About CFA Exam

The CFA Program is a globally recognized, graduate level curriculum that provides a strong foundation of real-world investment analysis and portfolio management skills along with the practical knowledge you need in today’s investment industry. It also emphasizes the highest ethical and professional standards.


CFA® Exam Format and Structure

CFA Institute is transitioning all CFA exams to computer-based testing. The December 2020 exam is the last paper-based exam; exams in 2021 will be computer-based for all levels.

Level I: : Multiple Choice Questions The Level I computer-based exam consists of 180 multiple choice questions, split between two 135-minute sessions. There is an optional break between sessions. Candidates must take both sessions in order to receive an exam result.

First session : 2 hours, 15 minutes : 90 multiple choice questions, covering all topics
Second session : 2 hours, 15 minutes : 90 multiple choice questions, covering all topics

Level II: : Item Set Questions (more detail will be updated)

Level III: : Essay Questions (more detail will be updated)


Exam Topic Area Weights

Topic Area Weights CFA Level 1 CFA Level 2 CFA Level 3
Ethical and Professional Standards
15% – 20%
10% – 15%
10% – 15%
Quantitative Methods
8% – 12%
5% – 10%
Economics
8% – 12%
5% – 10%
5% – 10%
Financial Reporting and Analysis
13% – 17%
10% – 15%
Corporate Finance
8% – 12%
5% – 10%
Equity Investments
10% – 12%
10% – 15%
10% – 15%
Fixed Income
10% – 12%
5% – 10%
15% – 20%
Derivatives
5% – 8%
5% – 10%
5% – 10%
Alternative Investments
5% – 8%
5% – 10%
5% – 10%
Portfolio Management and Wealth Planning
5% – 8%
5% – 15%
35% – 40%

Source Reference: CFA institute, 2020 exam onwards


Exam Schedule and Cycle

IMPORTANT NOTICE:

  1. Each exam will be offered in scheduling windows of up to 10 days, depending on location.
  2. If failed the exam, have to wait a minimum of 6 months to retake it. So, Level 1 candidates can only take the exams twice a year at most
  3. If passed the exam, there is a minimum 6 months wait for next Level exam.

The CFA® Exam Schedule

CFA Level 1 CFA Level 2 CFA Level 3
January-20
February-20 23 Feb – 1 Mar (7 days)
March-20
April-20
May-20 18 May – 24 May (7 days) 25 May – 29 May (5 days) 25 May – 27 May (3 days)
June-20
July-20
August-20 24 Aug – 30 Aug (7 days) 31 Aug – 4 Sep (5 days)
September-20
October-20
November-20 16 Nov -22 Nov (7 days) 23 Nov – 25 Nov (3 days)
December-20
January-21
February-21 to be update to be update to be update
March-21
April-21
May-21 to be update to be update
June-21
July-21
August-21 to be update
September-21
October-21
November-21 to be update to be update
December-21

EXAM FEES AND REGISTRATION DEADLINE

MAY 2021 EXAM FEES AND DEADLINE

CFA Level 1 Exam Registration One Time Enrollment Fee Examination Fee Total Fee Registration Open Deadline Dates
Early Registration Fee
US$ 450
US$ 700
US$ 1,150
20 Aug 2020
3 Nov 2021
Standard Registration Fee
US$ 450
US$ 1,000
US$ 1,450
4 Nov 2020
23 Feb 2021

All above registration deadlines end at 11:59 pm ET.

AUGUST 2021 EXAM FEES AND DEADLINE

CFA Level 1 Exam Registration One Time Enrollment Fee Examination Fee Total Fee Registration Open Deadline Dates
Early Registration Fee
US$ 450
US$ 700
US$ 1,150
20 Aug 2020
2 Feb 2021
Standard Registration Fee
US$ 450
US$ 1,000
US$ 1,450
3 Feb 2021
4 May 2021

All above registration deadlines end at 11:59 pm ET.

CFA Exam Approved Calculators

CFA Institute pemits candidates to use only two models of business calculators on the CFA Examinations. These are:

cal


CFA® Candidates Candidate Eligibility Requirements

The following are the entrance requirements for enrolling in the CFA Exam:

• Have a bachelor’s (or equivalent) degree
• Or be in the final year of your bachelor’s degree program at the time of registration
• Or have four years of professional work experience (does not have to be investment related)
• Or have a combination of professional work and college experience that totals at least four years. Part-time positions do not qualify, and the four-year total must be accrued prior to enrollment
• Have a valid passport ( not expire before an exam date)


To earn a CFA Charter

CFA Institute has established the following requirements for achieving the CFA charter:

• Successful completion of Levels I, II, and III examinations
• Have a 4 years of qualified investment work experience.
• Membership in CFA Institute.
• Apply for membership to a local CFA Institute society (CFA society of Thailand)
• Pledge to adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct