CFA Program Glossary

 

Applicant: A person who applies to become a candidate in the CFA Program.

 

Candidate: A candidate in the CFA Program has signed up to enter the program and to take a first exam. Just as students in a university degree program are candidates to receive a degree, so students in the CFA Program are candidates to receive the charter. You do not have to be a member of CFA Institute to be a candidate. To become a candidate, you must meet certain entrance requirements, enroll in the program, and register for an exam, which includes paying fees. Become a candidate now.

 

CBOK: The Candidate Body of Knowledge, or CBOK™, represents the inventory of knowledge, skills, and abilities expected of an investment practitioner at the level of a new charterholder. The CBOK is the result of the practice analysis and is the roadmap for the curriculum and exam development. Read more.

 

CFA charter: The investment management designation awarded to those who pass the three exams administered by the CFA Program and agree to abide by the rules and regulations established by CFA Institute.

 

Charterholder: A person who has received the CFA charter.

 

Course of study: Another term for the Candidate Body of Knowledge (CBOK). Learn more.

 

Curriculum: The custom set of learning outcome statements (LOS), readings, and problem sets for each level of the exam program. The content delivered in the curriculum is the sole source for exam questions. Learn more. (Note: Beginning with the 2008 exams, the complete curriculum will be included as part of the registration. Find out more about this change.)

 

Enroll: Enrollment is a one-time process. It is the step you take to enter the CFA Program. You enroll by filling out an application and paying a enrollment fee. Once you have enrolled, you are a candidate in the program and do not have to enroll again. Enroll now. 

 

Errata: A list of corrections for the curriculum.

 

LOS: The learning outcome statements, or LOS, are reading-specific objectives that indicate the level of knowledge candidates are expected to gain from each reading. Each LOS includes a command word, such as demonstrate, formulate, or evaluate, that indicates the degree of understanding required. Learn more.

 

Member: A member of CFA Institute. You do not have to be a candidate or hold charterholder status to be a member. You do have to be a member to obtain and maintain charterholder status. To become a member of CFA Institute, you have to meet certain requirements and pay annual member dues. Members receive a number of career and educational benefits. Join CFA Institute now.

 

Practice Analysis: Practice analysis involves a regular series of panels around the world with senior investment professionals selected to represent the profession's diversity in geography, work setting, and professional roles. The main purpose of these sessions is to ensure that the CFA Program content retains relevance and is consistent with current professional practice. The final product of the practice analysis is a revised Candidate Body of Knowledge.

 

Register: The process by which you sign up to take an exam. You must register for each exam you wish to take.

 

Study Sessions: The custom curriculum organizational structure that helps candidates navigate the material. Each study session includes assigned readings (drawn from textbook chapters, professional journal articles, CFA Program-commissioned content, cases, and research analyst reports); learning outcome statements; and problem sets that demonstrate practical application and reinforce understanding of the concepts presented in the readings.