About the CFA
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About The CFA® Program
First awarded in 1963, the CFA® charter is considered the ultimate designation of professional excellence within the global investment community.
Achieving your CFA® is a truly global educational achievement, soundly grounded in a wide-reaching knowledge of investment principles relevant in every market around the world.
International corporations and investment firms make no secret that the CFA® charter is the definitive standard for measuring portfolio management and investment competency and integrity.
You must pass three exams to achieve yourCFA® charter. The Level I Examination is held in December and June, while the Level II and Level III Examinations are currently offered in June only.
Here's what the CFA® Institute has to say about the benefits of the CFA Charter:
International recognition - the CFA designation is known and respected around the world
Credibility - the exacting standards are famous in the Financial Services Industry
Respect - from colleagues, clients, and other charterholders
Competitive Advantage - top industry jobs demand increasingly higher levels of expertise
Knowledge with a Global Perspective - an increasingly integrated world demands common standards
Connections - 69,000 charterholders around the world are active investment professionals with high levels of responsibility
CFA® Prerequisites
A. Becoming a candidate
In order to fulfill the entrance requirements, you must have a U.S. bachelor's (or equivalent) degree, be in the final year of your bachelor's degree program, or have four years of qualified, professional work experience or a combination of work and college experience that totals at least four years.
You must also be prepared to take the examinations in English
You will need to sign up for your first exam. This requires a one-time registration fee and an exam enrollment fee. It also registers you as a candidate in the CFA Program.
You are required to maintain your candidate status throughout the education process and honor your commitment to the CFA Institute Code of Ethics and Standards of Professional Conduct, both as a candidate and a charterholder. This is a serious commitment that demands you always put the interests of your clients first. The Institute emphasizes that nothing is more important than acknowledging and maintaining the Code and Standards of the CFA®.
B. Becoming a charterholder
You must pass each of the Level I, II, and III exams. This requires a minimum of 250 hours of study, with the possibility of substantially more, depending on your circumstances. You must also be prepared for the costs related to enrollment, curriculum materials, tutorials and sample exams.
You must also meet the work experience requirements. These can differ depending on when you became a candidate and/or a member.
You must be a member of the CFA Institute.
You must have received your official status. The Institute will notify you when you have completed all requirements and can begin using the CFA designation. You will them have the option of receiving your charter by mail or at an award ceremony provided by your local CFA® society.
To maintain your CFA® status, you must follow the charterholder guidelines. Study Topics
1. ETHICAL AND PROFESSIONAL STANDARDS
A. Professional Standards of Practice
B. Topical Issues
2. QUANTITATIVE METHODS
A. Time Value of Money
B. Basic Statistical Concepts
C. Probability Concepts and Random Variables
D. Common Probability Distributions
E. Sampling and Estimation
F. Statistical Inference and Hypothesis Testing
G. Correlation Analysis and Linear Regression
H. Multivariate Regression
I. Time Series Analysis
J. Portfolio Concepts
3. ECONOMICS
A. Market Forces of Supply and Demand
B. Elasticity
C. The Firm and Industry Organization
D. Supply and Demand for Productive Resources
E. Measuring National Income
F. Economic Fluctuations and Unemployment
G. The Monetary System
H. Inflation: Causes and Consequences
I. International Trade
J. International Finance
K. The Macroeconomics of an Open Economy
L. Aggregate Demand and Aggregate Supply
M. Sources of Economic Growth
N. Government Regulation
O. Natural Resource Markets
P. Relationship of Economic Activity to the Investment Process
4. FINANCIAL STATEMENT ANALYSIS
A. Financial Reporting System
B. Principal Financial Statements
C. Earnings Quality and Nonrecurring Items
D. Analysis of Inventories
E. Analysis of Long-Lived Assets
F. Analysis of Income Taxes
G. Analysis of Financing Liabilities
H. Analysis of Leases
I. Analysis of Off-Balance-Sheet Assets and Liabilities
J. Analysis of Pensions, Stock Compensation, and Other Employee Benefits
K. Analysis of Inter-Corporate Investments
L. Analysis of Business Combinations
M. Analysis of Multinational Operations
N. Ratio and Financial Analysis
5. CORPORATE FINANCE
A. Fundamental Issues
B. Capital Investment Decisions
C. Business and Financial Risk
D. Long Term Financial Policy
E. Mergers and Acquisitions
F. Valuation Implications of Corporate Finance
6. ANALYSIS OF EQUITY INVESTMENTS
A. Organization and Functioning of Securities Markets
B. Security Market Indexes and Benchmarks
C. Equity Risk Definition (e.g., statistical, economic, downside, relative, absolute, political) and Measurement
D. Fundamental Analysis
E. Special Applications of Fundamental Analysis
F. Technical Analysis
7. ANALYSIS OF DEBT INVESTMENTS
A. Debt Securities
B. Risks Associated with Investing in Bonds
C. Global Bond Sectors and Instruments
D. Yield Spreads
E. Introduction to the Valuation of Debt Securities
F. Yield Measures, Spot Rates, and Forward Rates
G. Measurement of Interest Rate Risk
H. The Term Structure and Volatility of Interest Rates
I. Valuing Bonds with Embedded Options
J. Mortgage-Backed Securities (MBS)
K. Asset-Backed Securities
L. Valuing Mortgage-Backed and Asset-Backed Securities
M. Assessing Trading Strategies
N. Principles of Credit Analysis
8. ANALYSIS OF DERIVATIVES
A. Derivative Markets and Instruments
B. Forward Markets and Instruments
C. Futures Markets
D. Options Markets
E. Swaps Markets
9. ANALYSIS OF ALTERNATIVE INVESTMENTS
A. Real Estate
B. Investment Companies
C. Venture Capital
D. Hedge Funds (e.g., characteristics, fee structure, leverage, short versus long)
E. Closely-held Companies and Inactively Traded Securities
F. Distressed Securities/Bankruptcies
G. Commodity Markets and Commodity Derivatives
10. PORTFOLIO MANAGEMENT
A. Capital Market Theory
B. Management of Individual Investor Portfolios
C. Management of Institutional Investor Portfolios
D. Pension Plan and Employee Benefit Funds
E. Endowment Funds and Foundations
F. Insurance Companies
G. Other Corporate Investors (investment policy considerations)
H. Capital Market Expectations
I. Asset Allocation
J. Portfolio Construction and Revision
K. Equity Portfolio Management Strategies
L. Debt Portfolio Management Strategies
M. Real Estate and Alternative Investments in Portfolio Management
N. Risk Management
O. Performance Measurement
P. Presentation of Performance Results
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