The CFA® Programme is continuously updated by practitioners to ensure that what you learn remains relevant in today's finance industry.
The main topic areas and exam weights are:
| TOPIC AREA | LEVEL I | LEVEL II | LEVEL III |
|---|---|---|---|
| Ethical and Professional Standards | 15% | 10% | 10% |
| Quantitative Methods | 12% | 5-10% | 0% |
| Economics | 10% | 5-10% | 0% |
| Financial Reporting and Analysis | 20% | 15-25% | 0% |
| Corporate Finance | 8% | 5-15% | 10% |
| Total: Investment Tools | 50% | 30-60% | 0% |
| Equity Investments | 10% | 20-30% | 5-15% |
| Fixed Income | 12% | 5-15% | 10-20% |
| Derivatives | 5% | 5-15% | 5-15% |
| Alternative Investments | 3% | 5-15% | 5-15% |
| Total: Asset Classes | 30% | 35-75% | 35-45% |
| Portfolio Management | 5% | 5-15% | 45-55% |
| Total | 100% | 100% | 100% |
| Source CFA® Institute | |||
Exam process
The CFA® examination process requires that you sit and pass three consecutive levels of exam. Level I exams are held in June and December each year with levels II and III only in June.
Each of the exams is a six hour exam though the format changes from level to level.
Level I – Both of the three hour exams will cover all of the level I syllabus areas. In total there are 240 multiple choice questions, each based around the level I Learning Outcome Statements and each offering three choices.
Level II – The level II exam is in 'item-set' form, a different style of multiple choice tests. You will be given 10 'vignettes' – mini case studies – and then have to answer six questions based on that vignette.
Level III – The morning exam at level III is a constructed response test where you have to provide written answers, for example calculating an appropriate asset allocation strategy for a given portfolio and explaining your recommendation. The afternoon paper is in the same format as level II.
See pass rate over year (Source: Wikipedia)
| Year | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| 2013 Pass % | 38% | 43% | 49% |
| 2012 Pass % | 38%/37% | 42% | 52% |
| 2011 Pass % | 39%/38% | 43% | 51% |
| 2010 Pass % | 42%/36% | 39% | 46% |
| 2009 Pass % | 46%/34% | 41% | 49% |
| 2008 Pass % | 35% | 46% | 53% |
| 2007 Pass % | 39% | 40% | 50% |
| 2006 Pass % | 40% | 48% | 76% |
| 2005 Pass % | 35% | 56% | 55% |
| 2004 Pass % | 35% | 32% | 64% |
| 2003 Pass % | 41% | 47% | 68% |
| 2002 Pass % | 44% | 47% | 58% |
| Weighted Mean of Pass % | 39.7% | 44% | 57.7% |
http://www.cfainstitute.org/programs/cfaprogram/Documents/1963_current_candidate_exam_results.pdf
By CFA Institution
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