Why choose the CFA® charter
All about exams
Course content/ Exam structure
- The CFA® programme has three levels of examinations
- No exemptions are available
- Candidates cannot proceed to the next level without successfully completing the previous level.
- Each level focuses on one key area
Explore each level:
Focuses on Knowledge and Comprehension of Investment tools
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 15-20% |
| Quantitave Methods | 6-9% |
| Economics | 6-9% |
| Financial Reporting and Analysis | 11-14% |
| Corporate Finance | 6-9% |
| Equity Investments | 11-14% |
| Fixed Income | 11-14% |
| Derivatives | 5–8% |
| Alternative Investments | 7-10% |
| Portfolio Management & Wealth Planning | 8-12% |
Exam Key information
- The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate).
- The are two 135-minute sessions (session times are approximate), with an optional break between sessions.
- Each multiple-choice item on the CFA Level I exam consists of a stem (a question, a statement, and/or table) as well as three answer choices (A, B, or C).
Two basic formats are used:
- Sentence completion with three unique choices
- Questions with three unique choices.
Focuses on Application and Analysis of Asset Tools
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 10-15 % |
| Quantitative Methods | 5-10 % |
| Economics | 5-10 % |
| Financial Reporting and Analysis | 10-15 % |
| Corporate Issuers | 5-10 % |
| Equity Valuation | 10-15 % |
| Fixed Income | 10-15 % |
| Derivatives | 5-10 % |
| Alternative Investments | 5-10 % |
| Portfolio Management | 10-15 % |
Exam Key information
- The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.
- The Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.
- The CFA Level II exam is standardized with 11 item sets for each session, for a total of 22 on the exam. Twenty of these items are scored, and two are being trialed and will not be scored.
Multiple-choice questions in each item set must be answered based on the information in the vignette. Hence, the items are not free-standing, as in the CFA Level I exam. You’ll need to refer to the vignette before answering each item.
The CFA® Program curriculum topic areas for Level II will be randomly placed on the exam. All topics may be covered in either the first or second sessions, or possibly both sessions. Each item set vignette will begin with a statement of the topic and total point value. For example:
TOPIC: QUANTITATIVE METHODS
TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
Focuses on Synthesis and Evaluation of Portfolio Management
Candidates will choose one of three specialized pathway options at registration. Upon registration, the study materials provided will relate to the selected pathway. Pathways cannot be changed once registration is completed.
65-70% of the Level III exam topic weight will relate to the common core, while the remaining 30-35% will relate to the selected pathway. Questions related to the selected pathway will be a mix of item-set and essay, just as for the common core.
There will be a single, mandatory 10-15 hour Practical Skills Module for Level III starting in this same window. It will focus on Portfolio Construction and more details will be forthcoming. This will not be graded, although completion will need to be documented.
|
Private Wealth pathway |
|
|---|---|
|
Private Markets pathway |
|
|
Portfolio Management |
Exam Key information
- The Level III exam consists of item sets and constructed response (essay) sets. Both question types combine vignettes with accompanying multiple-choice items for item sets and constructed response items for essay sets.
All questions must be answered based on the information in the vignette. Hence, the items are not free-standing, as in the CFA Level I exam. You’ll need to refer to the vignette before answering each item.
Each session will have either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets. This mixed distribution of item types across the two exam sessions creates a more balanced delivery of questions throughout the exam. Overall, the Level III exam contains 11 item sets and 11 essay sets for 12 points each. Twenty of these question sets are scored, and two (one item set and one essay set) are being trialed and will not be scored.
- Each item set on the Level III exam consists of a vignette followed by 4 multiple-choice questions. The 44 multiple-choice items are each worth 3 points.
Item set vignettes will begin with a statement of the topic and total point value, for example:
TOPIC: PORTFOLIO CONSTRUCTION
TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
3+1 Reasons Why CFA® at UNIC Global Training
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Access to the Kaplan Scwheser Resources
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