Overview of the

CFA® Program
Contents
04 Introduction to the CFA® Program

05 The benefits

06 A program that grows with you

07 Frequently asked questions

09 The CFA Program curriculum

12 CFA charterholder’s career path

14 All about the CFA Program

The CFA® Program
The Chartered Financial Analyst (CFA®) Program WHAT IS A CFA CHARTER?
is designed to equip candidates with the
knowledge and skills necessary to compete A Chartered Financial Analyst (CFA®) charter is a
and excel in today’s complex and evolving designation given to those who have succesfully
investment industry. passed all three levels of the CFA Program exams,
achieved the work experience requirements and
The CFA Program is a three-part exam that became a CFA Institute member.
tests the fundamentals of investment tools,
valuation across various asset classes, portfolio The CFA Program is typically completed by
construction, and ethical and professional those with backgrounds in finance, accounting,
standards. economics, or business. CFA charterholders are
qualified to work in senior and executive positions
The curriculum is developed by CFA Institute, one in investment analysis, risk management,
of the world’s leading associations of investment portfolio management, and many more related
professionals. By enlisting the investment positions such as institutional sales, private
industry’s brightest minds to continually improve equity, and private wealth management.
the CFA Program, CFA Institute ensures that the
curriculum is always relevant and provides real-
world skills in investment analysis.

WHY THE CFA PROGRAM

IS RIGHT FOR YOU If you hire investment professionals
As an aspiring or practicing investment with a CFA [designation], you
professional, you need the knowledge and skills
absolutely have confidence at the level
to thrive in a highly competitive industry.
The CFA Program is designed to equip you with of qualification. You can hire people
the kind of expertise and real-world skills in with an MBA, but you don’t necessarily
investment analysis that will help you advance know that one MBA is the same as
your career. Whether you are looking to advance another MBA.”
in your role, switch careers or looking to start
a career in this field, the CFA Program offers Jenny Johnson
a way to achieve your professional goals and Franklin Templeton
differentiate yourself in applications. CEO/President

4 Overview of the CFA® Program

The benefits

DEMONSTRATING YOUR EXPANSIVE

KNOWLEDGE AND SKILLS
Designed with your future in mind, the CFA® Program provides a strong
foundation for investment analysis and real-world portfolio management skills.
Ongoing input from industry experts ensures that the curriculum remains
relevant and prepares charterholders to enter today’s market desk-ready.

RELEVANT IN A VARIETY OF CAREER PATHS

CFA charterholders occupy a range of investment decision-making roles,
typically as a research analyst or portfolio manager. CFA charterholders go
on to enjoy lifelong careers in asset and wealth management, investment
banking, commercial banking, and consulting, alongside a diverse range of
career paths in and outside the industry.

VALUE IN AN EVOLVING INDUSTRY

As a globally recognized credential in the investment management
profession, earning the CFA charter demonstrates to employers that you
have the knowledge and commitment to thrive in today’s complex and
evolving investment industry.

Overview of the CFA® Program 5

A program that grows with you
EXAM ELIGIBILITY POLICY BENEFITS TO STARTING
FOR UNIVERSITY STUDENTS YOUR CFA PROGRAM
CFA Institute has extended CFA® Program JOURNEY EARLY
candidate eligibility to include university
Utilize your time in university
students with two years remaining in their
Many universities have partnerships with
undergraduate studies. This policy allows us to
CFA Institute that can help prepare you for the
meet the expressed needs of student candidates,
CFA Program. Even if your school or program
providing them with the opportunity to prepare
doesn't directly teach the CFA Program
for investment careers, while also addressing
curriculum, your CFA Program study time will be
industry demand for well-trained, ethical
enhanced by your business and finance courses.
professionals. This eligibility policy provides
students with the opportunity to use Level I of
Take advantage of your head start
the CFA Program as a robust way to differentiate
You are already used to studying, and if you
their resumes when applying for internships or
are in a finance-related degree, you are well
entry level jobs. Completion of the CFA Level I
prepared to tackle the more advanced, higher
exam supplies both interns and early career
education curriculum of the CFA Program.
entrants with the foundational knowledge they
need for success.
Gain a competitive advantage
By beginning the CFA Program during university,
you'll gain a competitive advantage for both
jobs and internships, and signal to potential
employers your commitment to the investment
profession.

Provides a powerful alternative to an MBA

While a traditional MBA program offers a
broad business curriculum, the CFA Program
curriculum specifically focuses on investment
analysis and portfolio management. Completion
of the program provides a deep knowledge
of investment principles and ethics, and a
respected certification as a Chartered Financial
Analyst (CFA).

Global recognition
The CFA charter is globally recognized as the
gold standard in the investment management
profession, giving you a passport to work in
global financial markets.

6 Overview of the CFA® Program

Frequently asked questions
When can I take the CFA® Program curriculum? If I pass Level I while I’m in university, when can I
move on to the Level II exam?
Undergraduate students are eligible to register
and sit for the exam in any of our offered exam You may register and sit for the Level II exam
cycles (February, May, August, or November) as while you are still at university, but you must have
long as you are within 23 months of graduation. received your undergraduate degree before your
Level III exam date.
How much study time is involved?
A candidate should plan to devote about 300 How often can I take the CFA exams?
hours of study time in the pursuit of success on
Candidates are permitted to take the exam twice
their Level I exam. This includes 10-20 hours of a
per calendar year (when applicable), but not in
Practical Skills Module (PSM) that provides hands-
consecutive windows or windows that are six
on application of the material you are learning.
months or less apart. Candidates are allowed a
Find out more about PSMs from page 10.
maximum of six attempts per exam level.

Is there a best time to take the CFA exam?

Are there any other rules?
Circumstances differ for everyone, but students
All candidates are also subject to the
beginning their third year of study may already
CFA Institute Code of Professional Conduct,
be enrolled in finance courses that complement
and any breaches could mean suspension
their study of the CFA Program curriculum.
from participation in the CFA Program.
Students planning to apply for a summer
More information on the Code will be sent
internship might benefit from sitting for their
when you register.
Level I exam in August, to allow final studying
over holidays and to avoid conflict with academic
exams. This will allow focused study time and to
use your results during critical fall internship and
job application periods.

Overview of the CFA® Program

The CFA® Program curriculum

KEEPING THE CURRICULUM RELEVANT

AND RIGOROUS
The CFA Program includes the foundational knowledge that firms expect as
well as the critical advanced investment analysis and portfolio management
skills that are needed in the investment industry today. CFA Institute
updates the curriculum regularly, so it reflects modern financial practices,
including machine learning; fintech; organizing, visualizing, and describing
data; and sustainable investing. Thus, allowing candidates to bring what
they have learned through the CFA Program to real-world scenarios.

INDUSTRY PRACTITIONER INPUT

AT EVERY STAGE
The curriculum is developed through an Education Advisory Committee that
includes industry practitioners, security market regulators, university faculty,
and policymakers. Involving financial thought leaders helps ensure that the
CFA Program curriculum provides the skills the industry wants. This approach,
known as the Program Practice Analysis process, plays a key role in establishing
the CFA Program as the global gold standard of investment credentials.

KNOWLEDGE THAT EVOLVES WITH

INDUSTRY NEEDS
CFA Institute researches and identifies trends that significantly affect the
investment industry. These insights inform updates to the curriculum
to reflect current practices and help CFA charterholders succeed in a
constantly changing profession.

8 Overview of the CFA® Program

SAMPLE CURRICULUM TOPICS

Financial Statement Analysis

including Analysis of Financial Institutions, Financial Statement Modeling

Corporate Finance
including Corporate Restructuring, ESG Considerations in Investment Analysis

Equity Investments
including Equity Valuation Concepts and Basic Tools, Overview of Equity Securities

Alternative Investments
including Private Real Estate Investments

Fixed Income
including Fixed-Income Instrument Features, Credit Risk

Portfolio Construction
including Portfolio Planning and Construction, Active Equity Investments
EXAMS THAT EVOLVE IN PRACTICAL SKILLS MODULES
COMPLEXITY The CFA Program includes practical, relevant
skills training to provide candidates with
The CFA® Program is comprised of three levels.
on-the-job application of what they are learning
Each level of the curriculum builds on the prior
in the curriculum. A Practical Skills Module (PSM)
level and becomes increasingly complex, with a
uses a combination of videos, multiple-choice
core of ethics and professional standards across
questions, guided practice, and case studies to
all levels. The total testing time for each exam is
develop candidates’ practical skills. In order to
4.5 hours.
receive their exam result, candidates are required
to complete at least one PSM at each level. The
PSM topic may be chosen after registration at any
time during your exam study period and must be
completed before results are released. Each PSM
takes 10-20 hours to complete.

10 Overview of the CFA® Program

EXAM OVERVIEW: PRACTICAL SKILLS MODULES
Financial Modeling Python, Data Science & AI
How to build a three-statement financial model of Introduces candidates to machine learning,
a company in Excel to understand how the value of artificial intelligence, and data science to
a company is determined. understand financial statements, reporting,
and analysis using Python.
Python Programming Fundamentals
A fundamentals course to demonstrate the basics Portfolio Development and Construction
of Python and how to use Jupyter Notebook for Develop, implement, and manage an
developing, presenting, and sharing data science institutional investor portfolio, drawing
projects related to finance. from lessons learned in the CFA® Program
curriculum and using advanced Excel skills.
Analyst Skills
Focuses on the skills equity analysts need using
insights gained from hundreds of successful analysts.

Level l Level ll Level lll

Exam Topics Ethics & Professionals Ethics & Professionals Ethics and Professional
Standards Standards Standards
Quantitative Methods Quantitative Methods Derivatives and Risk
Economics Economics Management
Financial Statement Anaylsis Financial Statement Analysis Portfolio Construction
Corporate Finance Corporate Finance Asset Allocation
Equity Investments Equity Investments Performance Measurement
Fixed Income Fixed Income
Derivatives and Risk Derivatives and Risk + Choice of Pathway:
Management Management Portfolio Management
Alternative Investments Alternative Investments Private Markets
Portfolio Construction Portfolio Construction Private Wealth

Question Format Multiple choice questions Vignette-supported multiple- Vignette-supported multiple-

choice questions choice questions and constructed
response (essay) questions

Exam Results Within 60 days of taking Within 60 days of taking Within 90 days of taking
Availability the exam the exam the exam

Level Meet CFA Program Pass Level I CFA exam Pass Level II CFA exam
Advancements enrollment requirements

Practice Required Required Required

Skills Module

Practice Packs Available Available Available

(Optional)

Overview of the CFA® Program 11

CFA® charterholder’s career path
RELEVANCE IN A VARIETY LEVEL III SPECIALIZED
OF CAREER PATHS PATHWAYS
CFA charterholders occupy a range of investment The CFA Program curriculum has always prepared
decision-making roles including buy-side, people well for buy-side jobs. As we grow
sell-side, corporate and advisory positions. and develop to meet the needs of our global
Many CFA charterholders are portfolio managers audience, we know that the needs of our diverse
(including hedge fund managers), private candidate base go beyond the buy-side.
wealth managers, equity research analysts,
manager-of-managers, and traders. We performed a job role analysis in April 2021,
then subsequently a market analysis to determine
adjacent job role sectors from which to focus the
VALUE IN AN specialized pathways. Aside from the traditional
EVOLVING INDUSTRY Portfolio Management path, two sectors rose
to the top: Private Wealth Management and
As a globally recognized credential in the
Private Markets.
investment industry, earning the CFA charter
demonstrates to employers that an individual
At Level III, CFA Program candidates are able to
has the knowledge and commitment to thrive
select one of three Specialized Pathways which
in today’s complex and evolving investment
involve detailed content related to specific areas
industry. The CFA designation is a mark of
of the investment industry including Portfolio
distinction, and investment firms know it
Management, Private Markets or Private Wealth.
represents a higher standard.
Each candidate must master a 'common core'
curriculum which comprises approximately two-
EXPANSIVE KNOWLEDGE, thirds of Level III content, with the remaining third
comprised of pathway-related content.
SKILLS, AND COMMITMENT
TO ETHICS
The CFA charter provides the strongest
foundation for advanced investment analysis
and real-world portfolio management skills for
an advantage that can be used at all stages of
an individual’s career. It prepares an individual
to enter today’s market and signifies a strong
technical foundation and commitment to ethics
and professionalism.

12 Overview of the CFA® Program

 I wanted a globally recognized
qualification that would prove
my competency.”

Nina de Martinis-Majstorovic, CFA

Paris, France

Overview of the CFA® Program 13

All about the CFA® Program
TEST CENTERS REGISTRATION PROCESS
Exams are hosted in over 400 testing centers Registering for the CFA exam is a
located in most major cities around the world. two-step process:
Availability in test centers will vary by market.
Schedule your exam appointment by the deadline Step 1
(typically 60 days before the start of the exam Enroll in the CFA exam through the
window). Appointments are based on first-come, CFA Institute website www.cfainstitute.org/
first-served basis. Candidates can take the exam programs/cfa-program
a maximum of twice each calendar year but not
in consecutive windows or windows that are six Step 2
months or less apart. Candidates will have a total After the registration process is complete and
of six maximum attempts per exam level. payment processed, candidates will be able to
schedule their exam via a Prometric scheduling
tool, which presents available testing centers
CFA PROGRAM FEES* with dates and times. This step must be
BY EXAM LEVEL completed by the scheduling deadline.

Registration costs vary depending on when

a candidate decides to register for the exam.
An early registration period is available for
all three levels, which reduces the exam fee.
See table below. All fees must be paid in
US dollars.

LEVEL I LEVEL II LEVEL III

EARLY REGISTRATION EARLY REGISTRATION EARLY REGISTRATION

USD
1,140 USD
1,140 USD
1,240
STANDARD REGISTRATION STANDARD REGISTRATION STANDARD REGISTRATION
USD
1,490 USD
1,490 USD
1,590

*Pricing effective from the February 2026 CFA Exam window onward.

14 Overview of the CFA® Program

STUDY MATERIALS PREP PROVIDERS
In addition to the support provided by
Passing the three exams marks true mastery of
CFA Institute, candidates in the CFA Program
the curriculum and is the most important task
can benefit from extra exam prep courses
required to earn the CFA® charter. On average,
and materials. Browse our list of approved
candidates report investing over 300 hours of
prep providers
study in advance of successfully passing each
level. Becoming a CFA charterholder takes
hard work and commitment. When you are a
candidate, complete support is provided through
the Learning Ecosystem, that helps candidates to
prepare for the exam, available online and as an WHAT IS KEY TO
app. CFA Institute provides candidates with access EXAM SUCCESS?
to a wealth of information that will help them to
pass the CFA exams and excel in their career. 300 HOURS
On average, candidates spend
300 hours of study per exam level,
STUDY TOOLS: plus completion of mandatory
LEARNING ECOSYSTEM Practical Skills Module (PSM).

CFA Institute provides the full curriculum in a EXAM PREP

comprehensive digital Learning Ecosystem to All exam questions are based on
all registered candidates. It includes practice CFA Program curriculum.
questions, mock exams, and more.
STUDY TOOLS
OPTIONAL PRACTICE PACKS Online Learning Ecosystem, practice
questions, mock exams, candidate
Practice Packs are available for all three exam discussion board, CFA Institute
levels and include a suite of additional prep Learning App, optional practice packs
materials, such as extra practice questions, and prep courses.
exam day experience and mock exams from the
authors of the CFA Program. They are available 4+ YEARS
for purchase either at registration or at anytime On average, it takes four years to
before your exam day. complete the full program, including
work experience requirements.

SCHOLARSHIPS
As part of CFA Institute commitment to
promoting the highest standards of professional
excellence, scholarships help make the
CFA Program more accessible. Eligibility
requirements and rules apply.

Overview of the CFA® Program 15

Visit www.cfainstitute.org/programs/cfa
for more detailed information.

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