About CFA® Program

For the most up-to-date information about the CFA Program, please refer to the official website at https://www.cfainstitute.org/programs/cfa

Gold Standard - The CFA charter equips you not only to enter the profession, but also to excel at all stages of your career

What do CFA® charterholders do in real world?

According to CFA Institute website, the top five global chaterholder roles are portfolio manager, research analyst, Chief Level Executive, consultant and risk manager.


CFA® Program overview

  • The CFA designation is recognized widely by employers globally

  • Aim at fluency in practical investment analysis skills

  • Consists of three levels of examinations

  • Level I exam is offered twice a year (Jun & Dec)

  • Level II & III exam are offered once a year (Jun)

How do I enter the CFA® Program?

  • A bachelor's (or equivalent) degree or be in the final year of you bachelor's degree program OR four years of professional work experience (does not have to be investment related) OR a combination of the above that totals at least four years that accrued prior to enrollment.

  • Register directly at CFA Institute official website (www.cfainstitute.org)

Becoming a CFA® Charterholder

  • Pass all three levels of exam

  • Accrued (before or after the exam) a total of 48 months of relevant work experiences

  • Submit 2-3 sponsor statements

  • Join CFA institute as a Regular Member

Exam format


  • Morning: A total of 120 MC questions

  • Afternoon: A total of 120 MC questions


  • Total 20-22 item sets, each with 4-6 MC questions


  • Morning: 8-14 constructed response questions

  • Afternoon: 10-11 item sets, each with 4-6 MC questions


Enrollment fee (for Level I new candidates only)

  • US$450

Exam registration fee

  • US$700 (early) or

  • US$1,000 (standard) or

  • US$1,450 (late-registration)

* the fees cover the official curriculum (e-book & pdf), online practice questions and mock exams

Topic Area Weights

                                                                 Level I       Level II      Level III

Ethical & Professional Standards                    15%         10-15%     10-15%

Quantitative Methods                                   10%          5-10%          -

Economics                                                   10%          5-10%       5-10%

Financial Reporting & Analysis                        15%         10-15%         -

Corporate Finance                                        10%          5-10%          -

Equity Investments                                       11%         10-15%     10-15%

Fixed Income                                               11%         10-15%     15-20%

Derivatives                                                    6%           5-10%      5-10%

Alternative Investments                                  6%           5-10%      5-10%

Portfolio Management & Wealth Planning        6%           5-15%      35-40%

Total                                                            100%         100%       100%

CFA Institute required disclosure: CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by HKITI. CFA® are trademarks owned by CFA Institute.

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