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LM01 Alternative Investment Features, Methods, and Structures.
LM01 Categories, Characteristics, and Compensation Structures of Alternative Investments
LM01 Corporate Structures and Ownership
LM01 Derivative Instrument and Derivative Market Features
LM01 Derivative Instrument and Derivative Market Features.
LM01 Ethics and Trust in the Investment Profession
LM01 Ethics and Trust in the Investment Profession.
LM01 Fixed-Income Instrument Features.
LM01 Fixed-Income Securities: Defining Elements
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LM01 Introduction to Financial Statement Analysis.
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LM01 Portfolio Management: An Overview.
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LM02 Forward Commitment and Contingent Claim Features and Instruments.
LM02 Introduction to Corporate Governance and Other ESG Considerations
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LM02 Organizing, Visualizing, and Describing Data
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LM02 Portfolio Risk & Return: Part I.
LM02 Portfolio Risk and Return Part I
LM02 Security Market Indexes
LM02 Security Market Indexes.
LM02 The Firm and Market Structures
LM02 Time Value of Money in Finance.
LM02 Understanding Business Cycles.
LM03 Aggregate Output, Prices and Economic Growth
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LM03 Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits.
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LM03 Fiscal Policy.
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LM03 Guidance for Standards I-VII
LM03 Guidance for Standards I–VII.
LM03 Introduction to Fixed Income Valuation
LM03 Investments in Private Capital: Equity and Debt.
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LM04 Introduction to the Global Investment Performance Standards (GIPS).
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LM06 Simulation Methods.
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LM07 Pricing and Valuation of Interest Rates and Other Swaps
LM07 Technical Analysis
LM07 Yield and Yield Spread Measures for Fixed-Rate Bonds.
LM08 Currency Exchange Rates
LM08 Equity Valuation: Concepts and Basic Tools.
LM08 Exchange Rate Calculations.
LM08 Fintech in Investment Management
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LM08 Pricing and Valuation of Options.
LM08 Topics in Long-Term Liabilities and Equity.
LM08 Yield and Yield Spread Measures for Floating-Rate Instruments.
LM09 Analysis of Income Taxes.
LM09 Income Taxes
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LM09 Option Replication Using Put–Call Parity.
LM09 Parametric and Non-Parametric Tests of Independence.
LM09 The Term Structure of Interest Rates: Spot, Par, and Forward Curves.
LM10 Financial Reporting Quality.
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LM10 Valuing a Derivative Using a One-Period Binomial Model
LM10 Valuing a Derivative Using a One-Period Binomial Model.
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LM12 Applications of Financial Statement Analysis
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LM12 Yield-Based Bond Convexity and Portfolio Properties.
LM13 Curve-Based and Empirical Fixed-Income Risk Measures.
LM14 Credit Risk.
LM15 Credit Analysis for Government Issuers.
LM16 Credit Analysis for Corporate Issuers.
LM17 Fixed-Income Securitization.
LM18 Asset-Backed Security (ABS) Instrument and Market Features.
LM19 Mortgage-Backed Security (MBS) Instrument and Market Features.
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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

 

Next Post: Selecting a Prep Provider

Previous Article: Should I Pursue the CFA® Program?

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