Exemptions & Eligibility

Irrespective of your prior qualification and/or experience, you cannot apply for exemption from any Level of the CFA® Program. To be eligible to start at Level I, you must either:

• Hold a bachelor’s (or equivalent) degree, or 

• Be within 23 months of your graduation month of your bachelor’s (or equivalent) degree , and/or 

• Have four years of work experience (not necessarily investment-related). 

Please note: Although four years of work experience which is not necessarily-invested related will grant you eligibility, you will be required to submit three years of  relevant work  experience before being accorded the CFA Charter. This relevant experience you can gain before, during or after completing all the relevant CFA® exams.

CFA® Syllabus Structure - All Levels

The CFA® Program is structured into 3 challenging levels: 

• Level I  (knowledge and understanding of investment tools and techniques);

• Level II  (application of investment tools and techniques to asset valuation) and 

• Level III (synthesis and evaluation of investment tools and techniques in the context of portfolio management and wealth planning).

The above 3 levels are underpinned by a network of progressively challenging Learning Outcome Statements (LOSs), founded on 10 syllabus topic areas:  

1. Quantitative Methods; 

2. Economics; 

3. Financial Statement Analysis; 

4. Corporate Issuers; 

5. Equity Investments; 

6. Fixed Income; 

7. Derivatives; 

8. Alternative Investments;

9. Portfolio Management and 

10. Ethics & Professional Standards
    

Prerequisite Knowledge Requirements

The CFA® Institute expects candidates to be familiar with the material on Quantitative Methods, Economics, and Financial Statement Analysis covered in the prerequisite readings. This is assumed knowledge from introductory university-level courses in Statistics, Economics, and Accounting.

If a candidate does not have a basic understanding of these concepts or would like to review these concepts, The CFA Institute provides content (included in your registration fee at no extra cost) and candidates can study from any of the three prerequisite reading volumes as follows:

• Prerequisite reading volume 1: Quantitative Methods
• Prerequisite reading volume 2: Economics
• Prerequisite reading volume 3: Financial Statement Analysis
  

The above Prerequisite Knowledge content is about 500 pages of material and will not be tested in the exam.

Practical Skills Modules (LI & LII)

The CFA® Practical Skills Modulles have been added to the CFA exam in response to employers who would like candidates to have more exposure to practical, relevant skills that connect with what they are learning on the job.

The Practical Skills Module is a stand-alone, self learning module that contains between 10-15 hours of content which candidates must advance through in order to complete each one, including videos, questions and guided practice.

Level I Candidates: (Candidates must complete one or both)

• Financial Modelling

• Python Programming Fundamentals
  

Level II Candidates: (Candidates must complete one or both)

• Python Programming Fundamentals

• Analyst Skills

• Python, Data Science & AI
  

The content is PSM is not tested in the final CFA® Exam and it is not graded.

Level I Candidates complete at least one Practical Skills Module to receive your exam result

Level I CFA® Exam Structure

Exam Format: 

Computer-Based Testing: The Level I computer-based exam consists of 180 multiple choice questions, split between two 135-minute sessions. There is an optional break between sessions. Candidates must take both sessions in order to receive an exam result. 

Duration:

• First session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of ethics & professional standards, quantitative methods, economics, and financial statement analysis 

• Second session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of corporate issuers, equity, fixed income, derivatives, alternative investments and portfolio management 

CFA® Level I Exams will be offered three times a year in Feb, May, August & November 2024.

Our CFA® Level I Class Intake Structure for 2024: Classes Starting in January, May & October. 

Key Exam Requirements: 

1. Valid international travel passport

2. Approved calculator. Only two calculator models are authorized for use during the CFA Program exams:

• • Texas Instruments BA II Plus (including BA II Plus Professional)

  • Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige)

You must complete at least one Practical Skills Module to receive your exam result.

Level II CFA® Exam Structure

Structure: The Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.

Duration: The Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in between.

CFA® Level II will be offered three times a year in May, August & November 2024.

Our CFA® Level II Class Intake for 2024: Classes Starting in January & April 2024 (2 intakes).

Key Exam Requirements: 

1. Valid international travel passport

2. Approved calculator. Only two calculator models are authorized for use during the CFA Program exams:

• • Texas Instruments BA II Plus (including BA II Plus Professional)

  • Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige)

Level III CFA® Exam Structure

Structure: The Level III exam consists of item set and constructed response (essay) questions.

Duration: The Level III exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.                      

CFA® Level III of the CFA exam will be offered twice a year in February and August 2024

Our CFA® Level III Class Intake for 2024: Classes Starting in Jan 2024 (1 intake).

Key Exam Requirements: 

1. Valid international travel passport

2. Approved calculator. Only two calculator models are authorized for use during the CFA Program exams:

• • Texas Instruments BA II Plus (including BA II Plus Professional)

  • Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige)