CFA Institute is a global association of investment professionals that traces its lineage back to the establishment of the Financial Analysts Federation (FAF) in 1947. Leadership of the FAF established an independent organization- the Institute of Chartered Financial Analysts (ICFA)- to administer the CFA credential program in 1959 and the ICFA administered the first CFA exams in 1963. Later, the FAF and the ICFA merged to become the Association for Investment Management and Research (AIMR). In 2004, AIMR changed its name to CFA Institute. With over 100,000 members, and regional societies around the world, CFA Institute is dedicated to developing and promoting the highest educational, ethical, and professional standards in the investment industry.
Have a bachelor's (or equivalent) degree OR be in the final year of your bachelor's degree program at the time of registration OR have four years of qualified, professional work experience OR have a combination of work and College experience that totals at least four years (Note: Summer, part-time, and intern-ship positions do not qualify). If you initially enrollregister as a final year undergraduate student with a degree in progress, you may not register for the Level II exam until you have earned your degree, or obtained work experience that meets the programís entrance requirements. At the time your degree is awarded, you may update your account education information to certify that your degree has been received.
The CFA Program includes a series of three exams that are offered in test centres around the world. These three exams: Level I, Level II, and Level III must be passed sequentially as one of the requirements for earning a CFA charter.
|Level of Exam||Level I exams||Level II exams||Level III exams|
|Question Pattern||Multiple choice.||Item set.||Item set and Essay.|
|No. of Question||240 questions to be completed in a six-hour time frame.||20 item sets-10 on the morning session of the exam and 10 on the afternoon session.||Essay format in the morning, 10 item sets, in the afternoon.|
|Details||Level I multiple choice questions are crafted with each of the incorrect responses (distracters) carefully constructed to represent common mistakes in either calculation or logic.||Item sets are sometimes called "mini-cases" Each item set on the CFA exam consists of a vignette (or case statement) and six multiple choice items (questions).||The Level III essay exam in the morning session and has 10–15 questions with multiple parts and a maximum score of 180 points. The points for each question and each question part are given in the exam.|
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