CFA 2024-2025: November L1 Result 2024 (Jan 14), February Rescheduling Deadline (Jan 18), Pass Rate, Exam Date, Syllabus

The Level 3 CFA Exam is considered by many CFA charterholders as the most challenging due to the amount of time and consideration required to successfully complete the constructed responses. Only about 56% of CFA candidates pass the exam, despite the fact that the Level 3 CFA Exam typically has the highest pass rates of any CFA Exam.

It is estimated that joining CFA colleges in India can be affordable as most of the colleges have a total tuition fee of less than INR 1 lakh. Listed below are some of the colleges along with their total tuition fees:

The CFA Institute has made major changes in the CFA program pricing. The one-time enrollment will be scrapped for the year 2026 exams. Changes have also been made in the CFA registration fee. 

The other changes which have been introduced include the Practical Skills Module (PSM) which is mandatory to view the CFA result and the three specialized pathways which have been included in the Level 3 curriculum. 

The content from the testable portion of the exam has been reduced so that candidates can concentrate on the content that is highly relevant in the rapidly changing global economy and financial markets. This allows to establish the base knowledge that is needed to begin studying for the exam. It also keeps study time to 300 hours at each level while maintaining the rigor of the Program. The curriculum was updated from February 2024 exam onwards.

No, the CFA application form can only be filled online on the official website CFA Institute. There is no option to submit the CFA form in offline mode. Candidates will have to create an account on CFA website once the registrations begin and fill the CFA registration form through that candidate account. Candidates must also note that no other website hosts the CFA application form other than the official website of CFA Institute. The CFA registration fee can be paid online through Credit cards, such as American Express, Diner’s Club, Discover, JCB, MasterCard, UnionPay, or Visa or offline through wire transfer, ACH, check money order, or postal order. Receipt of payment of the fees will be emailed to the candidates.

Candidates have to simply follow the instructions to pay the fee. Candidates must note that fee payment is mandatory for CFA form filling. Until the fee is paid successfully, the form will not be accepted. Thus, candidates must check the fee payment acknowledgement slip after making the payment.

CFA application form is available on the official website of CFA institute. Candidates can fill and pay the application fee by creating a login ID. The CFA exam schedule is announced on the official website for each level exam. Given below is a brief description on how to fill the CFA application form: 

• Visit the official website of the CFA institute
• Click on the application link
• Create a login account with your email ID.
• You will be asked to enter your name, email ID, and password, and enter a security question.
• After you’ve created an account, you can log in and fill up the form.
• Enrollment fee payment can be done online through Credit cards: American Express, Diner’s Club, Discover, JCB,   MasterCard, UnionPay, or Visa
• Or offline through wire transfer, ACH, check money order, or postal order. Receipt of payment of the fees will be emailed to the candidates.

The CFA (Chartered Financial Analyst) exams are conducted in a computer-based testing (CBT) format. The transition from paper-based exams to computer-based exams was implemented by CFA Institute to provide a more efficient and secure testing experience for candidates.

Under the CBT format, candidates take the exams on a computer at designated testing centers. The exams are administered over multiple sessions, with each session focusing on specific topics. The CFA Level I exam consists of multiple-choice questions, while the Level II and Level III exams include item-set questions (also known as vignettes) and constructed response (essay) questions.

The CBT format offers several advantages, such as immediate exam results, standardized navigation tools, the ability to mark and review questions, and an enhanced exam security system. Additionally, candidates have the flexibility to choose their preferred exam date within the available testing window.

It's important to note that while the CFA exams are computer-based, they still maintain the same level of rigor and depth in assessing candidates' knowledge and skills in finance and investment management. 

The Level II curriculum for the CFA exam has not changed significantly. While it has gone through the same review to improve the instructional design, all current topics have been maintained. The Level III candidates will have the opportunity to choose to be tested on a specialization. The core of the curriculum will remain the same, but candidates will have the opportunity to focus a percentage of their Level III effort on one of three specialised paths: portfolio management, private markets, or private wealth management.

Mathematics is covered in some of the Chartered Financial Analyst course material. The positive aspect is that most of these concepts just require basic math with an understanding of statistics and algebra. Therefore, you need to have your calculator ready before you appear for your CFA exams.

The CFA Level I exam comprises a total of 180 multiple-choice questions to be answered in two sessions of 135 minutes each. There are 90 MCQ questions for each session. The first session includes topics such as professional standards, financial reporting, and quantitative methods, while the second session includes questions about corporate finance, fixed income, derivatives, alternative investments, and portfolio management. This exam is given twice a year, once in June and once in December.

Chartered financial analyst designation is a professional credential that is offered by the CFA institute to the financial and investment professionals. The designation of the Chartered Financial Analyst or CFA Charter is the most recognized and respected credential in the field of investment banking. It is a globally recognized credential. There are three levels in CFA Program that students will have to go through. Based on the historical data, pass rate for the CFA examination is about 40 percent.

There is a wide range of topics related to investment management, stocks, derivatives, financial analysis which give you great understanding of everything you need in order to become a better Financial Analyst/Investment banker.

CFA Level I Exam: This is the first examination that students will have to go through. In level one, students will have to focus on the concepts and tools that are applied to investment management and valuation. The CFA Level 1 exam is conducted in two sessions, each 3 hours long. It consists of 240 multiple-choice questions in two sessions of 120 questions each. The questions are designed based on the topic weightages given in the CFA Level 1 Exam Syllabus, with very slight deviation.

CFA Level II Exam: This is the second examination that students will have to go through after passing the CFA level I Exam. In Level II, students will have to deal with the assets valuation. Students must have the ability to apply the concepts and tools that they have learned in level I. There are total 20 item set questions, split in two sessions. The morning and evening sessions have 10 item set questions each. The total number of questions in the CFA Level II exam is 120. The duration of the exam is 360 minutes. Some of the CFA level II topics are covered only in the morning session and other topics are covered only in the evening session.

CFA Level III Exam: This is the last CFA exam that students will have to pass to become a CFA charterholder. In the level 3 examination, students will have to go through portfolio management in depth. CFA Level I and CFA Level II revolved around basic financial knowledge, investment valuation comprehension and the application of both. CFA Level III exam focuses on portfolio management and wealth planning. All the best.

Practical Skills Module in CFA exam was introduced by the CFA Institute as an additional layer in the CFA exam process. PSM or Practical Skills Module is a practical training to provide candidates with hand-on experience for the work environment and application of what they are learning in the curriculum.

Completing one PSM is mandatory for the students in order to view and download the CFA result. Candidates have to dedicate at least 15-20 hours to complete on PSM. A PSM uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop practical skills of the students. 

PSM was introduced at the Level 1 and 2 February 2024 exams onwards and will be applicable from 2025 for the Level 3 exams. 

The ideas from the academic fields of finance and investing make up the CFA syllabus. All three CFA levels—Levels I, II, and III—have the identical material, but the questions at each level have different weights. There is greater topic integration in a single question on Level III of the CFA test. Because the Level III test includes a constructed answer portion, it is more difficult than the Level II exam. CFA Level III syllabus include

Behavioral Finance

Capital Market Expectations

Asset Allocation & Related Decisions in Portfolio Management

Derivatives & Currency Management

Fixed-Income Portfolio Management

Equity Portfolio Management

Alternative Investments for PM

Private Wealth Management

PM- Institutional Trading, Performance Evaluation, and Manager Selection

Cases in Portfolio Management and Risk Management

Ethics and Related Topics

In 2024, the CFA Level 1 curriculum has shifted to a Learning Module (LM) structure from Readings. These Learning Modules are designed as bite-sized lessons that can be completed in a single study session, aligning better with the study patterns of CFA candidates. 

For the 2024 CFA Level 2 exam, the curriculum remains largely unchanged from 2023. It comprises 47 modules, a reduction from the 49 readings in 2023. The changes include the removal of three readings (two from Alternative Investments and one from Portfolio Management) and the addition of one new reading to Alternative Investments.

No, candidates cannot change their pathway in the middle of the CFA registration process. If the candidate is taking the CFA Level 3 exam for the second time, then they have the option of changing their specialised pathway. The content for all the three pathways are available online for CFA preparation. 

Each level of the CFA exam has its own criteria and passing score. CFA institute sets a MPS which changes with each cycle for the newly registered candidates. Some years test takers will receive an overall CFA score of 65% and fail, and in some years they may receieve a score of 62% and pass. The scoring plays a role in deciding the overall pass score in CFA exam. In general, an overall score of 70% and above will help you pass the CFA exam.

You can sit for level I of The CFA® Program only after graduation or during the final year of your graduation. Expenditure: Total expenditure of the CFP along with tuition fee is INR 50,000 to INR 60000. The CFA® course expenditure is between INR 2 Lacs to INR 2.2 lakh.

The CFA course duration takes at least 2 years to complete, while the CFP can be completed within a year.

May 2021 CFA exam pass rate: Level 1: 25% Level 2: 40% Level 3: 42%

The waiting time for CFA exam results is as follows:

1. Level I Exam: Results for the Level I CFA exam are typically released about 60 days after the exam date. This means you can expect to receive your Level I results approximately two months after taking the exam.

2. Level II and III Exams: Results for the Level II and III CFA exams usually take a bit longer to be released. They are typically available approximately 90 days after the exam date. So, for Levels II and III, you can expect to receive your results about three months after taking the exam.

While waiting for your results, you can use this time to relax, prepare for the next level (if applicable), or plan your next steps in your CFA journey.

For the CFA exams, the level of detail provided in your results varies depending on the exam level:

1. Level I Exam: For Level I, you will receive a pass or fail result. There is no detailed breakdown of your performance in specific sections or topic areas. You will only receive a performance band (10th percentile) if you pass, which provides some context about your performance relative to other passing candidates.

2. Level II and III Exams: For Level II and III, you will receive a more detailed breakdown of your performance. You will see how you performed in each specific topic area or study session. This breakdown allows you to assess your strengths and weaknesses in different areas of the curriculum. You will also receive a performance band (10th percentile) if you pass these levels, indicating your relative performance compared to other passing candidates.

The detailed performance breakdown provided for Level II and III exams is valuable for candidates, as it helps them identify areas where they may need to focus more attention in their studies for future exam levels or retakes.

There is no fixed time limit on the validity of the CFA Registration. Candidates will get access to the digital curriculum once your registration is complete. It is refundable within 14 days of payment. Candidates who wish to appear for the CFA exam, can register on the official website of CFA institute by filling up the registration form. The candidates must note that there is no option of offline form filling hence, they must apply online.

The registration fee for the CFA programme exam is USD 940 for early registration and USD 1,250 for standard registration. The one-time enrollment fee is USD 350. The CFA registration fee can be paid online through Credit cards, such as American Express, Diner’s Club, Discover, JCB,   MasterCard, UnionPay, or Visa or offline through wire transfer, ACH, check money order, or postal order. Receipt of payment of the fees will be emailed to the candidates.

Now, the CFA candidates residing in India can also pay the CFA fee through EMIs. CFA Institute has partnered with education loan provider Eduvanz to offer EMI (Equated Monthly Installment) option for candidates who are interested in registering for the CFA programme (interest rate to be applied). This EMI payment option can only be availed by applicants residing in India, using the “Pay by Invoice” option during the checkout process, and submitting the invoice along with the EMI payment method. The “Pay by invoice” option is available up to 40 days before the close of registration. However, availability of EMI payment is subject to approval and documentation requirements of Eduvanz.

No, you can only apply for one CFA exam level at a time. The institute does not allow candidates to apply for multiple exam levels simultaneously. You will need to complete and pass one level before moving on to the next one. However, if you have already registered for an exam and would like to reschedule or cancel your registration, you can do so by visiting the CFA Institute's website and following the instructions provided.

Each level of the CFA exam builds upon the knowledge and skills acquired in the previous level. This sequential approach ensures that candidates have a strong foundation before advancing to more complex topics. It's important to note that you must meet the specific eligibility requirements for each level and pay the applicable exam registration fee for each level separately. So, to progress through the CFA exam, you need to pass each level one at a time, starting with Level I.

CFA registration form can be submitted online. Students must have the following list of documents that will be required when filling the CFA registration form:

1. Valid International Travel Passport
2. Proof of education (copy of diploma, marksheet, any other relevant documents)
3. Work experience (letter of employment, salary slips, any other relevant documents)
4. Credit card/ debit card/ internet banking details

Yes, you are eligible to appear for the CFA exam. The eligibility criteria for the CFA (Chartered Financial Analyst) exam are as follows:

1. Education: You must have a bachelor's degree or equivalent (or be in the final year of your bachelor's degree programme) to enroll in the CFA Program. There is no specific field of study required.

2. Work Experience: There is no required work experience to sit for the Level I exam. However, to receive the CFA charter, you must have a minimum of four years of qualified work experience in the investment decision-making process.

3. Membership in CFA Institute: You must become a member of CFA Institute before registering for the Level I exam. Membership involves paying an annual fee and agreeing to abide by the CFA Institute's Code of Ethics and Standards of Professional Conduct.

Additionally, it's worth mentioning that the CFA Program is internationally recognised and highly regarded in the finance industry. It is a rigorous and comprehensive programme that requires significant dedication and preparation to successfully complete.

You may register and sit for the Level II exam while you are still working toward your undergraduate degree at university, Please note that the date of Level II exam must be 11 months or fewer before graduation date.

The CFA exam is known to be tough, and passing it requires a serious commitment to following a structured study plan. According to the CFA Institute, the average annual pass rate over the last 10 years for the CFA Level I exam has been 44%, and the recommended study time is about 300 hours. Here are some important preparation tips for the CFA exam:

• Focus on the most-tested material and develop a study plan six months before you take the exam
• Take a prep course and use third-party resources to save time
• Allocate study time based on each topic's weight and practice questions regularly
• Be good at taking the CFA exam, work on quick recall, and understand the questions
• Familiarize yourself with the data-backed study habits linked to passing the exam
• Start studying early, and start right
• Clear your CFA plan with family and friends and understand the time commitment required to pass the exam
• Apply CFA exam concepts to real life and learn how to take the CFA exam

The major subjects of CFA include Ethical and professional Standards, Quantitative Methods, Economics, Financial Reporting and Analysis, Corporate Finance, Equity Investments, Portfolio Management, Alternative Investments, Derivative,  and Fixed Income.

Yes, the CFA syllabus is updated regularly to reflect changes in the investment industry and to ensure that candidates are prepared for the latest industry practices and trends. The CFA Institute, the governing body for the CFA exam, reviews and updates the syllabus on a regular basis, typically every three to five years.

For example, the CFA Institute updated the Level I syllabus in 2020 to include new topics such as digital assets and sustainability, and to reflect changes in the investment industry. The Level II and Level III syllabi were also updated in 2020 to include new topics and to reflect changes in the industry.

This year, a new chapter titled – “Introduction to Geopolitics” has been introduced under the Economics section for the Level I CFA syllabus. Corporate Ownership and Structures and Business Models are the two new readings that have been added under Corporate Issuers section. Major changes to the Capital Structure readings have been made. Minor changes to the Introduction to Corporate Governance & Other ESG Considerations reading has also been made for the Level I CFA curriculum.

The CFA institute has introduced the specialised pathways because:

• Career discovery
• Mastering a specific field 
• Choosing which field aligns best with interests and aspirations of the students
• Credentialing. Passing a challenging exam for the role will benefit the candidates by benefiting their clients and their employers.

No, candidates must bring a printed copy of CFA admit card to the exam center. Digital copies on mobile devices are not accepted, and candidates may be denied entry without the printed version of the CFA admit card. Candidates should ensure printing their admit card in advance and keep it safe until the exam day. This is a strict requirement set by the CFA Institute to ensure a smooth verification process at the exam center. Always double-check that all information on the printed admit card matches the identification documents to avoid any last-minute issues.

The CFA admit card is issued only to the registered candidates. To download your CFA admit card, follow the steps mentioned below:

• visit the official CFA Institute website
• Log in to your candidate portal using your username and password.
• Navigate to the section for downloading the admit card and click on the relevant link.
• Download the admit card in PDF format and print it out.

Ensure that all details on the admit card are accurate, including the exam date, time, and center address. Keep the printed admit card safe and bring it with you to the exam center on the day of the exam. Contact CFA Institute support for assistance if you encounter any issues during the process.

Yes, the CFA admit card is mandatory for appearing in the CFA exam. Candidates must carry their CFA admit card to the exam center on the day of the exam. It serves as a crucial identification document and allows candidates to enter the exam hall. Without a valid admit card, candidates may not be permitted to take the exam. Therefore, candidates should ensure that they download and print their CFA admit card from the official CFA Institute website or their candidate portal and carry it with them to the exam center on the exam day.

If candidates notice any discrepancies or errors in their CFA admit card, they should immediately contact the CFA Institute for assistance. It's essential to rectify any errors before the exam day to avoid any inconvenience. Provide accurate details about the error and follow their procedure for correction, which may involve filling out a form or sending an email. Submit any necessary supporting documents and stay in communication to track the progress of your request. Once the correction is made, download and print the corrected admit card from your candidate portal. Ensuring accuracy in your admit card helps prevent issues on the exam day, facilitating a smooth testing process.

A PhD in Finance typically involves in-depth research and academic study in specialised areas of Finance. PhD in Finance can provide a comprehensive understanding of financial theories, methodologies, and advanced analytical skills.
The CFA program covers a broad range of topics in Finance, including investment analysis, portfolio management, ethical and professional standards, and other relevant areas. CFA provides practical, industry-focused knowledge and skills that are directly applicable to roles in investment management, asset management, equity research and other finance-related fields.
Ultimately, your hobbies, job aspirations, and preferred career path within the finance business will determine whether a PhD in Finance is a better designation than a CFA.

Pursuing the Chartered Financial Analyst (CFA) designation is a significant step in the field of finance and investment. To pursue the CFA programme, candidates must hold a valid bachelor's degree (or equivalent) from an accredited institution. Alternatively, they can qualify through a combination of education and work experience.

Candidates then need to enroll in the CFA programme by filling the CFA registration form. The CFA programme consists of three levels: Level I, Level II, and Level III. Each level has a separate exam. Prepare for each level by studying the CFA Institute's curriculum. 

Aspirants need to pass all the three exam levels in sequential order to become a  CAF charterholder. The CFA exam levels are known for their rigor. The minimum passing score for each level is determined by the CFA Institute and can vary from year to year.

Students need to acquire at least four years of relevant work experience before they can be awarded the CFA charter. The work experience should be in areas like investment management, financial analysis, or portfolio management. The work experience can be gained before, during or after passing Level I exam. 

The minimum duration to complete the CFA programme varies depending on how quickly you progress through the exams and meet the work experience requirement. On average, candidates take about four years to complete all three levels and gain the necessary work experience. It's important to note that the CFA programme is challenging, and candidates often dedicate hundreds of hours to study for each exam. The pass rates for the exams tend to be relatively low, especially for Level III, which includes constructed response (essay) questions.

Yes, candidates can typically defer or delay their CFA exam, but there are specific policies and deadlines set by the CFA Institute that they must follow. However, candidates can request for deferal to a future date only if they have already registered for the upcoming exam date and are unable to take the exam due to extenuating circumstances such as medical reasons, family emergencies, or other significant events.

The CFA Institute typically has specific deadlines by which you must request a deferral for your exam. It's important to check the CFA Institute's official website for the most current deferral policy and deadlines. Students need to pay a deferral fee of USD 250. They also need to provide required documents such as medical certificate in case of illness.

When the candidate requests a deferral, he/she will typically be given the option to select a future exam date from the available exam windows. They then need to choose their preferrable exam date. 

The CFA institute will then review the deferral request and assess the validity of your reasons. If they find the request to be genuine then the candidate may be granted the deferral.

The CFA exam is conducted in the computer-based test mode across the world. Students will now have an exam window of around ten days and they can self schedule their CFA Level 1 exam date on the official website as per their preference. The exact length of the scheduling window will vary as per the number of CFA Level 1 Exam Centres.

Given below are the steps on how to schedule your exam and choose the centre:

1. Register for your exam
2. Schedule the exam appointment
3. View the test centre options along with available seating
4. Choose your preferred test centre location as per the planned CBT test centre locations
5. Once the location is confirmed keep checking daily for new appointments that could be added.

New appointments might take up to ten business days. Candidates must note that the seats are available on a first-come, first-serve basis.

The CFA exam is conducted in various cities across the world. Some of the cities in India where the CFA exam is conducted are listed below:

Yes, the CFA admit card is mandatory for appearing in the CFA exam. Candidates must carry their CFA admit card to the exam center on the day of the exam. It serves as a crucial identification document and allows candidates to enter the exam hall. Without a valid admit card, candidates may not be permitted to take the exam. Therefore, candidates should ensure that they download and print their CFA admit card from the official CFA Institute website or their candidate portal and carry it with them to the exam center on the exam day.

Avoiding common mistakes in the CFA exam is crucial to maximize your chances of success. Here are some strategies to help you minimize errors during the exam:

1. Pay close attention to the instructions provided for each question and section of the exam. Understand the requirements, format, and any specific guidelines before attempting the questions.

2. Time management is key in the CFA exam. Allocate your time wisely for each section and question, keeping in mind the weightage of each topic. Avoid spending excessive time on difficult questions that may hinder progress on other sections.

3. Solving mock exams and practice questions under timed conditions helps you become familiar with the exam format and improves your ability to manage time effectively. Identify your strengths and weaknesses through practice and focus on improving weaker areas.

4. The CFA exam employs a penalty for incorrect answers, known as negative marking. Avoid blind guessing if you are unsure, as incorrect answers can deduct points. Utilize your knowledge, eliminate options, and make an educated guess when necessary.

5. Read each question thoroughly and ensure you understand what is being asked. Pay attention to keywords, such as "not" or "except, " which can change the meaning of a question. Avoid jumping to conclusions or making assumptions.

6. When calculations are required, clearly show your steps and workings. This not only helps you organize your thoughts but also enables partial credit to be awarded if you make an error in the final answer.

7. Take the time to review your answers before moving on to the next question or section. Look for any calculation errors, misinterpretations, or missed requirements.

8. Focus on mastering the high-weightage topics as they carry greater significance in the exam. Allocate more study time to these areas to ensure a strong understanding and better performance.

By being aware of these common mistakes and implementing strategies to mitigate them, you can increase your accuracy and improve your overall performance in the CFA exam. 

Preparing for the CFA (Chartered Financial Analyst) exam requires a systematic and disciplined approach. Here are some steps to help you with your preparation:

1. Familiarize yourself with the exam structure, including the number of levels, topic areas, and the weightage assigned to each topic. 

2. Develop a comprehensive study plan that covers all the topics and allows for sufficient time for review and practice. Set realistic goals and create a schedule that works for you, taking into account your other commitments.

3. The CFA Institute provides official curriculum materials that cover all the exam topics in detail. Make sure to study from these materials as they are comprehensive and aligned with the exam content.

4. Practice is crucial for success in the CFA exam. Solve mock exams and practice questions to get familiar with the exam format and to assess your understanding of the topics. Review your performance and identify areas that require further study.

5. Engage with other CFA candidates through study groups or online communities. Discussing and exchanging ideas can enhance your understanding of complex topics and provide additional support during your preparation journey.

6. The CFA exam is concept-driven, so it's essential to develop a strong understanding of the underlying principles and theories. Avoid rote memorization and strive for a deeper comprehension of the material.

7. Regularly review the topics you have studied to reinforce your knowledge. Create concise notes or flashcards to summarize key concepts, formulas, and important details.

8. The CFA curriculum undergoes periodic updates. Stay informed about any changes or updates to the syllabus and adjust your study plan accordingly.

Remember, the CFA exam requires dedicated effort and perseverance. It is essential to stay disciplined, motivated, and consistent in your study routine. Good luck with your CFA preparation!