CFA® Program Guide
The "Gold Standard" in Investment Management
This guide provides an interactive overview of the Chartered Financial Analyst (CFA) program, designed to help you understand its value, navigate the requirements, and strategically prepare for the exams. Explore the sections to uncover the data and insights behind the world's most respected financial credential.
Global Recognition
The CFA charter is a globally recognized credential, benchmarked as a Master's Level 7 qualification in the UK and providing exam waivers from regulators like FINRA in the US.
Average Study Time
Successful candidates report studying over 300 hours per level, with averages of 303 (L1), 328 (L2), and 344 (L3).
Employer Demand
The charter is a definitive mark of excellence, with 90% of hiring managers indicating a preference for charterholders for executive roles.
Core Competencies Developed
The curriculum, based on extensive industry practice analysis, is designed to build mastery in four key areas, ensuring charterholders are equipped for the complexities of modern finance.
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Advanced Investment Analysis
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Portfolio & Wealth Management
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Risk Management
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Ethical & Professional Standards
Your Journey to the Charter
Earning the CFA charter is a multi-step process that combines rigorous exams with practical experience and a commitment to ethical practice. Here is a breakdown of the key milestones you must achieve.
Meet Enrollment Requirements
Before you can register for the Level I exam, you must meet one of the following criteria:
- Hold a Bachelor's Degree.
- Be an undergraduate student within 23 months of graduation.
- Have 4,000 hours of combined professional work experience and/or higher education over 3+ years.
- Possess a valid international travel passport.
Pass All Three Exams
Sequentially pass the Level I, Level II, and Level III exams. Each level builds on the last, progressing from foundational knowledge to advanced application and synthesis.
Gain Qualifying Work Experience
Accrue a minimum of 4,000 hours of relevant work experience, completed in a minimum of 36 months. This experience must be directly involved in the investment decision-making process or produce work that adds value to it.
Become a Member
Submit an application to join the CFA Institute, provide 2-3 professional references, and commit to abiding by the CFA Institute Code of Ethics and Standards of Professional Conduct. Upon approval, you officially become a CFA charterholder.
Exam Level Deep Dive
Each CFA exam level presents a unique challenge, from the broad foundations of Level I to the complex synthesis of Level III. Use the tabs below to explore the structure, topic weights, key formulas, and practice questions for each level.
Level I at a Glance
- Format: 180 multiple-choice questions (2 sessions)
- Duration: 4.5 hours total (2h 15m per session)
- Focus: Foundational knowledge of investment tools & concepts.
- Avg. Time/Question: 90 seconds
Topic Weights (2025/2026)
Topic Explorer & Must-Know Formulas
Click on a topic to reveal key concepts and essential formulas. The most heavily-weighted topics are critical to master.
Practice Zone
Test your knowledge with these sample Level I questions. Select an answer to see immediate feedback.
Level II at a Glance
- Format: 88 multiple-choice questions (22 vignettes)
- Duration: ~4.4 hours total (2h 12m per session)
- Focus: Application of concepts and asset valuation.
- Key Challenge: Mastering the vignette (mini case study) format.
Topic Weights (2025/2026)
Topic Explorer & Must-Know Formulas
Level II goes deeper into valuation. Explore the key models and advanced formulas required for success.
Practice Vignette
Analyze the case study and answer the related questions. This simulates the core challenge of the Level II exam.
Level III at a Glance
- Format: Mixed - Constructed Response (essay) & Vignettes
- Duration: ~4.4 hours total (2h 12m per session)
- Focus: Portfolio management and wealth planning synthesis.
- New in 2025: Choice of 3 specialized pathways.
Topic Weights (Core Curriculum)
Core Curriculum & Pathways
Level III tests your ability to synthesize knowledge into actionable portfolio strategy. The curriculum now includes a common core and specialized pathways.
Practice Constructed Response
Mastering the essay format is key. Practice formulating a concise, justified response to the following scenario.
Architecting Your Success
Passing the CFA exams requires more than just knowledge—it requires a robust strategy. Explore historical pass rate data to set realistic expectations and learn the most effective study approaches.
Historical Pass Rate Trends (10-Year Avg)
Pass rates fluctuate and saw a dip during the transition to computer-based testing, but have been trending back toward their historical averages. The increasing pass rate from L1 to L3 reflects the highly effective filtering process of the program. Use the legend to toggle levels on and off.
The 3-Phase Study Plan
A disciplined 6-9 month plan is essential. Break your studies into these distinct phases for optimal learning and retention.
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1
Learn (Months 1-4)
Systematically work through the curriculum, taking notes and creating flashcards for key concepts.
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2
Practice (Months 5-6)
Shift to active problem-solving with a question bank. Deeply analyze every mistake to identify and fill knowledge gaps.
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3
Review (Final Month)
Consolidate knowledge by taking full-length mock exams under timed, realistic conditions to hone your test-taking strategy.
Choosing Your Study Arsenal
The most effective strategy combines the official curriculum with third-party prep materials.
CFA Institute Curriculum
Pro: The definitive source for all exam questions. Con: Extremely dense and can be overwhelming.
Best Use: Essential for practice problems and studying Ethics.
Third-Party Prep (e.g., Kaplan Schweser)
Pro: Condensed notes for efficient learning, large question banks, and mock exams. Con: May lack the nuance of the official text.
Best Use: Primary learning tool for covering the curriculum efficiently.
Comprehensive Study Materials Library
This library provides direct links to all the detailed study materials developed for each CFA Program level. Navigate through the resources to aid your preparation. Note: These materials are supplementary and not a replacement for the official CFA Institute curriculum.
Level I Materials
Level I Main Study Guide (Overview)
Cheat Sheets
- Ethical and Professional Standards
- Quantitative Methods
- Economics
- Financial Reporting and Analysis
- Corporate Finance
- Equity Investments
- Fixed Income Key Concepts
- Derivatives (was CS_08)
- Alternative Investments (was CS_09)
- Portfolio Management (was CS_10)
Topic Deep Dives
- Quantitative Methods: Time Value of Money
- FRA: Income Statement Analysis
- FRA: Understanding Financial Statement Analysis
- Equity: Valuation Models Introduction
- Fixed Income: Basics
- Derivatives: Introduction to Derivatives
- FRA: Balance Sheet Analysis for Creditors
- FRA: Cash Flow Statement Analysis for Creditors
Practice Exams
- Practice Exam 1 - Questions
- Practice Exam 1 - Answer Key
- Practice Exam 2 - Questions
- Practice Exam 2 - Answer Key
- Practice Exam 3 - Questions
- Practice Exam 3 - Answer Key
Case Studies
Level II Materials
Level II Main Study Guide (Overview)
Cheat Sheets
- Ethical and Professional Standards (L2)
- Quantitative Methods (L2)
- Economics (L2)
- Financial Reporting and Analysis (L2)
- Corporate Issuers (L2)
- Equity Valuation (L2)
- Fixed Income (L2)
- Derivatives (L2)
- Alternative Investments (L2)
- Portfolio Management (L2)
Topic Deep Dives
- Equity: FCFF/FCFE Valuation
- Equity: Advanced Equity Valuation Models
- FRA: Intercorporate Investments
- Fixed Income: Term Structure Models
- Fixed Income: Analysis - Credit Risk
- Derivatives: Option Valuation (Binomial & BSM)
Practice Exams (Item Sets)
- Practice Exam 1 - Item Sets 1-3 Questions
- Practice Exam 1 - Item Sets 1-3 Answer Key
- Practice Exam 1 - Item Sets 4-6 Questions
- Practice Exam 1 - Item Sets 4-6 Answer Key
- Practice Exam 1 - Item Sets 7-8 Questions
- Practice Exam 1 - Item Sets 7-8 Answer Key
- Practice Exam 2 - Questions
- Practice Exam 2 - Answer Key
Case Studies
Level III Materials
Level III Main Study Guide (Overview)
Cheat Sheets
- Ethical and Professional Standards (L3 & GIPS)
- Economics: Capital Market Expectations
- Asset Allocation
- Behavioral Finance
- Equity Portfolio Management
- Fixed Income Portfolio Management
- Alternative Investments Portfolio Management
- Derivatives and Currency Management
- Risk Management (Portfolio Context)
- Performance Evaluation and Attribution
Topic Deep Dives
- IPS Construction: Private Wealth
- Private Wealth Management Strategies
- Asset Allocation: Mean-Variance Optimization
- Fixed Income: Portfolio Strategies
- Performance Attribution
- Behavioral Finance in Portfolio Management
Practice Exams
- Practice Essay Exam 1 - Questions
- Practice Essay Exam 1 - Guideline Answers
- Practice Essay Exam 2 - Questions
- Practice Essay Exam 2 - Guideline Answers
- Practice Item Set Exam 1 - Questions (Sets 1-3)
- Practice Item Set Exam 1 - Answers (Sets 1-3)
- Practice Item Set Exam 1 - Questions (Sets 4-5)
- Practice Item Set Exam 1 - Answers (Sets 4-5)