time or must I write out
all words in full?
Prudent use of abbreviations is certainly acceptable, and even
advisable, especially in those cases where such abbreviations are used in
the assigned readings or are commonly known to be part of the body of
investment terminology. Candidates should, however, be cautious about
abbreviating highly technical, specialized, or less widely used terms.
What type of pencil can I use during the
exam?
CFA Institute will permit candidates to use regular or mechanical pencils
provided that they use Number 2 or HB lead. In the event that you are
unable to locate a Number 2 or HB pencil, any pencil with soft
lead/graphite will suffice.
Can medicine be brought into the testing room and used
during the exam? What other items can be brought into the testing
room?
Yes. You may keep medicines, tissues, and other personal items in your
pockets or on the floor beneath your chair during the exam. They may be
accessed as needed. Find out more on the Personal Belongings Policy page.
Why are candidates not permitted to have water at their
tables during the exam?
Candidates are not permitted to have drink containers in the testing room
because, in the past, exam answer books and answer sheets have been
damaged as a result of spills. This potential problem is made worse by
the fact that candidates typically share tables with other candidates.
Water stations are provided in the testing rooms at convention
halls/exhibition centers and drinking fountains are accessible to
candidates during the exams at universities/schools.
Can I use a ruler, correction fluid, highlighters, or
other tools on the exam?
No. Highlighters, correction fluid, and rulers are not permitted.
Candidates are only permitted to bring pencils, small erasers, and pens for
writing the exam. Read more about the Recording
Answers and Scratch Paper Policy.
My review course recommended we use the back of the
exam admission ticket to make note of any questions we may want to
revisit. Am I allowed to use scratch paper during the exam?
No. Candidates may use only their question book
for calculations and scratch work. Please review the Recording
Answers and Scratch Paper Policy for more information.
I have a medical condition that requires me to consume
food at frequent intervals. Am I permitted to keep and eat snacks at my
desk during the exam?
No. Candidates are not permitted to eat or drink at their desks.
Food and drinks must be left in the designated area away from the testing
room and may not be accessed during the exam. You may retrieve them during the lunch break. However, if
you have a medical condition (such as diabetes) that requires you to eat
frequently, you may request an accommodation under the Americans with
Disabilities Act (regardless of the country where you’re taking the
exam). To make your request, follow the testing
accommodations instructions.
I wrote in the margins of my essay answer sheet. Will
this cause problems with scoring my exam?
Writing answers in the margin will not affect your scores. All of
your written text recorded on answer pages for each specific question is
the only text that will be graded.
What about stray marks I may have made on my item set
or multiple choice answer sheet?
We are aware that candidates often change their answers, which can
create stray or erasure marks. Each answer sheet is reviewed to ensure
answers are recorded by our system appropriately.
What if I did not complete my candidate
number?
Our experienced grading staff carefully reviews each answer sheet for
completeness. A staff member will complete your candidate
number to ensure your scores are recorded correctly.
What if I did not complete my name?
We primarily use your candidate number as an identifier during the scan
sheet grading process; we only use names for reference when someone has
written his or her candidate number incorrectly.
Will my using a pen cause a problem with scoring
my exam?
While we prefer to have multiple choice/item set answer sheets completed
in pencil, our electronic scanner will recognize most types of ink. If
the scanner doesn’t recognize an ink mark, an experienced operator will
review the answer sheet to ensure answers are recorded by our system
appropriately.
What if I didn’t sign the exam pledge?
We will notify you if you did not sign the Candidate Pledge. You will be
given another opportunity to read and sign the pledge so that your
examination can be graded.
Why have you made the change to the results
report?
We have changed the results report to provide more detailed guidance on
candidate performance without reporting absolute scores (see below).
Specifically, we wanted to provide failed candidates with information
that might help them decide whether or not to continue in the CFA
Program. We understand that the decision whether or not to continue in
the CFA Program can be difficult, and we hope that failed candidates find
this information useful.
Why don’t candidates who pass the exam receive similar
information?
The score band information is intended to help failed candidates
determine whether to continue in the CFA Program by giving them more
detailed guidance on their performance. Reporting similar information to
passing candidates would encourage classifications such as "high
pass" and "low pass." We consider such classifications
counterproductive.
Why can’t you post our exact scores on each
section?
We do not consider one passing candidate to be more (or less)
accomplished than another passing candidate merely because of their
ranking relative to either the MPS or other candidate scores. To release
scores would inevitably lead to such ranking, which would be especially
unfair for candidates taking the same level exam in different years.
Do the pass/fail numbers published by CFA Institute
include all the registered candidates or just the ones who took the
exam?
The pass rates include only those candidates who actually took the
exams. The numbers do not include no-show
candidates or those who withdrew.
Does CFA Institute recognize the highest scores
annually or create an honors list?
No. CFA Institute posts scores as pass or fail and does not consider one
candidate as more (or less) accomplished than another merely because of
their relative ranking in a particular year.
Why doesn’t CFA Institute let candidates know what
score is required to pass the exams, or let candidates know what score
they achieved on the exam?
The minimum passing score (MPS) for each level of the exam is determined
by the CFA Institute Board of Governors each year after
the administration of the exams. Neither the MPS nor individual
candidate scores have ever been released. To set the MPS before the
administration of the exams would require that an absolute standard be
applied without regard to the difficulty of the exams; this could
potentially be very unfair to candidates, especially across time. To
release the MPS and individual scores would also be unfair to candidates;
CFA Institute does not consider one passing candidate to be more (or
less) accomplished than another passing candidate merely because of their
ranking relative to either the MPS or other candidate scores. To release
scores would inevitably lead to such ranking, which would be especially
unfair for candidates taking the same level exam in different years. Find
out more about the history
of the exam.
I received at least 50 percent on almost all topics on
my results score matrix, but I still did not pass. How can that
happen?
Candidates should not attempt to interpret an overall passing or failing
score from the results matrix information. The minimum passing score for
the exam is determined by many factors, and is not a predetermined or
specific percentage of the points either for individual topic areas or
for the entire exam. Specifically, candidates should not necessarily
interpret scores between 50 and 70 percent as passing.
What is the “ethics adjustment”?
The Board of Governors instituted a policy many years ago to place
particular emphasis on ethics. Starting with the 1996 exams, the
performance on the ethics section became a factor in the pass/fail
decision for candidates whose total scores bordered the minimum passing
score. The ethics adjustment can have a positive or negative impact on
these candidates' final results.
CFA Institute has a policy of not releasing either the minimum passing score or individual candidate scores. Consequently, CFA Institute does not release specific information about the ethics adjustment or the candidates who were affected. The adjustment has had a net positive effect on candidate scores (and thus pass rates) in most exam sessions. The published pass rates therefore always take into account the ethics adjustment for borderline candidates.
Do I have to pass each of the individual topic areas in
order to pass an exam level?
No. As long as you achieve a total score above the minimum passing score
(MPS) set by the CFA Institute Board of Governors, you would pass the
exam regardless of your performance on any individual topic. However, be
careful about any “test wise” strategy that recommends ignoring a topic
in your study. Recovering from a zero score in a topic is very difficult.
Also review the ethics adjustment FAQ above for some additional
information.
On the Level III exam, you said not to write answers on
the question pages, so I wrote my answer on a lined answer page instead
of on the template. Was my answer graded?
Please be assured that CFA Institute grades answers that are written on
pages labeled for a specific answer, regardless of whether you used the
template provided. You will not be penalized if you did not use the
template. Be reminded, however, that you waste valuable time by redrawing
a template that is already provided for you. Candidates should answer on
the templates provided and should follow the instructions given in the
template.
If my answers differ from those in the published
guideline, will I receive any credit?
Possibly. The guideline answers are intended to show a representative
candidate response given the CFA Program study materials assigned in that
year. One of the reasons the exams are graded by CFA charterholders who
are experienced practitioners or academicians is to ensure that all
acceptable answers receive appropriate credit. Your answer may have
received partial or even full credit.
How do I represent myself if I have passed
Level III but have not met all requirements for the award of the CFA
charter?
You may say that your status is “charter pending,” until you complete
all requirements.
How soon may I begin using the CFA designation after
passing the Level III exam?
As soon as you meet all the requirements for the
award of the CFA charter, you will receive a letter from the president
and CEO of CFA Institute and can begin using the CFA designation.
Are there guidelines for using the CFA
designation?
View the CFA Charterholder
Trademark Usage Guide for complete information.
I have passed the Level III exam, but I am an affiliate
member and not eligible for the CFA charter. What are my next
steps?
After you have accrued 48 months of qualifying work
experience, you may upgrade to regular membership online.
Will CFA Institute notify my employer that I have been
awarded the CFA charter?
CFA Institute does not notify your employer directly, but along
with your confirmation letter you will receive a letter for your
employer.
How will my name be printed on the CFA
charter?
Your name will be printed as it appears in your CFA Institute
online profile. Prefixes (Mr., Ms., Miss, Mrs., Dr.) and other
designations are not printed on the charter. If you want your name
printed differently, please submit the Identification Information Change
Request (PDF) prior to the award of your charter.
When will I receive my charter?
If your society is hosting a charter recognition event between 1
September and 31 January, you will be invited to receive your charter at
the event. Otherwise, your charter will be mailed to your primary
address within 12 weeks of the date that you complete all requirements for the
charter.