CFA Exam

The information included in the CFA exam scorecard for all levels (Level I, Level II, or Level III) include:For Level I CFA Exam Results:Pass or Fail Status Performance Band (10th Percentile): Level I candidates who pass will receive a performance band, which indicates their relative performance compared to other candidates who passed the same exam. It is represented as a numeric score, such as "Performance Band 10th."For Level II and III CFA Exam Results:Pass or Fail StatusFor Level II and III, you'll receive a detailed breakdown of your performance in each specific topic area or study session. You'll receive a summary of your performance, which may include your score in each topic area, as well as the minimum passing score (MPS) for each topic.Performance Band (10th Percentile)Additional Information: The result notification may include additional information, such as instructions for registering for the next exam level or guidance on the next steps in your CFA journey.It's important to carefully review your exam results to gain insight into your performance and identify areas where you may need to focus more attention in your future studies. Additionally, understanding the performance band can help you gauge how your performance compares to other candidates who passed the same exam.

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.

Yes, you can use third-party study materials to supplement the official CFA curriculum and enhance your CFA exam preparation. Many candidates find that using additional study resources from reputable providers can be highly beneficial. Third-party study materials often provide comprehensive coverage of the CFA exam curriculum. They condense and explain complex topics, making them easier to understand. Some third-party providers offer concise study notes that summarize key concepts and formulas. When using third-party study materials, it's essential to choose reputable providers with a track record of success. The CFA Institute provides a list of approved prep providers on its website, which can be a good starting point.

The CFA syllabus covers a wide range of topic areas related to investment management, financial analysis, ethics, and professional standards. These topic areas are divided into specific readings and Learning Outcome Statements (LOS) within each level of the CFA exam. The main topic areas covered in the CFA syllabus are:1. Ethics and Professional Standards2. Quantitative Methods:3. Economics:4. Financial Reporting and Analysis5. Corporate Finance6. Equity Investment7. Fixed Income8. Derivatives9. Alternative Investments10. Portfolio Management and Wealth PlanningThese main topic areas are consistent across all three levels of the CFA exam, but the depth and complexity of coverage increase as candidates progress from Level I to Level III.

If you fail a level of the CFA exam, you have the opportunity to retake that specific level in future exam windows. You need to register again to take the same exam in the subsequent exam window. The CFA Level I exam is offered twice a year (in February and August). You will ne required to pay the registration fee again for the level you are retaking.It's advisable to use the time between your failed attempt and your retake to further prepare and strengthen your understanding of the exam material. Many candidates who initially fail use this period to study more intensively, seek additional resources, and address their weaknesses.There is no limit to the number of times you can retake a specific level of the CFA exam. You can keep attempting the same level until you pass. Remember that the CFA exams are known for their difficulty, and it's not uncommon for candidates to fail at least one level before ultimately passing. Many successful CFA charterholders faced initial setbacks but persevered through the process. With dedication, effective study strategies, and a commitment to improving your knowledge in areas of weakness, you can increase your chances of success in retaking and passing the exam level you previously failed.

The CFA Institute has a refund policy in place for CFA exam registration fees. However, the refund amount and timing of the refund can vary depending on when you withdraw your registration. If the candidate withdraws the registration before the early registration deadline then, they may be eligible for a refund of the application fee except the processing fee. If the candidate decides to withdraw the registration after the early registration deadline then they will be eligible for a partial refund, but the processing fee may be higher than for early withdrawals. The condition here is that the standard registration window should be still open.If the candidate withdraws the registration after the registration window has closed, then they will not be eligible to claim a refund of the CFA application fee. The withdrawal deadline and refund policy for each exam window are typically published on the CFA Institute's official website and in the exam-related materials.In some cases, if the candidate cannot take the exam in the registered window, they may have the option to transfer their registration to a future exam window. This option may be available for a fee, and the availability can vary by location and exam level.

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.