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LM01 Alternative Investment Features, Methods, and Structures

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The CFA Program® Exams

By Arif Irfanullah, CFA

Posted on 14-04-18 at 10:18 am

The Exams

The CFA Program has three levels. The focus area and exam format for each level is shown below:

Level	Focus	Format
I	Basic knowledge of ten topic areas and simple analysis using investment tools	Two three-hour exams 120 multiple choice questions per exam
II	Application of investment tools and concepts with a focus on the valuation of all types of assets	Two three-hour exams 10 case studies per exam 6 multiple choice questions per case study
III	Focuses on synthesizing all of the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning	Two three-hour exams Morning exam has a structured-response format (also called the essay exam) Afternoon exam has 10 case studies with 6 multiple choice questions per case study (similar to the Level II format)

https://www.cfainstitute.org/programs/cfaprogram/exams/Pages/index.aspx

Topics and Weights

The topics and relative weights across the three levels are shown below:

Topic Area	Level I	Level II	Level III
Ethical and Professional Standards	15	10-15	10-15
Quantitative Methods	12	5-10	0
Economics	10	5-10	5-15
Financial Reporting and Analysis	20	15-20	0
Corporate Finance	7	5-15	0
Equity Investments	10	15-25	5-15
Fixed Income	10	10-20	10-20
Derivatives	5	5-15	5-15
Alternative Investments	4	5-10	5-15
Portfolio Management and Wealth Planning	7	5-10	40-55
Total	100	100	100

https://www.cfainstitute.org/programs/cfa/curriculum/overview

Registration Deadlines and Fees

For the latest information about the deadlines and fees please visit the below link:

https://www.cfainstitute.org/programs/cfaprogram/register/Pages/fee_schedule.aspx

Useful Exam Calendar

https://www.cfainstitute.org/programs/cfaprogram/exams/Pages/cfa_exam_calendars.aspx

Scholarships

There are multiple scholarship option available some which are listed below and you can also visit the link below to find out more about scholarships.

Access Scholarship
Women’s Scholarship
Student Scholarship

https://www.cfainstitute.org/programs/cfa/scholarships

Pass Rates

Recent pass rates are as follows:

December 2017 exam pass rate:

Level I: 43%

June 2017 exam pass rate:

Level I: 43%
Level II: 47%
Level III: 54%

December 2016 exam pass rate:

Level I: 43%

https://www.cfainstitute.org/programs/cfa/exam/results-info

How Much to Study

According to CFA Institute, June 2017 candidates reported the following number of study hours on average:

Level I	300 hours
Level II	328 hours
Level III	335 hours

While the numbers above give a sense for the hours of study required for each level, the amount of time you need to spend depends on your background, the speed with which you pick up new concepts and level of diligence with which you want to study the curriculum. You can use the following tool to estimate the time required to prepare for your exam:

https://interactive.cfainstitute.org/study_plan_tool_test

We will cover this in more detail in the “How to Study” segment of this website.

https://www.cfainstitute.org/en/programs/cfa/curriculum/study-support

Study Sessions and Learning Outcomes

The study sessions and learning outcomes are available here:

https://www.cfainstitute.org/programs/cfaprogram/courseofstudy/Pages/study_sessions.aspx

The CFA Program® Exams

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