What is CFA exam?

The Chartered Financial Analyst exam is known for its outstanding ethical standard. It was organized to examine aspirants’ skills and different investment tools. 

The CFA exam is divided into three levels, and candidates must pass those levels one after the other. Most times candidates took between six to seven years to finish the whole three-level of CFA exam.

CFA Levels Explanation 

Level I

It is a high regard for ethics and an online-based and multiple-choice question. The exams are conducted in two sessions (morning and afternoon). The exam time duration per session is practically 2hours and 15minutes, for 90 questions. Aspirants will be given a 10- 15 minutes break between the two sessions.

CFA level I exam is conducted four times a year ( February, May, August, and November) and it’s usually held on every first Saturday of those months. 

Exam registration fee: Early          $700 

                                    Standard    $1000

Level II  

Aspirants who passed the level I exam can apply for the II exam, sometimes it’s only 50% of level aspirants. Test analysis that focuses on asset valuation is the basis of this exam. Also, conduct in two sessions (morning and afternoon). The total time duration for both sessions is 4.5 hours for 44 multiple-choice questions based on vignettes and each vignette has about four to six questions.

Luckily, this exam is written three times a year 

which are May, August, and November. It is also an online-based exam.

The exam registration fee is exact as level I. 

Level III 

The last level of the CFA exam can only be written by aspirants that passed both levels I & II exams. It is more personal and different than other levels formats. The exam focuses on how to apply principles to circumstances analysts face and test analysis with an emphasis on property evaluation. 

The first session of this exam contains 8 to 11 constructed response essay questions and the second session includes 44 multiple-choice questions with vignettes. Each vignette consists of 4 to 6 questions and the total time duration to complete each session is 2 hours 15 minutes.   It’s also conducted three terms a year namely in May, August, and November. The registration fee is the same as other levels. 

CFA Course Syllabus

    Subject  Level ILevel II  Level III
Ethical & Professional Standards15-20%10-15%10-15%
Quantitative Methods8-12%5-10%NIA
Financial Reporting & Analysis13 – 17%10 – 15%NIA
Corporate Finance8-12%5-10%NIA
Equity Investments10-12%10-15%10-15%
Fixed Income10-12%10-15%15- 20%
Alternative Investments5-8%5-10%5-10%
Portfolio Management5-8%10-15%35 -40%
Total 100%100%100%

CFA Eligible Requirements

Aspirants willing to pursue CFA must meet the below conditions beforehand

Passport: Aspirants must have gotten their valid international passport before registration

Bachelor: Aspirant must have a bachelor’s degree certificate or equivalent program from a licensed university or affiliated college. 

Final year students are also eligible to register for this exam but must be a graduate before registering for the level II exam.

Professional Work Experience: Aspirants must have full-time working experience of 400 hours (4years). The full-time job can be personal or family business, or professional experience with evidence of salary being paid in a bank account.   

Being able to write the exam in the English language is part of the exam requirements 


Chartered Financial Analyst is one of the most sought after and highest distinctions you can earn as an investment professional all over the globe. The exam has no negative marking and there is no limit to the number in attempting it. So far the exam registration fee is paid at each re-attempt. 

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