CFA Exam Preparation

So, you are getting ready for CFA Exam preparation. We expect till now you know everything about the CFA Program and registration. You need to start with CFA Level 1 and gradually after passing the CFA Level 1 you prepare for CFA level 2. Lets have a look at CFA Exam overview and how to prepare for the exam:


CFA Exam

The CFA ® program is administered by CFA Institute, USA. It has three levels, which you can pass one by one. The Exams are held in June and December.

CFA Level 1

It is the introductory level. You learn important concepts of investment and finance which are covered in 10 subjects of CFA level 1. These are divided in approx 70+ topics. We call it  LOS – Learning out come solutions.

Examinations: June -December
No of questions: 240 (120 in the morning exam and 120 in Evening exam)
Question Formate: Multiple choice
Negative Marking: No
Time: 3 Hours Morning and 3 Hours Evening
Language: English Only
Download some sample questions.

So, effectively you get 1.5 mins for every question. You need good time management. However, the passing percentage is normally in between 36%-40% every year which is very good if compared to other exams. You can view the historical passing rate.


CFA Level 2

The subjects are same as CFA Level 1. However, the concepts are more advance. This is considered as the most tough level in all three levels of CFA. It emphasize more on complex analysis, along with a focus on valuing assets

Examinations: June only
No of questions: 120 (60 in the morning exam and 60 in the evening exam)
Question Formate: Multiple choice
Negative Marking: No
Time: 3 Hours Morning and 3 Hours Evening

Here you get 3 mins for every question. But trust me, a lot of exam strategies you may have to apply. The passing percentage is again very good which is in between 32%-40%.


CFA Level 3

You have to only prepare for only 6 subjects. These are same as CFA Level I and 2. However, with an objective that you learn to apply the concepts and analytical methods in a variety of applications for an effective portfolio construction/optimization and wealth planning/generation.

Examinations: June only
No of questions: Aprox 60 (Essay type)
Question Formate: Subjective with detailed solutions needed
Negative Marking: No
Time: 3 Hours Morning and 3 Hours Evening

Download CFA Level III Essay Type Question
Download Cfa level III itemset Questions

So, This is the part where you need to apply all the skills you learnt before as half of the exam is subjective (essay type).


Exam Policy

  • Use No. 2 or HB pencils or an erasable blue or black ink pen to fill the ovals in the OMR sheet.
  • Only following calculators are allowed:
    • Texas Instruments BA II Plus or BA  II Plusprofessional
    • Hewlett Packard 12C Series (Including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige


CFA Exam Identification Policy

You must have a valid Passport at the time of Registration with CFA Institute. Also, you must carry the original at the examination center on the date of Exam.


Minimum Passing Score

After the CFA Exam and assessment. The CFA Institutes Board of Governors decides the minimum passing score (MPS) for each level for that particular year. So, there is no fixed passing score. However, you should keep a target of 60% to 70% correct answers.

The purpose for setting MPS is to ensure fairness to candidates as the difficulty of each exam is different each year.So, this is taken into account when setting the MPS. Also, remember the CFA Institute does not release the MPS or scores of individual candidate .


Examination Results

You get results for CFA Level I and II within 60 days of the exam and for CFA Level 3 within 90 days. Normally, get an email from CFA Institute with your score.


Refund Policy

Once you pay the exam registration fee, you have only 2 days to change your mind and ask for refund. After that refund application will not be accepted and no refund will be provided as per CFA Institute.


Preparing for the CFA Exam

We have already discussed about the format and other important points about the exam. Now it’s time to understand how to start preparing for the exam. You can go for self-study mode or enroll for a cfa coaching. Normally, it takes 4 to 5 months of preparation for CFA Level 1. You need to devote 2 hours a day on an average to pass the CFA Exam. The subjects are not tough at all, you just need disciplined study.

Interview of CFA Candidates after the exam



How to prepare for CFA Exam

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