FAQs for Those Interested in the CFA Program
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Already enrolled in the CFA Program? Looking for answers to more in-depth questions? Read our expanded FAQS |
General
Exams
- How many exams will I have to take?
- Do I have to take the exams in three years?
- When are the exams held?
- Where are the exams held?
- If I pass the Level I exam in December, can I register for the Level II exam held the following June?
- What is the format for the exams?
- Why doesn’t CFA Institute offer the exam in languages other than English?
Requirements
- What are the requirements to enter the CFA Program?
- Can you help me to determine if my degree is comparable to a U.S. bachelor's degree?
Cost
Studying
Membership
Preparation
General
What is the CFA Program? I thought it was an exam.
The CFA Program is an educational program that tests your mastery of a body of knowledge through a series of exams. If you pass these three exams and meet other requirements, you earn a CFA charter.
The CFA charter is the designation you earn when you successfully complete the CFA Program. When you earn a charter, you become a CFA charterholder.
A candidate is a person enrolled in the CFA Program.
Exams
How many exams will I have to take?
There are three levels of exams. You have to pass one exam to move on to the next one. If you fail a level, you can retake the exam. There is no limit to the number of times you can take an exam.
Do I have to take the exams in three years?
No. You do not have to complete the CFA Program within a specified time frame, and there is no limit to the number of times you can take an exam. You do not need to repeat an exam level that you already have passed, regardless of the time that elapses between exams.
Exams are held in June (all levels) and December (Level I only).
Exams are held in locations around the world in June (all levels) and December (Level I only).
If I pass the Level I
exam in December, can I register for the Level II exam held the following
June?
Yes. But remember that your preparation time will be shorter.
It's important to consider your personal and professional demands before
registering for an exam.
What is the format for the exams?
Each exam includes morning and afternoon sessions. The Level I questions are all multiple choice. The Level II questions are all item set (or “mini case”) questions. The Level III exams contain essay questions in the morning session and item set questions in the afternoon session.
Why doesn’t CFA
Institute offer the exam in languages other than
English?
In order to ensure fair, global consistency both in administering
the exam questions and grading candidate responses, we offer the exams
only in one language.
Requirements
What are the requirements to enter the CFA Program?
View the requirements.
Can you help me to 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, we suggest that you contact your college or university with your inquiry.
Cost
How much does the CFA Program cost?
Program costs include a one-time enrollment fee and a registration fee for each exam you take. View the fee schedule.
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) with additional information.
Studying
How do I prepare for the exams?
We recommend that you spend at least 250 hours preparing for each exam level. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background. We have a number of tools to help you study.
Many actual exam questions are embedded in the curriculum and included in the online sample 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.
Membership
If I become a candidate in the CFA Program, am I also a member of CFA Institute?
No. The CFA Institute membership application process is separate from enrollment for the CFA Program.
Preparation
Where can I find a study guide?
We don’t provide a printed study guide. All study materials for each level, including study sessions, readings, and assigned problems, are included in the CFA Program curriculum. We also provide additional study materials.
Am I required to buy the CFA Program curriculum?
Candidates taking the exam in June 2007 and December 2007 are not required to purchase the curriculum. However, studying the prescribed curriculum is the best way to prepare for the exams. The complete curriculum is included as part of the registration.
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.