What Is The CFA Program?

The CFA Program, offered by the CFA Institute, is the most respected and recognized credential in the investment management profession. Designed for aspiring and current finance professionals, the CFA Program provides a rigorous curriculum that builds a solid foundation in financial analysis, portfolio management, ethics, and professional standards.

Whether you’re entering the industry or looking to deepen your expertise, earning the CFA designation signals a serious commitment to excellence and opens doors to top opportunities in global finance.

The Structure of the CFA Program

The CFA Program is divided into three sequential levels of exams: CFA Level 1, CFA Level 2, and CFA Level 3. Each level focuses on a different aspect of investment knowledge and application.

📘 CFA Level 1: Foundation of Finance and Investment Principles

CFA Level 1 is the first step in the CFA Program journey. This level emphasizes the tools and concepts that form the basis of investment valuation and portfolio management. Topics with high weightage include:

  • Ethical and Professional Standards

  • Financial Statement Analysis

  • Equity Investments

  • Fixed Income

  • Portfolio Management

The CFA Level 1 exam tests your knowledge of these foundational concepts through multiple-choice questions. It is ideal for career starters or those transitioning into finance. The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions. Session 1 covers: Ethical and Professional Standards, Quantitative Methods, Economics, and Financial Statement Analysis. Session 2 covers: Equity Investments, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management.

📙 CFA Level 2: Asset Valuation and Analytical Skills

CFA Level 2 dives deeper into the application of investment tools and analysis techniques. This level focuses on valuing assets and interpreting data in real-world scenarios. Topics with high weightage include:

  • Equity Investments

  • Fixed Income

  • Financial Statement Analysis

  • Portfolio Management

  • Ethical and Professional Standards

The CFA Level 2 exam uses item sets (mini case studies) to test your ability to apply investment concepts in context. Mastery of CFA Level 2 content demonstrates your readiness to handle complex investment decision-making. The CFA Level 2 exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions. The Level 2 exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.

📗 CFA Level 3: Portfolio Management, Private Markets, or Private Wealth

CFA Level 3 emphasizes asset allocation, portfolio construction, performance measurement, derivatives, risk management, and integrating ethics with investment strategies. This final level prepares candidates to take on senior roles in portfolio management, private markets, private banking, or institutional investing. Candidates can choose from one of three specialized pathways:

  • Portfolio Management
  • Private Markets
  • Private Wealth

The CFA Level 3 exam includes 11 constructed response (essay) questions and 11 item sets, over 4 hours and 24 minutes. Earning the CFA charter after passing CFA Level 3 signifies mastery of portfolio management and a high level of professionalism.

CFA Exam Windows

Each CFA exam is offered during specific exam windows throughout the year. As of current scheduling:

  • CFA Level 1: Offered four times a year – February, May, August, and November

  • CFA Level 2: Offered three times a year – May, August, and November

  • CFA Level 3: Offered twice a year – February and August

Candidates must take the exams in order: pass CFA Level 1 to proceed to CFA Level 2, and pass CFA Level 2 to sit for CFA Level 3.

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