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All You Need to Know about CFA Examination

Posted by: Dr. Raul Schaefer III at 03/03/2021 4,808 views

College graduates are increasing day by day, but unfortunately, they are facing a limited supply of jobs. The reason is that an undergraduate college degree has no worth no nowadays. Therefore, here we will discuss all you need to know about the CFA examination because professional certifications from numerous professional institutes serve the vital role of strengthening an undergraduate college degree.

CFA

CFA stands for Chartered Financial Analyst. A charter is a designation that is recognized worldwide for its value. When you earn it as a title CFA, you can use it after your name, for example, James Harry, CFA. 

Quick Overview about CFA Exam

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CFA Exam consists of three exams, and you have to be fully prepared for every exam because the passing rates of this exam are meager. 

Here we have shortlisted all you need to know about the CFA exam, including pass rates, exam cost, required estimate of study material, and the recommended number of hours you should plan to prepare.

Worldwide Financial Standard

The CFA designation is respected globally. It is known as the golden standard of financial certification. When candidates completed the CFA Program, they get a fantastic knowledge about finance and ethical grounding. The candidate got significant success in a career. It boosts their salaries, which is estimated up to 50-70%.

Three CFA Exam Levels

  • The CFA exam comprises of level 1, level 2, as well as level 3 exams and other short viva voices, three CFA® Exam Levels have obvious differences so you need to comprehend and pass all 3 levels. The CFA exam is held in December each. However, in 2021, it switches from traditional paper-based testing to computers based.
  • Read more on the CFA exam and CBT. It will be available 4 times a year for level 1 that is in February, May, August, and November. Level 2 and level 3 CFA exams will be held twice a year. It will be going in May and August for grade 2.
  • Furthermore, in May and November for level 3 in 2021. However, in 2022, level 2 and level 3 exams will substitute each quarter that is February and August for grade 2 and May and November for class 3.

Lowest Passing Rates

There are above 3 Lac candidates each year. In which the level 1 passing rate is around 43%. The passing grade increases a bit for level 2 and level 3 to roughly 50% and over 55% respectively.

CFA Exam Entire Cost

The sooner you register for an exam, the fewer fee charges you will pay for it. Furthermore, for the newcomers to the CFA Program, they offer a one-time enrollment fee of about USD 500. 

On the other hand, every time you want to take your CFA exam at all levels, including retakes, you will be required to pay a registration fee of USD.

Moreover, access to the CFA Program curriculum is included in this registration fee. Therefore, you should check the applicable fees and deadlines as well. The estimated cost of the CFA exam, including all 3 levels is USD 3000. It will enable you for no retakes, and you can assume three early registration fees.

CFA Exam Main Topics

There are 10 CFA exam topics which are mentioned as below:

  • Economics
  • Ethics
  • Financial Reporting and Analysis
  • Corporate Finance
  • Quantitative Methods
  • Equity Investments
  • Derivative Investments
  • Alternative Investments
  • Fixed Income Investments
  • Portfolio Management

Keep in mind that at levels 1 and 2, you will be tested on all the 10 topics. However, in the level 3 exam, you will get some relief as there is no more FRA, Quantitative Methods, or Corporate Finance.

On the Day of Exam

All exam levels are comprised of two sessions with an optional break for CBT exams meanwhile. The total exam time gets reduced from 6 hrs to 4.5 hrs, that is 2 x 135 minutes for 2021, which means that the number of the question also gets reduced. For level 1, it is going to be twice of 90 multiple choice questions rather than twice of 120 multiple choice questions in the exam.

Scholarships and Offers for CFA Exams

CFA Exams also offers scholarships for giving more people the priceless opportunities to pursue CFA exams. The institute provides a variety of scholarships for qualified as well as to deserving candidates. Here we will discuss few scholarships offered for CFA Exams:

Women’s Scholarships: 

As the name of the scholarship is describing, this scholarship is reserved for the female gender only. The registration fee for this scholarship is decreased to $400. The deadline for application submission is in August of the year going ahead of the exam year.

Student Scholarship:   

This scholarship is reserved for students only who are studying in schools that are affiliated with the CFA exams institute. The application submission deadline is in the mid of February for the June exams. The exam registration fee is decreased to $400 with this Scholarship.

Professors Scholarship: 

This scholarship is limited to professors who lecture business-related courses. It is also for those professors who teach the subjects tested by the CFA exams. Professors required to apply by the starting of February for June exams and by the starting of September for December exams. Professors pay only $400 for exam registration to apply for this scholarship.

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