CFA Program
The CFA (Chartered Financial Analyst) program, offered by the CFA Institute, is a globally recognized certification that equips professionals with comprehensive knowledge and skills in investment management and financial analysis. The program is divided into three levels, each with distinct content and exam formats
| Level | Focus | Exam Format | Frequency | Content |
| Level I | Foundational knowledge of financial tools, ethics, quantitative methods, and asset classes. | Two 3-hour sessions with 240 multiple-choice questions (120 per session). | Offered four times a year: February, May, August, November | Ethics, quantitative methods, financial reporting, corporate finance, economics, portfolio management. |
| Level II | Advanced analysis of financial reports, asset valuation, and applying tools to real-world financial situations. | 21 item sets (case study + 6 multiple-choice questions per set), 6-hour exam split into two 3-hour sessions. | Offered twice a year: May, August (from 2024: February, May, August, November) | Financial reporting, equity investments, fixed income, portfolio management, alternative investments. |
| Level III | Portfolio management, wealth planning, and applying knowledge to manage client portfolios and make investment decisions. | Morning session: constructed-response (essay) questions. Afternoon session: item set questions (similar to Level II), 6-hour exam split into two 3-hour sessions. | Offered once a year: June (transitioning to computer-based exams in future) | Portfolio management, private wealth management, fixed income, alternative investments, ethics. |
| Level | Focus | Exam Format | Frequency | Content |
|---|---|---|---|---|
| Level I | Foundational knowledge of financial tools, ethics, quantitative methods, and asset classes. | Two 3-hour sessions with 240 multiple-choice questions (120 per session). | Offered four times a year: February, May, August, November | Ethics, quantitative methods, financial reporting, corporate finance, economics, portfolio management. |
| Level II | Advanced analysis of financial reports, asset valuation, and applying tools to real-world financial situations. | 21 item sets (case study + 6 multiple-choice questions per set), 6-hour exam split into two 3-hour sessions. | Offered twice a year: May, August (from 2024: February, May, August, November) | Financial reporting, equity investments, fixed income, portfolio management, alternative investments. |
| Level III | Portfolio management, wealth planning, and applying knowledge to manage client portfolios and make investment decisions. | Morning session: constructed-response (essay) questions. Afternoon session: item set questions (similar to Level II), 6-hour exam split into two 3-hour sessions. | Offered once a year: June (transitioning to computer-based exams in future) | Portfolio management, private wealth management, fixed income, alternative investments, ethics. |
- Passing Criteria:
- To move to the next level, candidates must pass each level in sequence. The CFA Institute provides no specific passing scores, but each level’s passing rate typically ranges between 40-50%.
- Study Requirements:
- The CFA program is rigorous, and candidates are advised to study for 300+ hours per level. The curriculum covers a broad range of finance-related topics and requires substantial preparation.
- Registration and Fees:
- Candidates must register for each exam in advance, with fees varying depending on the timing of registration (early, standard, or late registration).
- Ethics and Professional Standards:
- The CFA program places strong emphasis on ethics and professional conduct, with ethics being a key component of each exam level.
- Computer-Based Testing:
- Starting from 2021, Level I exams are now offered in a computer-based format at designated test centres. Levels II and III remain traditional paper-based but are being gradually transitioned to computer-based formats as well.
- Exam Locations:
- CFA exams are conducted at global test centres. Level I is offered multiple times a year, while Level II and Level III are offered once a year.
CFA Exam Eligibility Criteria
Bachelor's Degree
You must have a bachelor’s degree or equivalent. If unsure, consult your institution.
Undergraduate Students
- For Level I, you must be within 23 months of graduation.
- For Level II, within 11 months.
- For Level III, you must have completed your degree or have 4,000 hours of work experience.
Work Experience
- A combination of 4,000 hours of work experience and/or higher education over at least three years.
- Work experience doesn’t need to be investment-related, and paid internships qualify.
This ensures that candidates have the necessary educational or professional background to enrol in the CFA program.
| Particulars | May 2025 | August 2025 |
|---|---|---|
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Early Bird Fee |
Early Bird Fee Registration Fee $350 + Exam Fee $990 + GST $241.2
Total Fees = $1581.2
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Standard Fee |
Registration Fee $350 + Exam Fee $1290 + GST $295.2 |
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Registration Opens |
08-Aug-2024 |
06-Nov-2024 |
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Early Bird Deadline |
16-Oct-2024 |
29-Jan-2025 |
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Standard Registration Deadline |
06-Feb-2025 |
06-May-2025 |
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Exam Scheduling Deadline |
11-Feb-2025 |
13-May-2025 |
cfa course
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Eligibility for CFA Program
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The CFA® Program Structure and Curriculum
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Fee Structure, Registration and Deadlines
Bachelor's Degree
CFA Course in Mumbai requires the candidate to complete a bachelor's program or equivalent program and have received a degree from the college/university. This makes one eligible to begin with CFA Level 1 coaching.
Undergraduate Student
CFA Course in Mumbai requires your selected exam window to be 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. You must complete your degree program prior to the date of sitting your CFA Level II exam. So the candidate must plan CFA Level 1 and 2 coaching accordingly.
Professional Work Experience to obtain the Charter
- Have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the CFA Level I exam.
- The dates of education and professional work experience cannot be overlapping. If you have a combination of work experience and higher education to achieve the minimum hours and years, assume that higher education takes 1,000 hours per year.
- Professional work experience does not need to be investment related.
- Internships/articleships are accepted if they are paid.
- Work experience with your own business or your family business will qualify only if it is professional experience for which you are paid.
The CFA® Program Structure and Curriculum
CFA Level I: CFA Level I computer-based exam consists of two sessions having a duration of 2 hours and 15 minutes and consists of 90 MCQ’s each. There is a 30 minute optional break between sessions. Each MCQ is free-standing (not dependent on other questions). All questions are equally weighted and there is no negative marking. The exam is offered four times in a year in February, May, August and November.
CFA Level II: CFA Level II computer-based exam consists of two sessions having a duration of 2 hours and 15 minutes and consists of 44 MCQ’s each. Each item set on the CFA exam consists of a vignette (or case statement) and four to six multiple choice questions. Conducted twice a year in Feb & August.
CFA Level III CFA®: CFA Level III exam uses the essay format in the morning, and the item set format (like level 2) in the afternoon session. Conducted twice a year in May & November
| Topics and Structure | Level I | Level II | Level III |
|---|---|---|---|
| Ethical and Professional Standards | 15-20% | 10-15% | 10-15% |
| Quantitative Methods | 8-12% | 5-10% | 0% |
| Economics | 8-12% | 5-10% | 5-10% |
| Financial Reporting and Analysis | 13-17% | 10-15% | 0% |
| Corporate Issuers | 8-12% | 5-10% | 0% |
| Equity Investments | 10-12% | 10-15% | 10-15% |
| Fixed Income | 10-12% | 10-15% | 15-20% |
| Derivatives | 5-8% | 5-10% | 5-10% |
| Alternative Investments | 5-8% | 5-10% | 5-15% |
| Portfolio Management | 5-8% | 10-15% | 35-40% |
| Total | 100% | 100% | 100% |
Aug 2024 dates and deadlines (CFA level I, level II and level III)
| Opens | Closes | One time registration fee | Charges | Total | |
|---|---|---|---|---|---|
| Early bird registration | 14th Nov 2023 | 23rd Jan 2024 | $413 (including GST) | $1109 (including GST) | $1522 |
| Standard registration | 14th May 2024 | $1475 (including GST) | $1888 | ||
| Scheduling deadline: 21st May 2024 | |||||
| Rescheduling deadline: 21st July 2024 for level I, 28th July 2024 for level II, 17th July 2024 for level III | |||||
| Pay by Invoice Deadline: 4th April 2024 | |||||
| Exam Date Level 1: 20th – 26th Aug 2024 Exam Date Level 2: 27th – 31st Aug 2024 Exam Date Level 3: 16th – 19th Aug 2024 | |||||
Nov 2024 dates and deadlines (CFA level I, level II)
| Opens | Closes | One time registration fee | Charges | Total | |
|---|---|---|---|---|---|
| Early bird registration | 8th Feb 2024 | 16th April 2024 | $413 (including GST) | $1109 (including GST) | $1522 |
| Standard registration | 7th Aug 2024 | $1475 (including GST) | $1888 | ||
| Scheduling deadline: 13th Aug 2024 | |||||
| Rescheduling deadline: 14th October 2024 for level I, 21st October 2024 for level II | |||||
| Pay by Invoice Deadline: 28th June 2024 | |||||
| Exam Date Level 1: 13th – 19th Nov 2024 Exam Date Level 2: 20th – 24th Nov 2024 | |||||