Candidates must complete the three levels of CFA® examinations sequentially. Candidates who fail an examination must repeat that level until they pass. The Level I and II examinations are composed of multiple choice questions. Level III consist of essays and multiple choice questions. Level I is offered in June and December. Levels II & III are offered only in June. It can take as little as 2 years to get through the program, but on average it takes about four years.
Curriculum Content and Learning Focus
- Level I tests your knowledge of the ethical and professional standards.
- Level II tests how you apply those standards to situations analysts face.
- Level III tests how you apply the standards in a portfolio management and compliance context
Level I exams consist of basic knowledge and comprehension questions focused on investment tools; some questions will require analysis.
Level II exams emphasize more complex analysis, along with a focus on valuing assets.
Level III exams require synthesis of all the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning.
Visit the CFA Institute website for more information on the CFA Program.