CFA Exam: Top Universities, Eligibility, Syllabus & Job Roles
Updated on 05 November, 2023
Pragya Sharma
Sr. Content Editor
)Have you heard of the CFA job role? The CFA full form is Chartered Financial Analyst, a prestigious gateway to a career in finance. This foundational program is globally recognized and is held by more than 190,000 professionals across 160 markets. In this comprehensive guide, we will explore the CFA program's crucial aspects, covering eligibility to job prospects and everything in between.
Table of Contents
CFA: Key Highlights
Below are the key highlights of the CFA Program:
CFA full form |
Chartered Financial Analyst |
Conducting Body |
CFA Institute |
Levels |
Progress through CFA Level 1, Level 2, and Level 3 exams |
In-depth Curriculum |
Covers Ethics, Investment Tools, and Portfolio Management |
Skills Learnt |
Finance and Investment Management |
Job Fields |
Corporate Banking, Risk Management, Equity Research, etc. |
Eligibility for CFA Program
The eligibility criteria for the CFA program are as follows:
CFA Level I Exam:
Even if you're a final-year graduate, you can take the CFA Level I exam. However, you must have a valid passport for registration.
CFA Level II Exam:
To be eligible for the CFA Level II exam, you must have completed your graduation and successfully passed the CFA Level I exam.
CFA Level III Exam:
Eligibility for the CFA Level III exam is based on passing the CFA Level II exam.
CFA Charterholder Membership:
To become a CFA Charterholder, you must meet specific criteria. This includes accumulating 48 months of acceptable professional work experience and passing all levels of the CFA exams (Level I, II, and III). Achieving this designation represents the highest accomplishment in the finance field.
CFA Entrance Exam
The CFA entrance exams are a pivotal part of becoming a Chartered Financial Analyst (CFA). Here are the key details you need to know:
Entrance Exam |
Dates |
Fees |
CFA Level 1 |
11-17 November 2023 |
One-time Enrollment fee: $350 (INR 29,139) Standard Registration Fees: $1,250 (INR 1,04,070) Early Registration Fees: $940 (INR 78,260) |
CFA Level 2 |
18-22 November 2023 |
|
CFA Level 3 |
15-18 February 2024 |
Source: Official Website
CFA Syllabus
The CFA program is renowned for its comprehensive curriculum. It equips candidates with in-depth knowledge and skills in the field of finance. The syllabus of CFA is as follows:
- Ethical & Professional Standards
- Quantitative Methods
- Economics
- Financial Statement Analysis
- Corporate Issuers
- Equity Investments
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Management & Wealth Planning
Here is the topic weightage for all three levels.
Topics |
Level 1 |
Level 2 |
Level 3 |
Ethical & Professional Standards |
15-20% |
10-15% |
10-15% |
Quantitative Methods |
6-9% |
5-10% |
0% |
Economics |
6-9% |
5-10% |
5-10% |
Financial Statement Analysis |
11-14% |
10-15% |
0% |
Corporate Issuers |
6-9% |
5-10% |
0% |
Equity Investments |
11-14% |
10-15% |
10-15% |
Fixed Income |
11-14% |
10-15% |
15-20% |
Derivatives |
5-8% |
5-10% |
5-10% |
Alternative Investments |
7-10% |
5-10% |
5-10% |
Portfolio Management & Wealth Planning |
8-12% |
10-15% |
35-40% |
Top CFA Institutes
Selecting the right institution is vital for those aspiring to become Chartered Financial Analysts (CFAs). Here are renowned CFA institutes in the world, recognized for their dedication to providing top-notch finance education:
University Name |
Location |
Johns Hopkins University |
US |
New York University |
US |
Cornell University |
US |
Rutgers University Business School |
US |
Newcastle University |
UK |
King's College London |
UK |
Imperial College Business School |
UK |
McGill University |
Canada |
University of Calgary |
Canada |
University of Ottawa |
Canada |
CFA Job Prospects
A CFA designation opens the door to many lucrative and fulfilling career opportunities in the finance industry. Here are some prominent job roles, along with their average annual salaries as of November 2023:
Investment Banking:
- Analyst: As a CFA Charter holder, you can work as an investment banking analyst, assisting in mergers and acquisitions, capital raising, and financial advisory services.
- Average Annual Salary - $80,041 (INR 66,63,893)
Portfolio Management:
- Portfolio Manager: Manage investment portfolios, making critical decisions on asset allocation and investment strategies for individuals or institutions.
- Average Annual Salary - $115,930 (INR 96,51,868)
Equity Research:
- Equity Research Analyst: Conduct in-depth analysis of stocks and industries, providing recommendations to buy, sell, or hold stocks.
- Average Annual Salary - $94,184 (INR 78,41,383)
Wealth Management:
- Wealth Manager: Offer financial planning and investment management services to high-net-worth individuals, helping them grow and protect their wealth.
- Average Annual Salary - $82,524 (INR 68,70,618)
Private Equity:
- Private Equity Analyst: Evaluate investment opportunities, conduct due diligence, and manage investments in private companies.
- Average Annual Salary - $78,361 (INR 65,24,023)
Risk Management:
- Risk Manager: Assess and manage financial risks for organizations, ensuring they make informed decisions to safeguard their financial health.
- Average Annual Salary - $122,577 (INR 1,02,05,270)
Hedge Funds:
- Hedge Fund Manager: Work for or manage hedge funds, making investment decisions to generate returns for investors.
- Average Annual Salary - $138,231 (INR 1,15,08,560)
Academia and Research:
- Professor or Researcher: Contribute to the field of finance through teaching and conducting research at universities or research institutions.
- Average Annual Salary - $95,942 (INR 79,87,747)
Regulatory Bodies:
- Compliance Officer: Work with regulatory authorities or financial institutions to ensure adherence to financial regulations and industry standards.
- Average Annual Salary - $91,400 (INR 76,09,598)
Consultancy:
- Financial Consultant: Offer advisory services to various clients. This includes corporations, individuals, and institutions. It's on financial matters, investment strategies, and risk management.
- Average Annual Salary - $78,858 (INR 65,65,401)
The CFA program offers an unmatched advantage that’s helpful at every step of your career. The credential is truly a mark of distinction that CFA Charterholders worldwide enjoy.
Disclaimer: The mentioned costs and salaries are indicative and subject to change at any time.
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FAQs
How long does it take to pass the CFA exams?
Successful candidates generally take four years to earn the CFA designation. Each exam demands at least 300 hours of study to increase your chances of success.
How much do the CFA exams cost?
Each of the three levels costs $1,250 (INR 1,04,070). But, early registration can reduce this cost to $940 (INR 78,260). Additionally, there's a one-time enrollment fee of $350 (INR 29,139). So, with early enrollment, the total cost adds up to $3,170 (INR 2,63,921).
Are the CFA exams multiple choice?
The CFA Level I exam is entirely composed of multiple-choice questions totaling 180. Level II, in contrast, consists of item-set questions. Level III combines constructed response (essay) items during the morning session and item-set questions in the afternoon. Constructed response items often have multiple parts related to investment case studies.
Are CFA Charter Holders paid more?
Yes, industry reports consistently indicate that CFA Charter holders earn more than those who haven't completed the program. In fact, their income increases by a staggering 192% when a candidate goes from CFA level 1 to a CFA Charter holder.
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