The core of the CFA Program curriculum teaches you the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning. But the best way to develop your knowledge is to put it to the test. In this topic, we explain the fundamentals of portfolio and risk management, including return and risk measurement and portfolio planning and construction. We examine the needs of individual and institutional investors along with the range of available investment solutions.
Practical Skills Modules (PSMs) are required parts of the CFA Program, designed to develop real-world skills that complement the CFA curriculum. The course of study is broken down into easy-to-understand lessons, with a progress tracker and study planner to help cfa job opportunities you monitor your performance. As you study, you will receive recommendations and suggested activities based on how you are doing. By being served the right material at the right time, you can focus on the areas you need to work on most. To become a member and use the CFA Charterholder designation, you also need at least 4,000 hours of relevant work experience, completed in a minimum of 36 months.
Broaden your knowledge of sustainable investing with learning topics that cover ESG, climate investing, and sustainable investment strategies. Yes – the CFA Program curriculum is available as a set of six volumes. Registered candidates can purchase these by signing in to candidate resources and selecting the print curriculum option. Learn about the analysis of fundamental concepts of supply and demand for individual consumers and firms. This section of the curriculum concludes with coverage of the business cycle and its effect on economic activity.
What our candidates say
Tests knowledge of key terms, concepts, and formulas that are the foundation of the investment industry. To ensure you thrive in your current or future role, the CFA Program curriculum has been expanded to include practical, relevant skills training. So you can apply what you are learning in the curriculum to real-world scenarios. In this topic, you’ll be introduced to corporate governance as well as investing and financing decisions. Gain an overview of corporate governance along with a framework for understanding and analyzing corporate governance and stakeholder management.
Finally, you’ll look at arbitrage, a critical concept that links derivative pricing to the price of the underlying asset. A mix of item set questions and constructed response questions will reveal how you integrate concepts and apply knowledge to real-world scenario. Multiple choice questions will test your knowledge of key terms, concepts, and formulas that are the foundation of the investment industry. The CFA Program is designed to equip you with the knowledge and skills necessary to compete and excel in today’s complex and evolving investment industry.
- Analyze best-in-class practices of successful equity research analysts and apply them to your own practice.
- Yes – the CFA Program curriculum is available as a set of six volumes.
- A USD 250 rescheduling fee will apply if you need to reschedule your exam appointment within your exam window.
- The report underscores that transparent, explainable AI is vital in finance — not only for regulatory compliance but also for institutional trust, ethical standards, and risk governance.
- Candidates have access to the CFA Program Learning Ecosystem, which includes the digital curriculum, practice questions, mock exams, and study tools.
Download the CFA Program brochure
Connect and discover new opportunities by becoming part of our active global community and professional societies. Be sure you are aware of all policies that could impact your CFA exam experience. The table below outlines the key differences between each level of the CFA exam. Be sure you are aware of all policies that could impact your exam experience. Explore scholarships designed to make the CFA charter more accessible. Learn how to interpret your exam score, confidence intervals, and topic performance.
- There are learning outcome statements at the beginning of each learning module.
- You’ll then be introduced to essential features and valuation concepts for forward commitments such as forwards, futures, swaps, and contingent claims.
- From studying through to exam day and beyond, we have a variety of resources to help you successfully complete the CFA Program.
- Candidates will receive a “pass” or “fail” result, along with a performance summary by topic area.
CFA® Program Level I exam
You’ll also learn about the use of basic equity valuation models and global equities, which are important for meeting longer-term growth and diversification objectives. Enhance your exam preparation with an optional practice pack (paid), featuring additional practice questions and mock exams from CFA Program authors. Access the official program curriculum and study tools like practice questions, mock exams, flashcards, and more. By submitting this form, I agree and consent to receive communications and updates about CFA Institute products and services. I have reviewed and acknowledged the Privacy Notice along with the Terms and Conditions therein. Candidates may also purchase the optional practice pack, which provides additional practice questions and mock exams.
Exam results and pass rates
Plan your route to the test center in advance so you can avoid any delays. We also recommend familiarizing yourself with the hardware and software prior to the exam. Part of the process for registering your CFA exam is scheduling an exam date. It’s important to note that exam appointments at testing centers are available on a first-come, first-served basis. Here are the key things to do alongside studying the CFA exam curriculum and completing your Practical Skills Module.
What is the CFA exam?
CFA Program exam results are typically available within 5–7 weeks after the exam date. Candidates will receive a “pass” or “fail” result, along with a performance summary by topic area. Successful candidates report spending over 300 hours on average preparing for each level of the CFA exam. The CFA Program allows candidates to tailor their preparation to individual needs and circumstances.
Risk analysis and risk management
Our learning programs are recognized and respected around the world, covering essential subjects for an evolving world. The curriculum is developed through an Education Advisory Committee that includes industry practitioners, security market regulators, university faculty, and policymakers. There is also a topic dedicated to ethical and professional standards, and the role they play in the investment industry.
This part of the curriculum also considers probability theory and its application in quantifying risk for investment decision-making. In this topic, you’ll learn how to describe fixed income securities and their markets, yield measures, risk factors, and valuation measurements and drivers. We’ll also cover calculating yields, values of fixed income securities, the securitization of assets, the fundamentals of bond returns and risks, and basic principles of credit analysis. Employers recognize and respect the strong foundation in advanced investment analysis and portfolio management skills that the CFA Program gives you. The CFA Program is your pathway to becoming a globally recognized Chartered Financial Analyst® (CFA®).
Develop the skills to execute financial data science workflows using Python by applying advanced machine learning techniques from forecasting EPS changes to sentiment analysis. From studying through to exam day and beyond, we have a variety of resources to help you successfully complete the CFA Program. In addition to completing the exam, you must complete one PSM at each level in order to receive your exam result.
Learn key real-world skills in investment analysis from the leaders in investment education. Leverage the global recognition of the CFA Charter to pursue investment management roles anywhere in the world. Use the interactive tool below to see upcoming CFA exam dates by level, as well as the latest CFA exam fees. Learn from established practitioners to build the practical skills required for investment decision-making.