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| CFA Exam Basics |  To pass Chartered Financial Analyst exam, candidates take three sequential exams, such as exams for Level I, Level II, and Level III. Before advancing to the next level, candidates for the charter must pass each sequential test. CFA candidate who is making a perfect progress can finish all three levels and be awarded the charter in three years. The Candidates may take up to seven years to complete the program without reregistering.
Exams for three levels cover different aspects of the CFA Candidate Body of Knowledge (CBOK). Level I concentrates on tools and inputs and includes an introduction to asset valuation and portfolio management techniques. Level II focuses on asset valuation and includes applications of the tools and inputs (including economics, accounting, and quantitative techniques) in asset valuation. Level III includes strategies for applying the tools and inputs in managing equity and fixed-income securities, it emphasizes portfolio management. In all three levels ethical and professional standards are emphasized.
Required materials include such topics as: investing; ethics and fiduciary duty; statistics; economics; accounting; income statements; corporate finance; equity securities; bonds; debt valuation; derivatives; real estate; portfolio management; calculation of earnings per share; technical and fundamental analysis; futures, options, and swaps; venture capital; Capital Asset Pricing Model (CAPM); Arbitrage Pricing Theory (APT); asset allocation; stocks; foreign exchange; money and banking systems; Gross Domestic Product (GDP) and Gross National Product (GNP); inflation; and trading.
When are the exams given?
The CFA exams are held in December (Level I only) and June. CFA Candidates are notified of results within 8 weeks of the exam. Each year in September new charterholders, those candidates who have completed all three tests and have satisfied the program's other requirements, are announced.
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