The CFA Examinations
Key to becoming a CFA® charterholder is successful completion of the three, distinct CFA Examinations generally referred to as the Level I, Level II, and Level III exams. Each of these six-hour examinations is administered in two sessions—morning and afternoon—each lasting three hours for a total duration of 360 minutes.
Exam scheduling
The exams are offered by CFA Institute at hundreds of locations throughout the world. Level I is offered twice yearly in June and December; Levels II and III once annually in June.Exam topics
The topics emphasized on each exam are similar but vary in focus and depth by program level. The depth of your mastery of the curriculum will also be tested differently at each level.Completing the program
Technically, a candidate could complete the three exams in two years. Realistically, however, many candidates do not pass each examination in rapid succession. On average, candidates take about four years to complete the program because of personal schedules, work requirements, or failure to pass an exam. A candidate who fails to pass may repeat an exam when it is offered next.
A note on pass rates
As CFA candidate enrollments have continued to increase over the past decade, exam pass rates have shown an overall decline. For example, Level I pass rates hit 34 percent in 2004 and have hovered in that range since, with the June 2007 Level I pass rate at 40 percent. Level II pass rates declined from 56 percent in 2005 to 40 percent in 2007. And rates for Level III hit an all-time low of 50 percent in 2007.At Stalla, we believe that one factor in this decline is the increasing number of candidates who enter the CFA Program with fewer years of investment management experience. We also contend that the primary reason for declining pass rates is insufficient preparation, exemplified by an over-reliance on short cuts, memorization, and study notes as the primary method of exam prep.
Click on one of the links to the right, or choose a specific exam level from the navigation bar above for more details about the CFA Examinations, how to get started, important dates, and other exam preparation planning resources.
View our informative video about exam performance
