CFA Exam Date 2024, CFA Exam Overview

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he CFA Institute typically offers the CFA exams on the following schedule:

  1. CFA Level I:
    • February
    • May
    • August
    • November
  2. CFA Level II:
    • May
    • August
    • November
  3. CFA Level III:
    • February
    • August

The program is divided into three levels of exams, which test a candidate’s knowledge and skills in areas such as investment management, financial analysis, and ethics.

CFA Exam Overview

  1. CFA Level I:
    • Focus: Basic knowledge of the ten topic areas and simple analysis using investment tools.
    • Format: Multiple choice questions.
    • Exam Length: 4.5 hours, split into two 2.25-hour sessions.
    • Frequency: Offered in February, May, August, and November.
  2. CFA Level II:
    • Focus: Application of investment tools and concepts with a focus on the valuation of different types of assets.
    • Format: Item set questions (mini-cases with 4-6 multiple choice questions each).
    • Exam Length: 4.5 hours, split into two 2.25-hour sessions.
    • Frequency: Offered in May, August, and November.
  3. CFA Level III:
    • Focus: Synthesis of all the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning.
    • Format: Constructed response (essay) questions and item set questions.
    • Exam Length: 4.5 hours, split into two 2.25-hour sessions.
    • Frequency: Offered in February and August.

Topic Areas

The CFA curriculum covers ten topic areas:

  1. Ethical and Professional Standards
  2. Quantitative Methods
  3. Economics
  4. Financial Reporting and Analysis
  5. Corporate Finance
  6. Equity Investments
  7. Fixed Income
  8. Derivatives
  9. Alternative Investments
  10. Portfolio Management and Wealth Planning

Exam Registration and Fees

The registration process includes a one-time program enrollment fee and an exam registration fee for each level. Early registration is available at a reduced rate compared to standard and late registration.

  1. Program Enrollment Fee (one-time): $450 (for new candidates only)
  2. Exam Registration Fees:
    • Early Registration: $900
    • Standard Registration: $1,200
    • Late Registration: $1,450

Exam Preparation

Candidates typically prepare for each level of the CFA exam by studying the CFA Institute’s curriculum and using various study aids. The recommended study time is about 300 hours per level. Many candidates use third-party prep providers for additional study materials and mock exams.

Eligibility Requirements

To register for the CFA exam, candidates must meet one of the following requirements:

  1. Have a bachelor’s degree or be in the final year of their bachelor’s degree program.
  2. Have a combination of four years of full-time professional work experience and/or college education.

Ethics and Professional Conduct

A significant portion of the CFA curriculum is devoted to ethics and professional conduct. All CFA charterholders must adhere to the CFA Institute’s Code of Ethics and Standards of Professional Conduct.

Exam Results and Passing Rates

Results for the CFA exams are typically released:

  • Level I and II: Within 60 days after the exam.
  • Level III: Within 90 days after the exam.

Passing rates for each level vary each year and tend to be lower for higher levels. Historical pass rates are available on the CFA Institute’s website.

Obtaining the CFA Charter

To earn the CFA charter, candidates must:

  1. Pass all three levels of the CFA exam.
  2. Accumulate 4 years of professional work experience in investment decision-making.
  3. Become a member of the CFA Institute.
  4. Adhere to the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
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